BVI Company News

BVI-registered A-Power Energy Generation Systems, Ltd., providing distributed power generation systems in China, has announced on June 2 that its shares are upgraded to trade on the NASDAQ Global Select Market, under the symbol APWR.

The Chairman and CEO of the BVI company, Jinxiang Lu, noted in his comments that, as the NASDAQ Global Select Market was created for companies that meet the most stringent requirements, this upgrade of A-Power Energy “reflects company’s continued growth and enhanced market value.” He also said they are pleased to have met the financial and liquidity requirements that enable shares to be traded along with NASDAQ’s top companies.

Common stock of A-Power was listed on the NASDAQ Capital Market prior to the upgrade.

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.

Last week, oil and natural gas company Transmeridian Exploration Inc. announced that its board of directors has made some arrangements to complete the proposed acquisition of the company by its BVI-registered subsidiary Trans Meridian International, Inc. (TMI).

Some months ago, Transmeridian Exploration Inc. entered into a definitive merger agreement with TMI pursuant to which the BVI company will make a tender offer of $3 per share, to purchase all of company’s outstanding shares of common stock. One of the milestones towards the completion of the proposed financing arrangements relates to detailed information that was required to be provided by Transmeridian Exploration Inc. until March 21, 2008. In connection to this, Transmeridian’s directors board informed its BVI-registered subsidiary that, if it is not satisfied with such information, or if the financing condition contained in the definitive merger agreement between the company and TMI has not been satisified by March 31, 2008, the company will terminate the definitive merger agreement.

Transmeridian is continuing discussions on the potential acquisition of the company with another interested party, but if it does not enter into agreement with another company, its stockholders may receive less than the $3.00 per share contained in the current agreement with TMI.

Consolidated Water (CWCO) could drop 50% if it cannot reach an agreement with its leading customer, the British Virgin Islands. Being the owner of water utilities in the Caribbean area, CWCO is fighting the BVI government over payments for water from a desalination plant.

British Virgin Islands is attempting to purchase the plant, which removes salts from sea water, but the discussions have continued on over a decade. Now Consolidated Water is continuing to record the full amount it is billing British Virgin Islands as revenue, and its receivables are rising.

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.

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.

BVI-registered Bonso Electronics International Inc. has announced in the end of October that the Annual General Meeting of Shareholders for the fiscal year ended March 31, 2007, will be held on November 29, 2007. The record date for shareholders entitled to vote at the Annual General Meeting will be October 19, 2007.

BVI company will be following an approach similar to the U.S. Securities and Exchange Commission’s new rules, for making proxy materials available over the Internet. Bonso Electronics believes that this approach will allow it to reduce the number of printed copies of its proxy materials this year, by more than 90%, and at the same time lower the cost and reduce the environmental impact of producing and delivering these materials.

Anthony So, chairman of Bonso Electronics International, Inc., has said: “The Internet presents the fairest and most direct mechanism for the dissemination of all information — investor information is no different… Providing our proxy materials over the Internet, with printed materials on request only, increases the transparency of our business, reduces what we introduce into the waste stream, and simultaneously pares down the needless expense of paper filings. Everyone wins.”

Under this approach, Bonso Electronics will deliver a “Notice of Internet Availability of Proxy Materials”, instead of delivering a printed set of proxy materials to each shareholder. The BVI company will also provide Internet access to the proxy materials for stockholders, and provide a printed set of proxy materials by mail to any stockholder who requests them.

The annual report of Bonso has been already filed, and may be viewed on Bonso’s website. Shareholders may obtain free copies of company’s proxy materials by following the instructions provided in the “Notice of Internet Availability of Proxy Materials”.

In the beginning of September 2007, Equator Exploration Limited announced the termination of the  agreement related to the conditional merger of with CAMAC Energy Holdings Limited. Equator Exploration, which has its registered address in the British Virgin Islands, made an announcement on 11 June 2007 that it had entered into a conditional merger agreement with CAMAC Energy EP Limited and CAMAC International Limited, relating to a proposed merger of Equator and CAMAC Energy Holdings Limited, a wholly owned subsidiary of CAMAC International Limited.

The Merger Agreement was conditional upon the posting of the AIM Admission Document, to Equator shareholders by no later than 31 August 2007. It has not been possible to produce an Admission Document that would satisfy the requirements of the AIM Rules within the prescribed timeframe, and, as a result of this, the Merger Agreement has been terminated.

CIC Energy Corp has made an announcement that along with its partner International Power PLC it has entered into a preliminary agreement with Sumitomo Corporation – a leading Japanese company operating in various sectors including mineral resources, energy, media and electronics, finance and logistics. The agreement concerned the possible subscription of a 20% equity interest in the first phase of the Mmamabula Energy Project.

The preliminary agreement does not commit Sumitomo to equity participation in the Mmamabula Project, but demonstrates company’s interest in the Project.

Currently, the BVI-based CIC Energy and IPR together are the holders of 50% interest in the Mmamabula Project.

Sumitomo has entered into negotiation with CIC Energy and IPR, on the possible subscription of a 20% interest in Meepong Energy (Mauritius) Pty Ltd. To facilitate this, CIC Energy and IPR would be expected to equally sell down a part of their respective equity stakes. Meepong Energy (Mauritius) is the joint venture company which will hold the power station assets of Phase One of the Project.

The above-mentioned agreement also provides the option for Sumitomo to take a 20% interest in Meepong Resources (Mauritius) Pty Ltd. If this occurs, the balance of this holding company is expected to be held equally by CIC Energy and IPR.

Meepong Resources is the joint venture company, which will hold the coal mine for Phase One of the Project. Meepong Energy (Mauritius) will hold the power station assets of Phase One of the Project.

Recently we have discussed the fact of purchasing of BVI corporation UraMin Inc by CFMM Développement, the wholly-owned subsidiary of Areva Group. Last week Areva announced that, after the completion of compulsory redemption proceedings in accordance with the BVI law, it has become the sole shareholder of the BVI-registered company.

The notice that was sent to the UraMin shareholders on 7 August 2007 provided also further information for former shareholders of UraMin seeking to receive the redemption price, held by UraMin’s agent, Computershare Investor Services. In connection with the redemption, on 20 August UraMin’s shares were delisted from the Toronto Stock Exchange, and cancellation of BVI company’s listing on the Alternative Investment Market of the London Stock Exchange is expected to be effective today, on September 4, 2007.