BVI Company News

Manufacturing company Deswell Industries, Inc., registered in the British Virgin Islands, has made an announcement about the acquisition of additional 24% interest in Integrated International Limited – the holding company for Deswell’s electronics and metallics subsidiaries. The BVI company already has  76% interest in Integrated, so now it becomes its 100% owner.

Purchase price for the 24% interest makes 632,080 common shares of Deswell and a cash payment in the amount of approximately US$413,578 to the minority shareholders of Integrated.

Deswell Industries will hold its 2007 Annual General Meeting on October 9, 2007 in New York.

MegaStar Media Joint Venture Co. inaugurated a new cinema complex in the southern province of Dong Nai. This is company’s third project inaugurated. It was reported by the Deputy director of MegaStar Media that the MegaStar Cineplex on the third floor of Saigon Co. op Mart Bien Hoa comprises six large multi-screen theaters that feature large screens, latest surround sound systems, and the most advanced digital film technology.

The company had spent US$3.1 million to open the complex capable of seating 800 people. MegaStar is planning to continue the development of cinema complexes in Vietnam, by investing more than US$10 million to build three more Cineplex facilities in HCMC and Hanoi. The company is now seeking other locations across the country to develop about 10 more multi-purpose entertaiment centers with approximately 100 screens.

MegaStar is a joint venture between BVI-registered Envoy media Partners Ltd., and HCMC-based Phuong Nam Corporation. MegaStar Media is the second foreign cinema operator in the country.

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.

The BVI-based CIC Energy Corporation has reported in the beginning of August about its plans to build a coal-fired power plant and adjacent mine in Botswana – the Mmamabula Energy project. It is estimated at $6.3 billion, and is planned to be the largest private sector infrastructure project in southern Africa.

The company has informed that it has an agreement to raise $65 million in new equity through private placements, which will be used to help financing the Mmamabula Energy Project, located in Botswana.

CIC CEO Greg Kinross has commented that the company is going to sign long-term power purchase agreements with South Africa’s largest electrical utility Eskom Holdings Ltd., and with Botswana Power Corp. He also said that he expects a positive result from the environmental impact review which is completed now.

CIC Energy is a 50% joint venture partner in the first phase of the Mmamabula Energy project with  International Power PLC, British company operating power plants.

A British Virgin Islands-based ICML Investments has lodged a planning application with Cardiff Councils for the 33-acre carbon neutral development in the middle of the city. This became the result of more than 2 years of talks with about 30 landowners. Some time ago the BVI company reported about building of Wales’ ninth 5-star hotel, as part of this £450m project and one of its cornerstones.

The 24-storey hotel will be located on a site near Cardiff city centre, and will include more than 2,000 flats and 480.000 sq ft of offices, as well as 400 new homes. It will be the third luxury hotel in Cardiff; the two hotels already existing and functioning are the Hilton Cardiff in the city centre, and St David’s Hotel and Spa in Cardiff Bay. The new development, which will be called Havannah Quay, will create about 2,500 jobs in a new commercial quarter. It is also the world’s largest carbon-neutral scheme because of some revolutionary heating and lighting systems.

The BVI company has not revealed its plans completely, saying they are waiting until planning permission granted by Cardiff Council. Building works are planned to be started as early as the end of this year, if planning permission is given. ICML Investments specialists consider that the project will take about five or six years to complete.

As a result of this project, some businesses in the area have expressed their concerns that they could be squeezed out of the city centre to the outskirts of Cardiff.

Diguang International Development Co., Ltd., an emerging China-based leader in the manufacturing of backlights for LCD displays, has announced the acquisition of land rights in Shenzhen at preferential prices.

Diguang International is incorporated in Nevada and has its sales and marketing subsidiary located in the British Virgin Islands. Its manufacturing subsidiary is located in Shenzhen. Now, the company has announced that the government of Shenzhen has approved an industrial land acquisition application made by Shenzhen Diguang Electronics Co., Ltd.

Diguang’s subsidiary in Shenzhen has received from the local government’s land administration the 50 years right to use 34,930.56 square meters of industrial land in the Guangming Hi-Tech Park, National LED Industry Area in Shenzhen. The company obtained this right under a preferential price policy, implemented to encourage high-technology projects in Shenzhen. Shenzhen Diguang Electronics paid the amount of 16,766,669 RMB, the price which is said to be substantially below the current market value of this property.

Diguang’s CEO Song Yi has commented, “Approval of this land use application represents welcome progress in our plans for our subsidiary to expand its production facilities. We are pleased to announce this milestone in the development of Diguang International.”

The purchased land will be used for the production of LED backlights for LCD televisions, computer monitors, LED lamps and other applications.

