BVI Company News

Youpublish.com, a company owned by the BVI Holding called ITCCYL Ltd., and led by Utah businessman Roice Krueger, has launched a Web site that allows anyone to publish a book online, or upload videos, music, photos or any other digital products.

In May this year, the company opened a retail shop that allowed to think that it is going to compete with the likes of Amazon.com, but not the BVI-controlled company launched a distinctive  feature – the ability to publish any digital file at no cost to the creator, who will retain copyrights, and has the option to distribute his products for free or set a price and receive 50% of any sales revenue.

Self-publishing is available from a number of companies and their websites, including also Amazon. This company sees as one of its advantages the ability for the self-publishers to get to the huge marketing machine – Amazon.com, and it keeps 20% of the sale price of a book when it is sold through its e-stores, or 40% when sold through Amazon.com, plus takes a fixed fee for printing charges.

Youpublish.com hopes to receive its dividends from publishing online any digital materials, and by providing the 50% commission to the creator. The customers can create their own online libraries and leave their comments about the quality of the works, for other readers to see them.

The site of Youpublish.com is still evolving, and the founders are holing to improve the search engine and add more social networking feature and perhaps on-demand printing. The site is even planning to include the ability for a group of people to come together and write a book.

The company, owned by the BVI consortium, has no central office and is run with independent consultants. Web developers out of an office in Salt Lake City, and two marketing-support people  are working in Los Angeles.

Singapore Petroleum Company Limited (SPC) on July 25 published drilling update on the exploration well in Cambodia, which followed company’s previous announcement made on July 8, 2008. SPC Vice-President Mr Brian Boslaugh commented on the drilling results saying that SPC will continue to work closely with its partners, and to undertake technical works.

The well is located in Cambodia Block B, east of the Khmer sub-basin, in water depth of about 75 metres. SPC holds a 33.3% interest in the Block B through its wholly-owned subsidiary SPC Cambodia Ltd, incorporated in the British Virgin Islands. The BVI company, in its turn, is a wholly-owned subsidiary of SPC Production Company Ltd, which is a wholly-owned subsidiary of SPC. SPC’s share of the drilling costs  in the Block is approximately US$3.0 million, its partners are PTTEP International Limited and Resourceful Petroleum Limited.

SPC is a regional oil and gas company with interests in oil and gas exploration, development and production, marketing and trade. It is an associated company of Keppel Oil & Gas Services Pte Ltd, a wholly-owned subsidiary of Keppel Corporation Limited.

Africo Resources Ltd., a Canadian TSX-listed mineral company focused on developing, acquisition and exploration of metal and gold assets in Africa, announced that it  has entered into a Subscription Agreement for a private placement of CAD$100 million at a price of $2.50 per unit with Camrose Resources Limited, incorporated in the British Virgin Islands. The main shareholder of this BVI company is a trust for the benefit of family members of Dan Gertler.

By the terms of agreement, each unit will consist of a common share and one half of a share purchase warrant, and each whole warrant will entitle Camrose to acquire an additional common share at a price of $3.50 per share for an eighteen month period following closing.

There is number of conditions that should be satisfied for the completion of the private placement – including termination of Africo’s Shareholders Rights Plan Agreement, regulatory approval and the approval of Canadian company’s shareholders.

After the placement is completed, BVI-incorporated Camrose Resources will own approximately 60% of the outstanding share capital of Africo. It will also have majority representation on the Board of Africo, and the right to participate in future financings in order to maintain its percentage equity ownership.

Along with execution of the Subscription Agreement, Camrose Resources (BVI) has loaned Cdn $2 million to Africo. This loan will mature at  the completion of the Subscription Agreement or the termination of the Subscription Agreement, or on August 31, 2008. Also, the BVI company has entered into an agreement to acquire the outstanding shares of Akam Mining Sprl, Africo’s subsidiary which holds, indirectly through Swanmines Sprl, the Kalukundi property. Camrose and Africo have entered into an agreement pursuant to which Akam will unequivocally confirm ownership of 75% of the outstanding shares of Swanmines. Africo is advised that Camrose anticipates completing the transactions with Akam shortly; the completion of the private placement and the Akam Agreement will result in Camrose owning approximately 63% of the outstanding share capital of Africo.

Additionally, Africo has agreed to acquire a 75% interest in the Mashitu property, which consists of an exploration permit for copper, cobalt, gold and nickel, and covers approximately 34.82 square kilometres, from the BVI company’s affiliate. The purchase price will be based on a valuation to be prepared by an independent expert agreed to by the parties, and will be paid in common shares of Africo at a price per share of $2.50.

The Anglo-Russian developer of mineral resources AM Aricom Plc announced that it has purchased options to buy two further licences that will expand significantly the existing Aricom projects K&S and Garinskoye - the Garinskoye Flanks license and the Kostenginskoye license. Aricom’s unit has already made two cash payments of US$22.5 mln for granting the options.

