BVI Company News

A BVI-based Glaxen Corporation announced that it had sold 74.99% of Dagtelecom to the largest cellular operator in the former USSR countries and the top operator in Russia - Mobile TeleSystems (MTS). A British Virgin Islands company sold it for 14.7 million USD and gave the buyer an option to buy the remaining shares in future.

Dagtelecom provides cellular communication services in Dagestan where it has some 170000 customers and holds 11% of the market. Penetration level in the region currently is 59.1%. The company offers GSM-900 standard telecom services and MTS has a license to provide GSM-900/1800 standard telecom services, therefore they had much interest in the purchase that will let them start offering mobile phone services, improve their service quality, reduce the cost of entering the market and expand the MTS inter-network roaming zone.

MTS is currently participating in a tender to buy 90% of Armenian operator Armentel from Greece’s OTE. The company also has interest in the Commonwealth of Independent States (CIS) countries where it is not represented yet - Moldova, Azerbaijan, Armenia, Georgia, Tajikistan and Kazakhstan.

BrazMin Corporation is a British Virgin Islands-based company dealing with gold as its principal product and selling it worldwide. Besides gold, a BVI-based corporation succeeds in acquisition, exploration and development of mineral properties in Brazil.

The company has a well-qualified exploration and management team with extensive experience and expertise in project management and gold exploration in Brazil as well as worldwide.

Currently BrazMin is working on its major 2-phase exploration program on the advanced São Jorge Project that is about up to 10000 meters of diamond drilling. The project’s Phase 1 started in May 2005 and both phases are expected to take about 21 months.

On July 24, 2006, the company announced the results of the first three holes from Phase 2 of the Project, located in Brazil. The discovery of the auriferous Kite Zone is among the most important findings at Sao Jorge. So, its extent of mineralization will be further assessed.

Saigon Water Park Ltd. is a joint venture between the British Virgin Islands-based Pegasus Leisure Ltd. and Vietnam-based Thien Tuyen Housing Trading and Investment Consulting Co. Ltd. The company is famous for building Vietnam’s first water park that was opened in 1998 and its investment capital was 11 million USD.

The joint venture’s activity in the first 2 years was very successful as it was the only service of this kind at that time. But then, a fierce competition began because of a lot of parks were established (Suoi Tien Water Park, District 5 Water Park, Dam Sen Water Park).

Therefore, currently the company is trying to get permission to build high-end villas at this park. This is because its entertainment activities resulted in big losses, so the company hopes to earn money on building villas.

The company hopes its plan on developing French-style villas on approximately 5 hectares in the park for sale and for lease will be approved. The project will include 50 villas of 3-4 bedrooms, of 460 to 1200 square meters each.

Meanwhile, the park has been temporarily closed and it employees are unemployed.

Transmeridian Exploration Incorporated has announced that its British Virgin Islands subsidiary extends its exchange offer of 290 million USDaggregate principal amount of its Senior Secured Notes due 2010 that had been scheduled to expire on July 18, 2006 up to July 21, 2006. The company is not planning to set up one more extended expiration date for the exchange offer.

On July 18, 2006, approximately 279 million USD aggregate principal amount of notes had been tendered in the exchange offer. Holders of notes who do not tender until July 21, 2006, will hold unregistered securities and, accordingly, will have no right to require the registration of their notes.

Transmeridian Exploration Incorporated is an independent energy company that acquires and develops oil reserves in the Caspian Sea region in the former Soviet Union (nowadays Kazakhstan and Azerbaijan).

Transmeridian deals with fields of medium size with low initial entry costs, identified reserves, significant upside reserve potential and a payback period of 2-3 years.