Realpay RP43 AKA Eaget M3 stuck with Android startup logo.

[syabus]

Symptom:
TV Box stuck with Android Ice Cream Sandwich Logo (Chinese version).

Reason:
Flash it with factory reset using wipe data/factory reset on the TV screen. This was to remove the Chinese version, but incidently, it look like it is still Chinese on the logo.

Currently with the TV box:
With the reset switch depress, power up, I have the following shown on the TV screen.
Android system recovery
Android system recovery utility

reboot system now
apply update
wipe data/factory reset
wipe cache partition
set efuse item

E: failed to mount /sdcard (No such file or directory)
E: Cannot mount /sdcard (No such file or directory)
E: Can't mount /sdcard/factory_update_param.aml
E: failed to mount /udisk (No such file or directory)
E: Cannot mount /udisk (No such file or directory)
E: Can't mount /udisk/factory_update_param.aml
Finding /udisk/update.zip
Finding update package...
E: failed to mount /udisk (No such file or directory)
E: Can't mount /udisk/update.zip
Installation aborted.

Box specifications:
Realplay Model M3
Android Ver: 4.0.3
Kernel Ver: 2.6.34 root@newpoyang - H61M-DS2#45
Build# Realplay.CN.20121025
Chipset: AML8726-M 1000 MHz Cortex-A9 3D core

I appreciate if pointers can be given to help me to resurrect this box.