Archive for the ‘Agreements and Contracts concluded’ Category

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BVI company signs Licensing Agreement

Tuesday, May 17th, 2011

The British Virgin Islands-registered company Origin Agritech announced a licensing agreement with a multinational partner, with the purpose to develop high-yielding corn varieties incorporating the Origin Agritech glyphosate- resistant and Bt- traits.

These traits proved to be effective in both lab and field environments, their commercialization is novel to the Chinese market, and they are protected by patents granted separately by China and USA. The BVI company will license the traits to its partner and take the lead in the development and testing activities.

Origin Agritech is the owner of comprehensive worldwide rights to glyphosate- resistant and BT- genes developed by the Chinese Academy of Agricultural Sciences (CAAS).

According to the Acting Chief Financial Officer of the BVI corporation, this agreement is a milestone for Origin Agritech to validate its GM technology. He said that, after the successful integration of these traits, the company would be seeking to finalize subsequent collaboration agreements to sell these seeds into Chinese and potentially in the other markets.

Posted in Agreements and Contracts concluded, Investors' News, NASDAQ listed BVI Companies | No Comments »

A-Power’s subsidiary signs LOI with China Machinery Engineering Corporation

Monday, May 9th, 2011

British Virgin Islands-registered company A-Power Energy Generation Systems, Ltd. announced that Shenyang Power Group Company Ltd., an industrial construction company in which A-Power owns a 19.5% interest, signed a letter of intent with China Machinery Engineering Corporation, a major international engineering contractor. The agreement that was signed on April 15 involved the development of a proposed 615 megawatt wind power generation project in Texas.

The purpose of this planned arrangement between the parties is to assist Shenyang Power Group in securing from Chinese sources approximately 14% of the debt financing that is anticipated to be required to develop the project, as well as to find suitable engineering, procurement, and construction contractor for Texas Wind Farm.

According to the Letter of Intent, Shenyang Power Group is to appoint China Machinery Engineering Corporation as EPC contractor for the Texas Wind Farm project and CMEC is to assist SPG in obtaining approximately US$260 million in debt financing from banks and other financing agencies in China for Spinning Star Energy LLC, founded to own, develop, and operate the Texas Wind Farm. CMEC would be expected to procure equipment from suppliers designated by SPG.

Shenyang Power Group was incorporated in May 2009 in China as an industrial construction company specializing in electricity generation projects and manufacturing of power equipment.

BVI-registered A-Power initially had contributed 62% of SPG’s registered capital of 1.0 billion, with the remaining capital contributed by other non-related entities that are active in the electricity generation industry. In October 2010, A-Power sold 42.5% of its ownership in Shenyang Power Group, reducing its ownership in the subsidiary to 19.5%. Spinning Star is the joint venture enterprise owned by United States Renewable Energy Group Wind Partners I, LLC.

China Machinery Engineering Corporation was established in 1978 as the first large national corporation integrating foreign trade with industry, it is a large global conglomerate with engineering contracting as its core business.

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China Gengsheng Minerals signed agreement to expand fracture proppant capacity

Monday, April 11th, 2011

China GengSheng Minerals, Inc., the China-based manufacturer of high-tech industrial materials, conducting its business through British Virgin Islands-registered GengSheng International Corporation, signed a definitive agreement with a local affiliate in Henan Province to manufacture 30,000 metric tons of its fracture proppants through the end of 2011. With this addition, China Gengsheng has increased its total annual fracture proppant capacity by 20% to 90,000 metric tons.

In conjunction with this new agreement, the company has terminated its operating lease, entered in October 2010, and ceased production of fracture proppant products at its leased manufacturing facility in Henan Province. The owner of the facility has released Gengsheng from the lease agreement without penalties and liabilities.

By words of Mr. Shunqing Zhang, Chairman and CEO of China GengSheng Minerals, “the worldwide increase in drilling activity continues to drive demand for the fracture proppants from both domestic and international customers.” He said that in 2010 fracture proppant orders totaled US$14.3 million, and the company has already received 2011 orders totaling approximately US$15.9 million.

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Consulting company to perform analysis of properties of China Natural Resources

Monday, March 28th, 2011

China Natural Resources Inc., natural resources development company incorporated in the British Virgin Islands and operating in China, made an announcement that it had engaged the company Behre Dolbear Asia, Inc., a subsidiary of Behre Dolbear Group Inc., to perform independent technical analysis of company’s seven anthracite coal mine properties in Guizhou Province in PRC. It is anticipated that the independent technical analyses will be completed in approximately two months.

Behre Dolbear Group Inc. is an advisory and consulting group working in international mineral industry, having offices in 11 cities internationally including in China, Mongolia, the United States, Canada, Australia, Mexico and Chile. The company specializes in performing mineral industry studies for mining companies, financial institutions and natural resource firms.

The Chairman and CEO of the BVI company, Mr. Feilie Li, commented on the engagement of Behre Dolbear having said that “The independent technical reports to be prepared by Behre Dolbear are intended to enable the Company to provide useful, transparent and internationally comparable coal reserve information to the shareholders and the investment community. We are positive about the prospects for the coal mining industry in the PRC and we will continue to pursue growth through acquisition and consolidation of small to medium sized coal mines.”

Posted in Agreements and Contracts concluded, BVI IBC Business News, Investors' News, NASDAQ listed BVI Companies | No Comments »

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