The Garinskoye Flanks license is owned by a Cypriot company Guiner Enterprises Ltd, which is owned by two British Virgin Islands companies – Myrtle Corp. Ltd and Ardoryna Commercial Ltd. The shareholders of Guiner Enterprises have conditionally agreed to sell their shares in Cypriot company to Aricom.  Aricom’s wholly owned subsidiary Aricom UK Ltd. has signed option agreements to acquire the indirect holders of the two licenses. Both assets are US$80 mln, comprising US$40 mln for each asset.

The Garinskoye Flanks deposit covers an area of 3,530 km surrounding Aricom’s currently owned Garinskoye license, and is estimated to contain nearly 1 billion tonnes of reserves and resources. The area of the Kostenginskoye iron ore deposit is about 24 km.

Probably, good times have started for football club Queens Park Rangers (QPR), with such investors as Formula One tycoons Bernie Ecclestone (worth £2.25 billion) and Flavio Briatore (worth £110 million). There is one more new investor of the club – a well-known Indian steel magnate Lakshmi Mittal.

It is known that Briatore and Ecclestone have pledged to return the club into a Premier League force within the next three years. They completed their £14 million takeover in November, and spent £690,000 to acquire their 69% majority stake in the club. Ecclestone bought 15% for £150,000, while Briatore, through his British Virgin Islands-registered company Sarita Capital, bought 54% for £540,000. However, since the time of this deal with BVI company he has sold on 20% of his stake to Lakshmi Mittal. Mittal, who is the richest resident of Great Britain worth about £19.25 billion, has spent only £200,000 to purchase this stake.

However, Mittal is not likely to spend so much money and probably will remain a silent investor in the project, leaving Briatore and Ecclestone to push the non-successful club to the Premier League.

Also, Briatore and Ecclestone have made no attempt to pay off a £10 million loan to the ABC Corporation which carries a punitive  £1 million annual interest charge – that is a massive burden on a team with an annual turnover of £10-£15 million a year. Another £2 million is owed to former director and major shareholder Antonio Caliendo who waived £4.5 million of loans he was owed when he sold out to Briatore and Ecclestone.

Now it is the question whether Mittal, Ecclestone and Briatore are prepared to highten their investment and to put the club on the highest level.

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.

Green Resources Enterprise Holding Ltd., registered in the British Virgin Islands, gave a notice pursuant to Section 21 Para 1 a WpHG (German Securities Trading Law) that its voting rights in Asian Bamboo AG at November 15 2007 amounted to 56.88% (7,252,000 voting rights).

The notice is given by Mr. Lin Zuojun pursuant to Section 21 Para 1 WpHG that his voting rights in Asian Bamboo AG as at November 15, 2007 amounted to 56.88%. The voting rights  were attributable to him in accordance with sec. 22 para. 1 sent. 1 no. 1 of the WpHG.

The attributed voting rights were attributed by Green Resources Enterprise Holding Ltd., Palm Grove House, P.O. Box 438, Road Town, Tortola, British Virgin Islands.

According to a statement released last week to the Stock Exchange of Hong Kong, an affiliate of Hong Kong-listed resources company CITIC Resources, CITIC Haiyue Energy, on September 28 acquired a stake in Tincy Group, for the price of $148.18 mln.

Tincy Group, which is wholly owned by the British Virgin Islands-domiciled Far Great Investments, operates an oil field in northeastern China’s province Liaoning. In May 2007, this BVI company signed an option agreement with CITIC Haiyue, which allowed the former to buy 90% stake of Tincy Group, or 9 million shares.

Tincy and Chinese state oil giant China National Petroleum Corp. are joint partners in a production sharing contract for the Hainan-Yuedong block in China’s northeastern Liaoning province until 2034. The companies signed the Hainan-Yuedong contract in February 2004.

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.

The Nevada-incorporated JMG Exploration, Inc. has announced the acquisition of Newco Group, Ltd. - a holding company registered in the British Virgin Islands. This BVI company, in its turn, acquires the majority equity interest in Iris Computers Ltd., one of the leading IT product distributors in India.

JMG, which specializes in exploration of oil and natural gas in the United States and Canada,  is going to sign the definitive share exchange agreement with Newco and its shareholders within the next some days. The end of the share exchange is contingent upon receiving the approval of JMG shareholders. However, no assurance can be given that the share exchange between JMG and BVI-based Newco is completed.

The Board of Directors of JMG has approved providing a $3.0 million loan to Newco for the purpose of obtaining a majority equity interest in Iris Computers. The loan to Newco is expected to be made during the next 10 days. If the acquisition of the BVI company by JMG is not completed by the end of 2007, Newco is obligated to repay the loan by that date.