BVI Company News

Diguang International Development Co., Ltd., China leader in the manufacture and supply of CCFL and LED backlights for liquid crystal displays, has made an announcement on April 2 that the Mobile Phone Strategic Business Unit at its newly acquired Dongguan facility has achieved estimated manufacturing capacity of one million backlight units per month. By the end of the second quarter of 2008, the company is expected to manufacture two million backlight units per month.

Song Yi, Diguang’s Chairman and CEO, has said that company’s “2008 strategic growth plan calls for expanded manufacturing capacity in all product categories … Direct ownership of the acquired facilities at Dongguan Diguang Science and Technology increases our flexibility in production scheduling.”

Also, two days before this the Nevada-based Digunang, located in Shenzhen and having its sales and marketing subsidiary registered in the British Virgin Islands, announced the postponement of the fourth quarter and fiscal year 2007 conference call that is originally scheduled for March 31, 2008. The company filed for time extension to file its Form 10K for the fiscal year ended December 31, 2007.

China Technology Development Group Corporation, British Virgin Islands company that provides clean and renewable energy products and solutions for solar energy business in China, announced that it has appointed Deloitte Touche Tohmatsu CPA Ltd.. to act as its independent auditor for the fiscal year ended December 31, 2007.

This appointment followed the expiry of the service term of Friedman LLP, and was based on recommendation and approval of the audit committee and the Board of Directors of China Technology on February 14, 2008. The reason for the change of the auditor was not any kind of disagreement between CTDC and Friedman, on matters of accounting principles or practices, financial statement disclosure, or auditing scope or procedure.

CEO of the company Charlene Hua commented on the appointment of the new auditor: “Given our strategic focus in the solar energy business in China, we believe that Deloitte’s strong presence in China will provide us with audit services that are more efficient and suitable for a rapidly growing company like ours. We also wish to thank Friedman for the excellent work and professional services provided by their team.”

BVI-domiciled China Technology Development Group Corporation has also a number of BVI subsidiaries, one of which, China Natures Technology Inc., about a month ago was disposed to an independent party for HK$10,000,000, pursuant to the sale and purchase agreement dated December 18, 2007.

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.

Malaysian company Ernslaw One is buying the New Zealand forestry company Winstone Pulp International, for an undisclosed amount of money. The deal is subject to Overseas Investment Office approval.

At present, Winstone is controlled by offshore companies, registered in Hong Kong and the British Virgin Islands. The company owns about 16,500 hectares of forest in the central North Island, a sawmill at Tangiwai and a pulp mill nearby at Karioi, and employs about 300 staff. By the fiscal results at September 30, 2006, company’s forest crop was valued at US$83 mln, and its fixed assets were evaluated at US$38.7 mln. For the same period, company had revenue of US$131 mln, but made a US$10.1 mln loss.

The purchase took forestry plantation of Ernslaw One to 100,000 hectares, making it the fourth largest forest owner in New Zealand. As at June 30, Ernslaw One’s forest estate was valued at US$254 mln.

Managing director of the BVI- and Hong Kong-controlled company David Anderson said the sale would not affect staff levels.

Diguang International Development Co., Ltd., the leading Chinese manufacturer of CCFL and LED backlights for LCD display industry, has announced that it will conduct a conference call and webcast, in order to discuss financial results for the third quarter of the year ended September 30, 2007.

The company informed that the conference call and webcast will take place on Wednesday, November 14, 2007, and published phone numbers for calling either from the United States or internationally. The event will also be webcast live, and a webcast archive will be available for 90 days, on a password-protected event management site.

Diguang International is a Nevada-based corporation located in Shenzhen, and having its sales and marketing subsidiary registered in the British Virgin Islands. Through its subsidiaries, the company specializes in the research, development, production, sale and distribution of backlights and backlight technologies, currently developing about 50 products per month. A month ago, the company received a favorable reception of its production at the largest IT show in South Korea.

The Nevada-based manufacturing corporation Diguang International Development Co., Ltd. has reported about its plans to hold the 2007 Annual Meeting of Stockholders on November 28, 2007. The meeting is planned to be held in company’s office in Shenzhen, China.

Manufacturing subsidiary of Diguang is located in Shenzhen, where the company has recently acquired the land rights, at preferential prices. The sales and marketing subsidiary of the corporation is located in the British Virgin Islands.

