Archive for the ‘Agreements and Contracts concluded’ Category

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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.”

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BVI-registered EuroTex Finanz entered into agreement with North West Oil & Gas Trading Company

Wednesday, March 2nd, 2011

EuroTex Finanz Inc., a British Virgin Islands-based company engaged in international financial services business, made an announcement that on February 19, 2011 it has entered into a share exchange agreement with North West Oil & Gas Trading Company, Inc. NWOil is an emerging entity in the US-based oil and gas industry, its main businesses are reactivation of already existing oil and gas fields, expansion with modern production facilities and infrastructure. On February 21, 2011 the agreement was approved by the Board of Directors of both EuroTex Finanz Inc. and NWOil.

According to the agreement between North West Oil & Gas Trading Company and EuroTex Finanz Inc., there will be an exchange of shares between the parties. The exchange rate will be 300,000 shares of NWOil stock in return for 600,000 shares of Eurotex Finanz Inc. BVI.

NWOil also passed a resolution to pay a dividend in the form of EuroTex Finanz, Inc. shares to the individual NWOil registered stockholders, increasing EuroTex’s shareholder base. To qualify for this dividend, a stockholder must own a minimum of 100 shares of NWOil stock.

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China Gengsheng Minerals received US$10.5 million fracture proppant sales contract

Monday, February 21st, 2011

China GengSheng Minerals, Inc., China-based company manufacturing high-tech industrial materials and making its business through the British Virgin Islands-registered subsidiary Gensheng International Corporation, made an announcement that it has been awarded US$10.5 million follow-on contract for its fracture proppants from a China-based distributor specializing in sales to overseas oil and gas companies.

Shipments to this customer will be started already this month. China Gengsheng Minerals expects to supply approximately 27,000 tons of proppant products over a six-month period.

The Chinese company commercially launched its fracture proppant products in the second quarter of 2007. The company reported full-year 2009 revenue from this segment in the amount of US$8 million.
In the third quarter of 2010, fracture proppant sales achieved a record of US$5 million. To meet the growing demand for its fracture proppant products, Gengsheng signed a 3-year operating facility lease in the fourth quarter of 2010, which allowed to significantly increase company’s fracture proppant manufacturing capacity.

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