BVI Company News

China Technology Development Group Corporation, the British Virgin Islands-registered group focused on providing solar energy products and solutions, announced that its wholly-owned subsidiary, China Merchants Zhangzhou Development Zone Trendar Solar Tech Ltd., has entered into a Purchase Agreement with the company Goldpoly Science & Technology Industry Co. Ltd., which is the wholly-owned subsidiary of Time Infrastructure Holdings Limited. Time Infrastructure, listed on the main board of Hong Kong Stock Exchange, is China’s leading manufacturer of silicon solar cells in China.

Under the terms of the agreement, in the year 2011 Goldpoly is to provide BVI company’s subsidiary with 100 megawatt of high-quality polycrystalline solar cells.

Mr. Sean Liaw, Chief Operating Officer of CTDC, has commented on the deal saying that “This is the first purchase agreement we entered with the Goldpoly Group after signing our strategic cooperation agreement in November, 2010. We believe that the agreement will further ensure the supply of our raw materials and will strengthen our long-term relationship in the provision of solar cells. The high-quality solar cells with competitive price provided by Time Infrastructure enable us to ensure the high-quality of our PV module and reduce our production cost, which will in turn increase the profit margin.”

British Virgin Islands-incorporated Pansoft Company Limited has signed two new contracts with Sinopec Corp. (China Petrochemical Corp.), one of China’s leading petroleum companies headquartered in Beijing. Total value of these contracts is approximately US$3.8 million.

The contracts, along with the previously signed contract with Sinopec, have the purpose of developing a centralized accounting management system announced in July 2010. The total value of the three contracts in US$6.8 million. The original centralized accounting system has been designed to combine and integrate Sinopec’s current multi-layer accounting subsystem and thousands of accounting centers into one system, which will bring accounting procedures to one unified standard.

Under the first of the two newly signed contracts, valued at approximately US$1.63 million, the BVI company will expand this accounting system to include Synopec’s parent company, Sinopec Group Corporation, and develop a platform to facilitate transactions between the subsidiaries and Sinopec Group and Sinopec Corp. The second contract, the value of which is approximately US$1.63 million, aims to extend the centralized accounting system to Sinopec’s subsidiaries.