Hollysys Automation Technologies announced unaudited financial results for Q3 2017

May 15th, 2017

Hollysys Automation Technologies Ltd., the Chinese company domiciled in the British Virgin Islands and providing automation and control technologies and applications in China, announced its unaudited financial results for the first nine months and for the third quarter of fiscal year 2017, ended on March 31, 2017.

For the first nine months of the year, non-GAAP net income of the company was US$47.5 million, a decrease of 45.6% compared to the same period of the previous year. Total revenues were US$294.0 million, which is 25.9% less compared to the prior year. Non-GAAP gross margin was at 29.6% (37.2% in 2016); non-GAAP diluted earnings per share were US$0.79, a decrease of 45.5% compared to the same period of 2016. Net cash provided by operating activities was US$41.1 million for nine months of 2017.

For the third quarter of 2017, the BVI company reported non-GAAP income of US$13.7 million, which is 40.7% decrease compared to Q3 2016. Total revenues were US$91.3 million, 23.1% less than in the same period of the prior year. Non-GAAP gross margin was at 30.7% (31.7% for the comparable prior year period); non-GAAP diluted EPS were US$0.22, a decrease of 42.1% compared to the third quarter of 2016. Net cash used in operating activities was US$12.5 million for the quarter.

Luxoft Holding announced participation in investor conferences

April 27th, 2017

In the end of April, Luxoft Holding, Inc announced participation in a number of investor conferences during the month of May. On May 23, 2017, BVI company’s President and Chief Executive Officer, Chief Financial Officer, and Vice President and Investor Relations Officer will be presenting and conducting one-on-one meetings at the 45th Annual J.P. Morgan Global Technology, Media and Telecom Conference.

On May 31, 2017, Senior Vice President of Sales, North America, will participate in the Digital IT Services: Evolving User Experience & Underlying Technologies Panel at the Cowen and Company 45th Annual Technology, Media & Telecom Conference. On June 1, the company will conduct one-on-one meetings with senior management.

Chaarat Gold issues convertible loan notes to raise US$15mln

April 14th, 2017

BVI-incorporated mining company Chaarat Gold Holdings Ltd has raised US$15 million through issue of short term senior secured loan notes which are convertible at a price of 30p per share and redeemable in September 2018. The amount of notes available to directors of the British Virgin Islands company was limited to 5%. Labro, the company of Chaarat’s chairman Martin Anderson, already owning 34.1% of the shares, will subscribe for US$375,000 of the notes. Martin Wiwen-Nilsson, who is grouped with Labro, has also applied for US$375,000 worth of notes.

The additional funding will be used for the first phase of development of company’s project in the Kyrgyz Republic: to increase the reserve base of the project, to construct a new section of the access road, and to start engineering design and recruit construction and operating teams.

Origin and Arcadia Biosciences entered into collaboration agreement

March 15th, 2017

Origin Agritech, LLC, a subsidiary of BVI-incorporated agricultural biotechnology company Origin Agritech Ltd., and Arcadia Biosciences, Inc., a California-based company focused on developing and commercializing agricultural productivity traits and products, announced their collaboration to achieve the export to the US of key corn biotechnology product developed in China, to complete global regulatory trials. The exported corn seed contains an insect resistance/herbicide tolerance trait discovered and developed in China.

The collaboration is a key milestone in BVI corporation’s strategic business plan of achieving global regulatory approvals for cultivation and international grain movement. This first-ever export of this kind strengthens Origin’s leading positions in China biotech market. Under the agreement signed between Origin and Arcadia, the US company will provide assistance to Origin in developing information for submission to regulatory authorities in the United States, China and other countries, to receive approval of their traits in corn. The project includes production of inbred and hybrid seed lines under quarantine conditions in Arcadia greenhouses.