BVI Company News

BVI-registered and Hong Kong-based EuroTech Holdings Company Limited announced on August 11 that its associated company, Zhejiang Tianlan Desulfurization and Dust-Removal Co. Ltd. in Zhejiang, China, which was founded in 2000, has received four contracts with various companies in China. The contracts on total amount of US$8.3mln cover design, manufacture, supply and commissioning of desulfurization equipment for boilers, for applications in paper, heat and power plants in Shandong, Fujian, Zhejiang and Guangdong.

It is not the first contract, “gradually being materialized in the second half of 2008”, by words of Mr. T.C. Leung, Chairman and CEO of the BVI company. Recently Euro Tech Holding Company (BVI)  announced that its wholly-owned and majority-owned subsidiaries have been awarded contracts from  Yang Cheng power generation company and US chemical company, worth US$1.9 mln and US$1.6 mln respectively.

Vancouver-based Big Stick Media Corporation (BSM),  owning and operating a portfolio of assets that provide fact-based and opinion-oriented information relevant to the sports industry, has reported entering into a licensing agreement with Golden Retriever Consluting Co. Ltd., registered in the British Virgin Islands. The principal place of business of the BVI company is Taipei, Taiwan.

Pursuant to the licensing agreement, BSM will earn a percentage of the revenues earned by Golden Retriever (BVI) for the worldwide distribution in the Mandarin language of BSM’s opinion-oriented information found at jimfeist.com. The start date of the agreement is July 21, 2008.

A-Power Energy Generation Systems Ltd, power systems firm, announced that it has signed an agreement. According to the deal, a wind turbine production facility will be built by the company with the Chinese city government of Bayan Nur.

According to a British Virging Islands corporation, Bayan Nur (Inner Mongolia) is located in one of the 3 premium wind belts in China, and the Chinese central government has approved 2 100 MW of wind power generation in the Bayan Nur region. A-Power Chief Executive Jinxiang Lu commented the following: “The 800 MW annual wind turbine production capacity at this new Inner Mongolia facility combined with over 1 000 MW from the first phase of our Shenyang production facility will give A-Power an annual wind turbine production capacity of over 1 800 MW by the end of 2009″.

The BVI incorporated A-Power Energy Generation Systems Ltd expects the 290 000 square foot plant to cost around USD 20 million, and the project is planned to be completed in July 2009. The newly built plant will have wind turbines of 2.5 MW and 750 kW capacity.

It is also important that, under the deal, the city government of Bayan Nur agreed to tax breaks as well as to coordinate sales with wind farms in and around the city region.

It is also worth noting that the shares of the BVI-registered company grew more than 3% to USD 29.56 on Nasdaq.

Africo Resources Ltd., a Canadian TSX-listed mineral company focused on developing, acquisition and exploration of metal and gold assets in Africa, announced that it  has entered into a Subscription Agreement for a private placement of CAD$100 million at a price of $2.50 per unit with Camrose Resources Limited, incorporated in the British Virgin Islands. The main shareholder of this BVI company is a trust for the benefit of family members of Dan Gertler.

By the terms of agreement, each unit will consist of a common share and one half of a share purchase warrant, and each whole warrant will entitle Camrose to acquire an additional common share at a price of $3.50 per share for an eighteen month period following closing.

There is number of conditions that should be satisfied for the completion of the private placement – including termination of Africo’s Shareholders Rights Plan Agreement, regulatory approval and the approval of Canadian company’s shareholders.

After the placement is completed, BVI-incorporated Camrose Resources will own approximately 60% of the outstanding share capital of Africo. It will also have majority representation on the Board of Africo, and the right to participate in future financings in order to maintain its percentage equity ownership.

Along with execution of the Subscription Agreement, Camrose Resources (BVI) has loaned Cdn $2 million to Africo. This loan will mature at  the completion of the Subscription Agreement or the termination of the Subscription Agreement, or on August 31, 2008. Also, the BVI company has entered into an agreement to acquire the outstanding shares of Akam Mining Sprl, Africo’s subsidiary which holds, indirectly through Swanmines Sprl, the Kalukundi property. Camrose and Africo have entered into an agreement pursuant to which Akam will unequivocally confirm ownership of 75% of the outstanding shares of Swanmines. Africo is advised that Camrose anticipates completing the transactions with Akam shortly; the completion of the private placement and the Akam Agreement will result in Camrose owning approximately 63% of the outstanding share capital of Africo.

Additionally, Africo has agreed to acquire a 75% interest in the Mashitu property, which consists of an exploration permit for copper, cobalt, gold and nickel, and covers approximately 34.82 square kilometres, from the BVI company’s affiliate. The purchase price will be based on a valuation to be prepared by an independent expert agreed to by the parties, and will be paid in common shares of Africo at a price per share of $2.50.

On April 15, 2008 British Virgin Islands company Aurora Metals Limited announced Settlement Agreement with Trend Mining Company. The Agreement concerned the lawsuit filed in the Montana 22nd Division District Court, and the Joint Venture Agreement between the BVI company and Trend Mining concerning its properties in Montana. Aurora Metals filed the lawsuit to obtain judicial confirmation on the termination of the Joint Venture Agreement, and to quiet title to the properties in Aurora Metals.

Pursuant to the terms of the Agreement, Trend Mining has agreed on the termination of the Joint Venture Agreement with BVI-registered Aurora Metals, and released all its claims of interest to the property of the company. The pending litigation on the Joint Venture Agreement and the properties will be dismissed and fully and finally settled.

