BVI Company News

On May 28, 2008, Diguang International Development Co., Ltd. announced that its CEO and President, Song Yi, has issued a letter to shareholders, providing updates on company initiatives in Liquid Crystal Modules, new Strategic Business Units, and LED general lighting.

In the letter, Mr. Song Yi expressed company’s sympathy with victims of the massive Sichuan earthquake, and a combined management/employee/company disaster relief contribution. He pointed out that none of Diguang’s facilities were influenced or impaired by the catastrophe. Further on, he outlined the company’s achievements in the first quarter of 2008, including 139% net sales increase, compared to the first quarter of 2007, and formulated strategies to address the challenging environment of the LCD industry which has become highly competitive in the last few years.  Among the strategies outlined by Mr. Song there is creation of a consignment model with the company’s major OEM customers for liquid crystal modules.

Mr. Song also informed in the letter about the success of company’s restructuring into Strategic Business Units (SBUs), each with its own independent responsibility, to achieve more profits. He stated that, in the first quarter of 2008, “all three of operating regions were not only profitable, but better prepared to profitably grow their respective operations”.

He also said that one of the most exciting initiatives of the company resulted in a pilot program “to supply their LED general lighting technology to a 6,000 square meter area in Xiangfan, a city of 6.5 million people and the second largest city in Hubei Province’”. According to Mr. Song, Diguang will have an opportunity to bring its leadership in LED general lighting to many other municipalities and government departments.

Diguang International Development Co., Ltd. is an emerging Chinese leader in the manufacture and supply of CCFL and LED backlights for liquid crustal displays industry, located in Shenzhen and having its sales and marketing subsidiary registered in the British Virgin Islands.

BVI-domiciled and China-based Yucheng Technologies Limited, providing IT solutions and services to China’s banking industry, in the end of February published press release where it announced the increase of its management guidance on POS terminal installation base from 20,000 to 25,000 for 2008. Yucheng’s CEO Mr. Weidong Hong commented on the management guidance increase: “Observing from our business momentum in Q1 and the strong prospects into the rest of 2008, we would like to reiterate our confidence in delivering the 2008 management guidance on revenue.”

The other news released is the change of the Chief Financial Officer: Remington Hu took the place of previous CFO Peter Li, who will remain with the BVI company as a senior advisor. Prior to Yucheng, Mr. Hu was previously in venture capital as Chief Representative/PRC for CVM Capital Partners LLC, one of the leading venture capital firms in Taiwan. Prior to CVM, Mr. Hu was the Chief Financial Officer of the Wholesale and Retail Business Group of publicly-traded Yue Yuen Industrial Holdings Limited, China’s largest sporting goods retailer.

Mr. Peter Li, who has been CFO of the BVI corporation in its way from a 300 employee private company to a 1,700 employee Nasdaq-listed industry leader, left the post to pursue other career interests and will continue to assist Yucheng with investor relations and strategy.

A special purpose acquisition company Jaguar Acquisition Corp. announced that BVI-registered China Cablecom Ltd., the consolidated cable network operator and acquirer which signed an agreement and plan of merger with Jaguar in October 2007, has named a new Chief Financial Officer and President. Colin Sung, which was appointed to this post, has resigned from China Cablecom’s Board of Directors, previously he served as Chief Financial Officer for Linktone Ltd., a  well-known provider of wireless interactive entertainment services to consumers and of advertising services through new and traditional media channels in China.

Also, prior to this Mr.Sung served as Corporate Controller of UTi, United States, Inc., a subsidiary of UTi Worldwide Inc., BVI-based global integrated logistics corporation. Additionally, he was Vice President of Finance and Corporate Controller at USF Worldwide, Inc., and Vice President and Corporate Controller of the U.S. operations of Panalpina, Inc., a freight forwarding and logistics company.

The new CFO and President will report directly to Mr. Clive Ng,  who is the founder and Executive Chairman of the BVI company.

Renaissance Investment Management has announced that Mr. Rod Barker was apointed as Co-CEO of Renaissance Investment Management (RIM) and CEO of RIM International, while Mr. Andrei Movchan, who has been CEO of RIM since 2003, becomes Co-CEO of RIM and will focus on Russia and the CIS countries.

Mr. Stephen Jennings, CEO Renaissance Group, welcomed Baker and emphasized his a leadership capacity to help grow and evolve the company’s investment management business. He particularly marked Baker’s capacity to work with the positioning of investment funds in the international marketplace.

According to Movchan, during 5 years of RIM’s existence it has become the dominant player in the CIS markets, to a great extent because its exceptional product range and a loyal client base, however, the extension to international markets and the development of international distribution capabilities will bring RIM to the next level.

A week ago, BVI-registered Talon Metals Corp. has announced that its President and CEO Dr. Fiona C. Childe has resigned from the Company and as a member of the Board of Directors.

The decision was effective immediately, and Mr. Stuart Comline assumed the position as interim President & CEO of Talon Metals Corp., while a search for a permanent replacement is continuing. Currently, Mr. Comline is a director of Talon having long years of experience in the exploration and mining industry. He worked in a number of senior managerial positions including General Manager, Exploration, responsible for all exploration activities and geology.

Mr. Comline is a past Chairman and President of another BVI-based mining company AfriOre Limited, a company which was purchased by Lonmin plc in 2007, for CDN$500 million.

As of September 30, 2007 Talon has 27,054,222 common shares outstanding and 32,244,722 shares fully diluted.