Archive for the ‘Uncategorized’ Category

China Gengsheng Minerals, Inc. introduced new energy-saving product

Saturday, October 3rd, 2009

China Gengsheng Minerals, Inc., the company engaged in manufacturing and marketing mineral-based and heat-resistant products for the iron and steel industry and conducting its business through the British Virgin Islands-registered Gengsheng International Corporation, made an announcement that it has developed a new refractory product for its steel company customers. This product will cut energy costs and increase efficiency during steel-making.

China Gengsheng held a teach-in on the new high-performance thermo-insulating  castables at Shanghai Baosteel Group Corporation, which is the largest steel and iron conglomerate in China. During this seminar, CEO of Gengsheng, Vice President of Product Development and technology adviser shared product specifications and testing results with directors of the procurement department, the technology department and various other managers and in-house experts in Baosteel.

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BVI-registered Pansoft Company Limited changes the independent registered public accounting firm

Sunday, May 3rd, 2009

The British Virgin Islands-based Pansoft Company Limited dismissed MSCM LLP as the company’s independent registered public accounting firm. The decision was approved by the Audit Committee of the Board of Directors of the BVI company.

Pansoft Company Limited announced that the reports of MSCM on the financial statements of the BVI company for the years ended December 31, 2008 and 2007 contained no adverse opinion or disclaimer of opinion, and were not qualified or modified as to uncertainty, audit scope or accounting principle. Also, concerning its audits of the years 2008 and 2007, there were no disagreements with MSCM on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure.

The BVI company also announced that it engaged GC Alliance Limited as its independent registered public accounting firm. The change was approved by the audit committee and Board of Directors of Pansoft Limited.

Also, on April 23, 2008 the Compensation Committee of the Board of Directors of the BVI company determined to grant certain one-time cash bonuses to its Chairman Hugh Wang, and  the Interim Chief Financial Officer Allen Zhang. These bonuses are part of the cash prize of $160,986 awarded to the company by the government of China for its successful listing in an overseas stock exchange.

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Diamondcorp PLC commences trading on AIM

Friday, February 9th, 2007

On February 5, 2007 Diamondcorp PLC has announced the commencement of trading in its ordinary shares on AIM, following a placing with institutional investors at 90 pence per ordinary share of 3 pence each of the Company. Based on the placing price, Diamondcorp’s market capitalisation is J30.6 million, with 33,987,078 Ordinary Shares in issue.

The one wholly owned subsidiary of Diamondcorp is Crown Diamond Mining Limited, a company incorporated in the British Virgin Islands. In its turn, Crown Diamond is the owner of 74% of the issued share capital of Lace property, a company registered in South Africa, with an estimated resource of 13.7 million carats of diamonds at an estimated value of $125/carat (In-ground value estimated in excess of $1.7 billion). Crown Diamond is also the owner of 100% of the issued capital of Soapstone Investments (Proprietary) Limited, incorporated in South Africa.

Diamondcorp PLC was formed in March 2005, with the purpose of acquisition and development of diamond assets in South Africa. Since the incorporation date, the Company has raised about J11.8 million through private placements of shares and convertible loans, as well as an institutional placing completed upon admission to AIM, principally to give it the possibility to acquire the Lace diamond property, and finance construction of a 1.6 million tonne per annum diamond recovery plant.

The planned phase one will include tailings retreatment, prefeasibility and exploration (2007-2009). Phase two will probably start in 2009, and will include upgrading of plant and the larger mining operation.

The Lace Property, 74% owned by the BVI-based Crown Diamond and located about 200 km southwest of Johannesburg, includes:

  • diamondiferous tailings from previous mining operations for which there is the potential to recover an estimated 370,000 carats from retreatment; and
  • diamondiferous kimberlites containing a potential resource in excess of 13 million carats of diamonds with a potential underground mine life of 20 years.

The rest 13% in the Lace Property are owned by Black Economic Empowerment (“BEE”) Partners, Sphere Investments (Proprietary) Limited (“Sphere”) and Shanduka Resources (Proprietary) Limited (“Shanduka”) each owning 13 per cent.

Paul Loudon, Managing Director and CEO of Diamondcorp plc, has commented, “We are delighted to have successfully completed our Admission to AIM. It is anticipated that the group will begin to generate cash in the near-term from a tailings retreatment project. This has the potential to create a strong platform from which the Company can grow, provide cash flow to take a bulk sample from the Company’s assets and generate significant cashflow for the Company over a number of years. Management is also seeking other diamond production opportunities in South Africa as we believe the world outlook for diamond prices is strong, with demand forecast to exceed mine supply in the foreseeable future.”

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Acquisition of BVI-based Gifted Time Holdings by Chardan North: Extension of deadline and amended terms to the acquisition

Saturday, January 6th, 2007

Chardan North China Acquisition Corp., together with its wholly-owned subsidiary, has announced on December 26 that its agreement for the acquisition of the British Virgin Islands Corporation, Gifted Time Holdings, Ltd., and its subsidiaries – Beijing HollySys Company, Limited and Hangzhou HollySys Automation, Limited, which formerly was set to expiration on December 31, 2006, has been extended to August 10, 2007.

The BVI company has also reported on the successful completion of a US$30 million financing as part of a transaction to satisfy certain pre-existing obligations. On the acquisition of Gifted Time, Chardan North will still issue 23.5 million shares and pay US$30 million, but will issue an additional one million shares if BVI company earns operating after-tax profits for 2010 of US$61 million.

Chardan North China Acquisition Corp. was incorporated in March 2005 to acquire an operating business based in the North of China. In February 2006 Chardan North announced a stock purchase agreement pursuant to which it will acquire a controlling interest in Beijing HollySys Company Limited, and Hangzhou HollySys Automation Limited.

The CEO of HollySys, Wang Changli, has stated in his comments, “I am extremely happy that we now have the time to conclude our transaction with Chardan North. We are moving closer to our goal of having a U.S. listing and are looking forward to being a publicly held, internationally recognized leader in automation controls.”

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