Archive for October, 2006

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Diguang International to Present at China Growth Conference 2006

Saturday, October 14th, 2006

Diguang International will present to an audience of approximately 150-200 investors at the Second Annual Adam Friedman Associates China Growth Conference, which will take place in October 17-18. This event will be webcast to thousands more investors both in the U.S. and China, especially interested in Chinese securities.

Diguang is a Nevada corporation, which, through its subsidiaries, specializes in the research, development, production, sale and distribution of backlights for liquid crystal displays (LCD’s) and backlight technologies. Its manufacturing subsidiary located in Shenzhen, PRC, and international sales and marketing subsidiary located in the British Virgin Islands.

The company Diguang International is focused on providing LED and CCFL backlights for international producers of televisions, monitors, cellular phones, digital cameras, DVDs and other home appliances. Currently it develops about 50 new products per month. These products are generally exported to the regions and countries such as Europe, North America, Korea and Japan as well as sold to Taiwan, Hong Kong and mainland of China, etc. So far, Diguang Company has received 8 national patents in independent intellectual property on the optoelectronic guiding and controlling technology. Today the company has become one of the well-known enterprises in the global optoelectronic display industry.

Posted in BVI IBC Business News, Investors' News | No Comments »

Afriore Reports Financial Results for periods ended August 31, 2006

Thursday, October 12th, 2006

Afriore Limited, mainly engaged in the mineral exploration projects in South Africa, has announced its financial results for the three and six month periods ended August 31, 2006. After the significant losses of the previous period ended on May 31, 2006, which could be explained by the increase at Akanani expenditure, the company, again, reported on a loss for the three month period of $5,120,490 or $0.10 per share, and a loss for the six month period ended August 31, 2006 of $6,122,621 or $0.14 per share.

These losses are also explained with a significant increase in exploration expenditure for Akanani project, which is currently the most important development of Afriore. It is enough to say that from the exploration costs for the six months period that totalled $4,053,364, $3,683,958 were for Akanani. The increase in Akanani expenditure followed the continuing receipt of positive results from the Project’s intensive exploration program.

Afriore has reported also on a foreign exchange loss of $2,116,269 for the six months of 2006, compared to $503,699 for the same period of 2005. For this, the substantial weakening of the South African Rand can be responsible, as well as Stock Based Compensation expense of $3,685,000 resulting from revaluing of 2,500,000 warrants per the Black-Scholes method, issued in terms of an agreement between Afriore and the original Black Economic Empowerment Shareholders of Akanani Mining Limited.

In the report Afriore announced on its plans to continue concentrating on the acquisition, exploration and development of resource properties in Africa and elsewhere, and in particular to concentrate on platinum group and gold metals.

Posted in BVI Company & Subsidiary Financials | No Comments »

Bonso President Retires

Friday, October 6th, 2006

British Virgin Islands-registered electronics manufacturer, Bonso Electronics International Inc. announced that President and Chief Executive George O’Leary will retire and chairman Anthony So will reclaim the titles and continue as chairman of the board.

O’Leary will not stand for election to the board at the next shareholders meeting. being also a director, he spent about 15 years with Bonso and served as president and CEO since January 2005.

A BVI-registered 26-year old Bonso Electronics Limited was established to build the largest manufacturer of electronic weighing scales and balances in the world. The trend of innovative product development at Bonso started with manufacturing one of 1st electronic bathroom scales in the world that make use of sophisticated strain gauge load cell technology. Due to this product, Bonso is well-recognized in the scale and balance industry.

Adopting full vertical integration of Bonso’s production and marketing facilities, the company has successfully been transformed from a typical OEM (Original Equipment Manufacturer) company to an international corporation with both ODM (Original Design Manufacturer) and OBM (Original Brand Manufacturer) business. The acquisition of Korona Haushaltswaren GmbH & Co. KG of Germany in 2001 and of Gram Precision Inc. of Canada in 2002 has strengthened this vertical integration. So, Bonso Electronics Limited is successfully fulfilling its goal set 20 years ago.

