BVI Company News

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.

TSX Group Inc. has made an announcement that it has entered into an agreement with a Canadian company Enbridge Inc. and BVI-registered Circuit Technology Ltd. This agreement will grant TSX Group the option to acquire NetThruPut Inc. (NTP), a company jointly owned by these two companies, at a time after March 15, 2009.

The Calgary-based NTP is the leading electronic trading platform and clearing facility for crude oil. TSX Group has paid $9.5 million for the right to acquire NTP from its shareholders at a price between $40 million and $95 million, depending on NTP’s 2008 net earnings.

BVI company will receive the TSX Group shares, issued subject to Toronto Stock Exchange regulatory approval. This agreement also provides Enbridge and Circuit Technology, with the right to sell NTP under the same terms to TSX Group.

NetThruPut Inc. is an independently operated company holding leading positions in Canada in internet-based crude oil trading systems. It is 52% owned by Enbridge Inc. (whose major business is in crude oil transportation), and 48% by Circuit Technology Limited – a private investment company registered in the British Virgin Islands. NTP provides a secure internet-based crude oil trading and clearing platform for customers to transact business anonymously in real-time, with the assurance of guaranteed commodity delivery and payment. The company has also created a liquid marketplace for buying and selling crude oil.

TSX Group operates two national stock exchanges of Canada, – Toronto Stock Exchange and TSX Venture Exchange, - as well as Natural Gas Exchange (NGX), a leading North American exchange for the trading and clearing of natural gas and electricity contracts.

This month, BVI-registered Balmoral Capital Holdings Inc. (BCHI) signed an Agreement to place its holding ICOM into Sentex Sensing Technologies, Inc. The MOU was announced in April 2007 led to this agreement and a confirmation of financing. Companies’ merger is planned to be completed as quickly as possible, with complete legal formalities and audits.

Sentex is a multi-faceted technology company that specializes in telecommunications services and equipment, wireless communications, etc. Now the company will be manufacturing wireless devices and deploying wireless services, which will be first deployed in the UK. It is projected to gain the status of profitable company in 2008, with over 8-10 million in sales. Now the company is completing merger process  presentations and completing the applications and documentation, to move forward with more than 4 million dollars of financing.

Balmoral Capital Holding Companies is a BVI company focused on all kinds of investment banking services, and its holding company ICOM founded in 1990 provides for various technology based solutions, with key focus in supplying products and services that offer discounted prices for high quality service.

CIC Energy Corp has made an announcement that along with its partner International Power PLC it has entered into a preliminary agreement with Sumitomo Corporation – a leading Japanese company operating in various sectors including mineral resources, energy, media and electronics, finance and logistics. The agreement concerned the possible subscription of a 20% equity interest in the first phase of the Mmamabula Energy Project.

The preliminary agreement does not commit Sumitomo to equity participation in the Mmamabula Project, but demonstrates company’s interest in the Project.

Currently, the BVI-based CIC Energy and IPR together are the holders of 50% interest in the Mmamabula Project.

Sumitomo has entered into negotiation with CIC Energy and IPR, on the possible subscription of a 20% interest in Meepong Energy (Mauritius) Pty Ltd. To facilitate this, CIC Energy and IPR would be expected to equally sell down a part of their respective equity stakes. Meepong Energy (Mauritius) is the joint venture company which will hold the power station assets of Phase One of the Project.

The above-mentioned agreement also provides the option for Sumitomo to take a 20% interest in Meepong Resources (Mauritius) Pty Ltd. If this occurs, the balance of this holding company is expected to be held equally by CIC Energy and IPR.

Meepong Resources is the joint venture company, which will hold the coal mine for Phase One of the Project. Meepong Energy (Mauritius) will hold the power station assets of Phase One of the Project.

In the end of August 2007, BVI-based Orca Exploration Group Inc has announced the start of the new oil exploration venture in north western Uganda, to earn a 50% interest in the 6,040 sq km Exploration Area. Orca Exploration has entered into agreement with Neptune Petroleum (Uganda) Limited, a wholly owned subsidiary of Tower Resources plc – an independent oil and gas exploration company focused on sub-Saharan Africa region. Currently this company has a licence to explore 100% of the area.

Under the terms of the above agreement, for granting an interest option Orca will fund 83.33% of the 2007 2D seismic programme, and certain past costs, subject to a maximum carried cost of US$6 million. The BVI company expects to complete seismic data interpretation by the end of the first quarter 2008; after that, Orca Exploration will have the exclusive right to acquire a 50% working interest in Exploration Area 5, in return for funding 83.33% of two exploration wells. Depending on the seismic programme’s results, drilling of the wells should begin in mid-2008. The drilling programme will cost the company between US$10 million and US$15 million.

If Orca exercises its option to become a 50% partner, it will assume management responsibility for all drilling activities. Neptune Petroleum will work as licensed operator for three years.

Orca Exploration Group Inc. is an international public company headquartered in the British Virgin Islands, and conducting its operations from Dar es Salaam, Tanzania. Renamed some time ago (formerly EastCoast Energy Corporation), the BVI company now trades on the TSXV under the trading symbols ORC.B and ORC.A.