Archive for the ‘Letter of Intent’ Category

A-Power’s subsidiary signs LOI with China Machinery Engineering Corporation

Monday, May 9th, 2011

British Virgin Islands-registered company A-Power Energy Generation Systems, Ltd. announced that Shenyang Power Group Company Ltd., an industrial construction company in which A-Power owns a 19.5% interest, signed a letter of intent with China Machinery Engineering Corporation, a major international engineering contractor. The agreement that was signed on April 15 involved the development of a proposed 615 megawatt wind power generation project in Texas.

The purpose of this planned arrangement between the parties is to assist Shenyang Power Group in securing from Chinese sources approximately 14% of the debt financing that is anticipated to be required to develop the project, as well as to find suitable engineering, procurement, and construction contractor for Texas Wind Farm.

According to the Letter of Intent, Shenyang Power Group is to appoint China Machinery Engineering Corporation as EPC contractor for the Texas Wind Farm project and CMEC is to assist SPG in obtaining approximately US$260 million in debt financing from banks and other financing agencies in China for Spinning Star Energy LLC, founded to own, develop, and operate the Texas Wind Farm. CMEC would be expected to procure equipment from suppliers designated by SPG.

Shenyang Power Group was incorporated in May 2009 in China as an industrial construction company specializing in electricity generation projects and manufacturing of power equipment.

BVI-registered A-Power initially had contributed 62% of SPG’s registered capital of 1.0 billion, with the remaining capital contributed by other non-related entities that are active in the electricity generation industry. In October 2010, A-Power sold 42.5% of its ownership in Shenyang Power Group, reducing its ownership in the subsidiary to 19.5%. Spinning Star is the joint venture enterprise owned by United States Renewable Energy Group Wind Partners I, LLC.

China Machinery Engineering Corporation was established in 1978 as the first large national corporation integrating foreign trade with industry, it is a large global conglomerate with engineering contracting as its core business.

Posted in Agreements and Contracts concluded, Letter of Intent, NASDAQ listed BVI Companies | No Comments »

Talon Metals Signs LOI with Rio Verde Minerals Corp

Friday, October 15th, 2010

British Virgin Islands-registered mineral exploration company Talon Metals Corp. has entered into a Letter of Intent with Rio Verde Minerals Corp., a private company focused on the exploration and development of fertilizer projects in Brazil. This LOI provides for the completion of transactio regarding Talon’s Sergipe Potash Project. By terms of the agreement, the BVI company will transfer to Rio Verde all of its rights in the Project in return for approximately 27 million shares, or about 66% of Rio Verde.

Upon completion of the transaction with transfer of Talon’s potash properties, Rio Verde (which is currently unlisted company) is expected to acquire certain phosphate properties in Brazil from Sercor Ltd., a company which is also party to this LOI., and which would be the holder of about 22% of Rio Verde.

After completion of the transactions contemplated by the LOI, Talon Metals will have the right to nominate a majority of the directors of Rio Verde until the company completes a “going public” transaction. The closing of the proposed transactions is expected to occur in December 2010. Upon their completion, Talon will acquire pre-emptive rights to a proportionate participation in any future offering of equity securities of Rio Verde, exercisable for so long as Talon holds 10% or more of the issued and outstanding common shares of Rio Verde, subject to termination in the event that Rio Verde completes a “going public” transaction.

By words of Stuart Comline, President and CEO of Talon Metals, the transaction is aligned with company’s strategy to secure a partner to develop the Sergipe Potash Project. The successful conclusion of this transaction will allow Talon Metals to focus primarily on its 100%-owned iron ore projects in Brazil.

Posted in Agreements and Contracts concluded, BVI Company Contracts, BVI IBC Business News, Letter of Intent | No Comments »

BVI-registered Windworks Engineering receives order from Singapore company

Tuesday, June 8th, 2010

Windworks Engineering Inc., a British Virgin Islands-incorporated company engaged in the development of wind turbine technology, received a letter of intent from Singapore-based Worldwide Property ltd, for the purchase of 100 units WW5000 SWTs, to be installed in Singapore company’s Resort properties in Australia and in Bali. The value of the order is more than 2,5 million Euros.

An important part of the order is the deployment of a prototype unit within the next three months on Worldwide’s property to improve the finish of the serial units and adapt it to the specifications. Also, the BVI company has become an exclusive supplier of Wind Turbines to Worldwide Property for a period of 5 years.

Posted in BVI Company Contracts, Letter of Intent | No Comments »

Ballyliffin Capital Corp makes a deal with BVI-registered forestry company

Wednesday, June 10th, 2009

On May 27, 2009, the Canadian company Ballyliffin Capital Corp. provided an update on the status of its proposed qualifying transaction announced on March 25, 2009. Ballyliffin had negotiations with East Top International Group Limited, a privately held company headquartered in the British Virgin Islands and having several operating subsidiaries situated in the Peoples Republic of China, in connection with a proposed arm’s length qualifying transaction. Now the company announces that a Letter of Intent has been executed with the BVI company, which is engaged in forest operations, management, logging and timber processing and trade.

Currently, Ballyliffin and East Top are in discussions with the TSXV regarding structural matters of the transaction, and further details will be announced after a definitive agreement will be signed by them.

The principal business of East Top International Group Limited includes the ownership of natural forest lands, wood fibre operations, manufacturing and other operations producing downstream wood products.

Posted in BVI IBC Business News, Letter of Intent, Qualifying transactions | No Comments »