Bonso’s production is centered at their 600,000 square foot manufacturing plant in Shenzen, China that employs around 3,000 workers, while headquarters is situated in Hong Kong.

In 1989 Bonso Electronics was officially listed in the USA, and its common stock is traded in NASDAQ National Market System.

According to the company’s annual report, in 2005 (ended on March, 31) the company reported income USD 3.34 million while in 2004 it was USD 2.27 million and in 2003 the company worked with USD 1.64 million loss. So, the dynamics is very positive.

In August, Bonso announced that its Board of Directors had approved a USD 0.05 per common share cash dividend, payable to shareholders of record on September 30, 2006 to be paid on or before October 31, 2006. Although the company considers year 2005 to be not very successful, it   has had a good rebound in sales of scale products during the year and decided to provide its loyal shareholders with recognition for their support. Company’s dividend policy remains contingent on performance. In accordance with the closing price on August 25, 2006 (USD 3.65 per share), the forthcoming dividend would represent an annual yield of about 1.37%.

Posted in BVI Company & Subsidiary Financials, BVI Company Mergers & Acquisitions, BVI IBC Business News | No Comments »

Playtech chances of recovery after US Congress ignite online gambling crisis

Tuesday, October 3rd, 2006

On September 30, 2006, US Congress unexpectedly approved a bill that would make it illegal for banks and credit-card companies to make payments to online gambling sites.

After US Congress passed laws to shut down Internet gambling, which would wipe out US revenue and more than USD 7 billion of market value, shares of PartyGaming Plc, 888 Holdings Plc, Sportingbet Plc and other companies plummeted.

September 30 can be considered a US crackdown on online gaming, as this was the day when legislation to prevent credit-card companies from collecting payments for bets was approved.
Yesterday PartyGaming Plc and 888 Holdings Plc announced plans to halt business with US residents. Because of the new legislation the companies that were trying to get into the US market have to back out.

The USA considers gambling on the Internet, which has become a $12 billion-a-year business, to be illegal.

Gibraltar-based, PartyGaming Plc is the world’s biggest Internet poker company that last year more than 80% of its sales got from the USA. The company is going to continue pushing into markets outside the United States where poker and casinos have not been made illegal. Actually, poker and casinos have not been made illegal in the USA either, but it is impossible to collect payments there. Basically, the payment system for Internet gambling has been shut down.

888 Holdings Plc is going to work with the rest of the world, most of which is quite sensible in terms of regulation.

President Bush is expected to sign the legislation into law during the next two weeks. Most analysts do not doubt that he will definitely approve it.

Because of this legislation, the shares of the leading companies in this industry are plunging.

Shares of PartyGaming slid 59% to 43.5 pence in London, and reached a record low of 40.25 pence.
The world’s largest online casino, 888, slid 48% to 76 pence.
Sportingbet tumbled 69% to 58 pence.
The shares of World Gaming Plc slid 76%.
Empire Online Ltd. (including online gambling brand Club Dice) fell 25%, to 50 pence.
Leisure & Gaming Plc (including brand VIPsports) lost 64% 13.75 pence.
Bwin Interactive Entertainment AG slid 25% to 15.60 euros.
A UK provider of money transfers for Internet gaming companies, NETeller Plc, fell  61% to 140 pence.
A Toronto-based maker of software for gambling Web sites, Excapsa Software Inc., slid 66% to 15 pence.
A British Virgin Islands-based Playtech Ltd. that develops gaming software tumbled 52% to 120 pence.

Analyst Paul Leyland at Arbuthnot Securities expressed his opinion that Playtech is relatively well positioned. According to his suggestion, Playtech is the only company for which  redeployment is easy.

Posted in BVI Company & Subsidiary Financials, BVI IBC Business News, Investors' News | No Comments »

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