China Organic Agriculture, Inc. (CNOA), one of China’s leading agricultural and products companies, has announced its financial results for the 2nd quarter 2007, ended June 30, 2007. The reported growth of revenues made $2.3 million, the earnings made $675,000 - that is a 180% increase compared to the same period of 2006, and a revenue record generated during any second quarter in the Company’s history.

In March 2007, CNOA became the whole owner of two subsidiaries: the company owns directly China Organic Agriculture, Ltd. (COAL), incorporated in 2006 in the British Virgin Islands. In its turn, the BVI company owns Jilin Songyuan City ErMaPao Green Rice Ltd, which was  incorporated in China in 2002. Through its BVI and China subsidiaries, the Company is involved in the business of rice production and processing, and ErMaPao now is the main brand of the Company amd the most popular rice brand in the country, which has won several quality awards and holds the highest organic certification.

The increase of Company’s revenues after acquisition of the subsidiaries is seen by the record growth in the Q2 2007, which is cited to the increases in production capacity, production output and consumer brand awareness.

Company’s reported revenues for the six months ending June 30, 2007 were than $6.4 million – 60% more than in the same period of 2006. Earnings for this period were approximately $2.4 million, a 58% increase over the comparable period 2006.

CNOA has also recently released updated revenue and earnings guidance for calendar year 2007, where raised its previously announced forecast by an additional $2 million to approximately $18 million in revenues, which made a 100% increase over the comparable period of the previous year.

G.D.H.K.K., a Japanese corporation working globally, has announced last week that its board of directors has approved capital and business partnership with WangYou Media Limited, which is incorporated in the British Virgin Islands.

G.D.H. is planning a strategic partnership with the BVI company, which will be supported by a capital partnership in which G.D.H. invests an amount of US$500,000 for animation distribution to PCs in China. G.D.H. will provide new Gonzo animation titles through WangYou Media’s Chinese online animation website 8850. com. - a rapidly growing online community promoting dedicated animation and manga content.

G.D.H. will provide new Gonzo animation titles through WangYou Media’s Chinese online animation streaming website 8850. com. The BVI-registered WangYou Media will operate the website by using the expertise of its affiliate company, based in Shanghai - Beijing Yangguang Wangshi Internet Technology Co. Ltd., which operates Wangyou.com, China’s major SNS website with more than 10,000,000 registered members.

WangYou Media is a company registered in the British Virgin Islands, but its headquarters is located in Shanghai. It is a leading youth-oriented Internet entertainment company in China, owning and operating two Internet properties – wangyou. com, one of China’s top social-netweorking site, and 8850. com.

The BVI company has been entrusted with “Business-Model Verification Program to Promote the Export of Japanese Animation to China”, as part of “Content Industry International Exchange Project in Asia 2007.” The project is promoted by Digital Content Association of Japan, a public service corporation designated by Media and Content Industry Division under Commerce and Information Policy Bureau of Japan’s Ministry of Economy, Trade and Industry.

WangYou Media will evaluate the new business model by collecting and analyzing data of user traffic, revenues, volume change in pirated content of Japanese animation.

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.

The contract manufacturer Nam Tai Eelectronics Inc., producing components for consumer electronics products, has announced the rise of its quarterly profit. The company is domiciled in the British Virgin Islands but conducts its business from a headquarters on the Chinese territory of Macau.

Higher profits of the BVI company are boosted by solid margins and benefit from the sale of securities. The second quarter net income of BVI incorporated Nam Tai Electronics made $38.8 million, or 87 cents a share, compared to $18.5 million, or 42 cents a share, in the same period of 2006.

Excluding a one-time gain of more than $43 million from the sale of marketable securities, company’s profit was 26 cents a share, down if compared to 46 cents in 2006, but higher than average prognosis of analysts that made just 19 cents a share. Shares of Nam Tai rose more than 5% on the New York Stock Exchange.

Nam Tai reported the decline in business from telecommunication components assembly. The company said in its statement , “This product segment is dependent on demand in the mobile phone market, and one of our indirect customers suffered a substantial drop in sales volume in its mobile devices business in Asia and Europe.” Despite of this fact, the company reported the 11.5% increase of gross profit margin in the second quarter of 2007.

Nam Tai shares are traded at $12.75, up 54 cents or about 4.4%.