Aurora Metals – a mineral exploration company whose main focus now is the exploration and development of its Montana properties.

The Anglo-Russian developer of mineral resources AM Aricom Plc announced that it has purchased options to buy two further licences that will expand significantly the existing Aricom projects K&S and Garinskoye - the Garinskoye Flanks license and the Kostenginskoye license. Aricom’s unit has already made two cash payments of US$22.5 mln for granting the options.

The Garinskoye Flanks license is owned by a Cypriot company Guiner Enterprises Ltd, which is owned by two British Virgin Islands companies – Myrtle Corp. Ltd and Ardoryna Commercial Ltd. The shareholders of Guiner Enterprises have conditionally agreed to sell their shares in Cypriot company to Aricom.  Aricom’s wholly owned subsidiary Aricom UK Ltd. has signed option agreements to acquire the indirect holders of the two licenses. Both assets are US$80 mln, comprising US$40 mln for each asset.

The Garinskoye Flanks deposit covers an area of 3,530 km surrounding Aricom’s currently owned Garinskoye license, and is estimated to contain nearly 1 billion tonnes of reserves and resources. The area of the Kostenginskoye iron ore deposit is about 24 km.

It is reported from Tortola, BVI, that the media consulting company Clek Media Inc. has brokered the world-record sale of the domain  FUND.COM. The domain was sold in an all-cash transaction for US$9,999,950. Clek represented the seller of the domain, assisting in both the negotiation and closing of the transaction. The buyer is Fund.com Inc., a New York company formerly known as Meade Technologies Inc.

It is claimed by Clek that the nearly $10 mln purchase price for FUND.COM represents the highest price ever paid for an Internet domain. It is known that in July 2007 developed BUSINESS.COM portal was sold to yellow pages publisher, RH Donnelly, for $345 million, which is 47 times the purchase price $7.5 mln of the domain name acquired 8 years ago.

Clek Media Inc. is a digital media consulting company that specializes in helping companies develop intellectual property in the digital space. Its consultants work with top management to find new and better ways to make money in this rapidly growing area.

A-Power Energy Generation Systems, Ltd., a company registered in the British Virgin Islands, announced that in the mid of February it had signed two domestic contracts to develop distributed power generation systems, for a combined amount of $72.3 million.

The first contract for construction of a 24 MW distributed power generation system for a new paper and pulp plant in Wuzhong, China, $44.5 million worth, is expected to be started in June 2008 and completed in one year.

The second contract to construct a 24 MW distributed power plant in Hailen, China, is $27.8 million worth. The project is expected to begin this month, and also will be completed in approximately 12 months.

Mr. Jinxiang Lu, Chairman and CEO of A-Power Generation Systems, in his comments noted that, as the distributed power generation business continues to accelerate, these new contracts are ‘a testament to the market recognition of the track record and the ability to quickly develop and construct quality systems that meet the specific power and heat needs of the customers’. He also said that, in addition to these new contracts announced, there are discussions with a number of other potential distributed power generation customers, which will be probably turned into contracts over the next months.

China Gengsheng Minerals, Inc., a leading manufacturer of heat-resistant and energy-saving industrial materials in China, has announced that in the end of January it has won four supply contracts at the amount of approximately $1.9 million, with Hanbao Iron & Steel Co., Ltd., the $1.6-billion joint venture between China’s two top steel makers, - Baosteel Group and Handan Iron & Steel Group.

Gengsheng Minerals, which conducts its business through its fully owned BVI-registered subsidiary Gengsheng International Corporation, will supply castables, bricks and other refractory materials to Hanbao Steel for use in its hot rolled strip units construction project. Also, under the contract Gengsheng will also provide technical services for the installation and inspection of the materials supplied under each of the contract.

The Hanbao Steel project is expected to be completed in the first half of 2008, with production capacity of 4.6 million metric tons of high-end flatsteel products annually.

The leading developer and innovator of advanced wireless technologies and data solutions Qualcomm Incorporated has announced that it has granted TechFaith Wireless Technology Group Limited, a British Virgin Islands corporation and wholly-owned subsidiary of China TechFaith Wireless Communication Technology Limited, a license to develop, manufacture and sell subscriber units and modem cards implementing the WCDMA and TD-SCDMA standards.

Now TechFaith is licensed by Qualcomm for 3G subscriber units and modem cards. The royalties payable by the BVI company are at Qualcomm’s standard worldwide rates.

Philip He, CTO of TechFaith, said that “As a handset ODM, TechFaith is now able to develop, manufacture and sell products covering the 3G spectrum, including CDMA2000, WCDMA/UMTS and TD-SCDMA. We believe the close cooperation with Qualcomm will enable us to offer our customers fully integrated 3G solutions that will serve the worldwide market and will support a seamless transition by GSM and GPRS operators to 3G — making the most of existing network investments, reducing startup costs and providing rewarding new experiences and applications for consumers.”

BVI-registered TechFaith Wireless is an original design manufacturer focused on research and development of mobile phone solutions based in China. The company employs approximately 1,300 professionals, of whom 90% are engineers. TechFaith’s business is connected with handset design, feature phone solution, data card and wireless module, application software, and smartphone and pocket Pcs. TechFaith is able to provide MMI/UI software packages that fulfill the specifications of handset brand owners and major global operators.