TSX Venture Exchange has accepted for filing documentation concerning the Share Purchase Agreement between Centrasia Mining Ltd, its BVI-domiciled subsidiary Magellan Holdings Corp., and Stargate Solutions Ltd. Pursuant to this Agreement, Centrasia will purchase all the issued and outstanding shares of R.P.I.M. Minerals Ltd. (RPIM). This Cyprus company, in its turn, is the full owner of a Russian company, ZAO “Rudprominvest” (RPI). At closing of the deal, the shares of RPIM shall be transferred to the BVI-based Magellan Holdings.

Under the Share Purchase Agreement, the considerations payable by Centrasia Mining Ltd. to Stargate Solutions will include the Cash Purchase Price in the amount of US$12,500,000, of which US$6,000,000 is payable at closing of the Acquisition; and the Consideration shares of the issuer in the amount of 12,500,000, to be issued on Closing, which will be subject to the Escrow Agreement.

According to Spatializer Audio Laboratories Inc., dealing with development, licensing and marketing next-generation audio technologies for the consumer electronics, computing and mobile communication markets, on July 2, 2007, it and its wholly-owned subsidiary, California-based Desper Products Inc., consummated the sale of all of their assets pursuant to a certain Asset Purchase Agreement, dated September 18, 2006. This was the agreement signed with Delaware-registered DTS Inc. and British Virgin Islands-registered DTS BVI Limited, which is a wholly owned subsidiary of DTS Inc., for an aggregate cash purchase price of USD 1 000 000.

DTS Inc. and DTS BVI Limited have agreed to assume as well as pay, perform and discharge all liabilities, obligations and commitments under specified contracts, except for liabilities that might arise from any breach of a contract by Spatializer Audio Laboratories Inc. or by Desper Products Inc.

The rights and obligations of DTS Inc. and DTS BVI Limited have been assigned to an indirect subsidiary of DTS operating under the laws of Ireland, DTS Licensing Limited, under the Asset Purchase Agreement. The termination date of the Asset Purchase Agreement was extended by the parties from June 30, 2007 to July 2, 2007.

National Realty and Mortgage, Inc. has announced the acquisition of World Through Limited, a corporation registered in the British Virgin Islands.  The deal took place on June 6, 2007. Also, on June 6 Daqing Sunway completed a private placement of $6.7 million through the sale of shares and attached warrants. Subject to certain restrictions, the Series B Convertible Preferred Stock is convertible into an aggregate of 4,962,963 shares of common stock.

BVI-based World Through Limited controls Daqing Sunway Technology Co., Ltd., a Chinese operating company, through its wholly-owned subsidiary Sunway World Through Technology (Daqing) Co., Ltd., a wholly foreign owned entity organized under the Chinese corporate law.

he control is carried out through a series of contractual arrangements, which give Daqing control over Sunway’s business, personnel and finances as if it were an indirectly wholly-owned subsidiary. Sunway is working in the business of designing, manufacturing and selling logistic transport systems and medical dispensing systems and equipment. The principal product of the company is a pneumatic tube logistic transport system which is used by hospitals and other medical facilities.

Over the past two years, Sunway’s business has shown significant growth, with revenues for the year 2006 increasing to $8,914,139, compared to $5,047,365 for the prior year. Revenues for the three month period ended March 31, 2007 were $2,467,228. For the fiscal year ended December 31, 2006, Sunway’s net profits were $4,029,553, compared to $2,352,996 in 2005.

Sundia MediTech Company Ltd. and Shanghai United PharmaTech Ltd. announced last week about their merger. A letter of intent agreeing to combine these two companies was signed by Sundia CEO Dr. Wang Xiaochuan and United PharmaTech CEO Dr. Shi Xiongwei.

Under the terms of the merger, both United PharmaTech and Sundia MediTech will become subsidiaries of Sundia Investment Group, the BVI-based holding company which is currently the owner of Sundia MediTech.

Dr. Wang will become the new company’s Chairman and CEO, and Dr. Shi will obtain the positions of Director and Executive VP. The senior management teams of both companies will join together into a combined management team.

Sundia CEO Dr. Wang said that part of the reason for the merger is that  it will combine United PharmaTech’s and Sundia’s technical expertise in different fields. Dr. Wang expects this merger to help the new company move to the forefront of the industry.

Dr. Shi stated that the merger was made easier by the similar background and future goals of Sundia and United PharmaTech. He said: “Our businesses are highly complementary and since we have had great success cooperating in the past, the agreement to merge came naturally.”

Sundia MediTech and United PharmaTech were both founded between 2002 and 2003 in Shanghai to provide drug development CRO services in different stages and fields. Over the past three years, both companies have thrived and built strong reputations in their respective specialties.