Chardan to Become DJSP Enterprises

Chardan 2008 China Acquisition Corp. is entering into a business combination with DAL Group LLC, which, following the closing, will be one of the largest providers of mortgage processing services in Florida. As a result of the acquisition, DAL will own 100% of the business and operations of Default Servicing, Inc. and Professional Title & Abstract Co. of Florida and the nonlegal operations supporting the foreclosure proceedings handled by the law offices of David J. Stern. Chardan will change its name to DJSP Enterprises Inc. The company provides a wide range of processing services in connection with mortgages, mortgage defaults, title searches and abstracts, real estate-owned properties, loan modifications, title insurance, loss mitigation, bankruptcy and related litigation. DJSP's clients include all of the top 10 and 17 of the top 20 mortgage servicers in the U.S. The company has approximately 1,000 employees and is headquartered in Plantation, Fla., with additional operations in Louisville and San Juan, P.R. U.S. operations are supported by a scalable, low-cost back office operation in Manila, the Philippines, that provides data entry and document preparation support at a low cost. Current business is increasing at approximately 20% per year as there is an increasing market demand for its services as volume of delinquencies, foreclosures and loan modifications rise and are expected to remain at historically high levels. DJSP said it plans to leverage its infrastructure to expand its service offerings, enter new geographic regions, and develop its cyclical business segments such as mortgage origination services.