BVI Company News

Tradency BVI has announced subscription free Forex trading system signals on its currency trading platform. Subscription free Forex trading system signals are an innovation that enables investors to build and test an FX portfolio, using real trade history. The platform allows the FX trader to trade from a broad range of systems of strategies in one portfolio, choosing the best performing currency pairs from over 50 systems available.

Trading Platform allows traders to define, test and analyze signals within a self-directed individual Forex trading system trading account. The platform offers many benefits to traders, including the opportunity to diversify risk on their account and thus reduce the risk by not being tied to one trading system.

The cost of traditional FX signal services ranges from $100 to $299 per month, and runs into thousands of dollars per month for the client if trading multiple signal services, even before they placed a trade.

Lior Nabat, the co-founder and CEO of Tradency BVI, has commented: “This is a significant step for our company. The new arrangement allows FX Traders using our platform to create a portfolio instantly, backtest and apply the signals to their account. This was not previously possible without the client subscribing monthly to multiple services, which has a significant impact on the bottom line of the clients’ account…”

Tradency BVI was formed in August 2005 to assist FX traders worldwide to overcome the dynamic barriers of FX Trading, as well as psychological obstructions.

Equest Investments Bulgaria Ltd., the company domiciled in the British Virgin Islands and quoted in Dublin, is planning to raise £44 million on AIM, to make investments in the Balkans, Turkey and Ukraine. In connection to this, the BVI company plans to change its name to Equest Investments Balkans, after the fund-raising at £12.10p per share.

The stated purpose of Equest Investments is to pursue long-term capital growth through taking share stakes in the companies that are established or operating in Bulgaria, Romania, Slovenia, Albania, Serbia, Croatia, Montenegro, Ukraine and Turkey.

Nominated adviser and broker to Equest Investments is Collin Stewart. The director of the company is Petri Karjalainen, ex- managing director of  Williams de Broe Bankers, and former head of emerging markets for Dutch finance group ING in London. He is also co-founder and joint managing partner of Equest Managing Partners – a London-based group, which was formed five years ago and has offices in Sofia, Bucharest and Belgrade.

Depomed Inc., a specialty pharmaceutical company focusing on drug delivery, has announced on last Tuesday that it received a commitment for up to $30 million in common stock equity financing, from Azimuth Opportunity Ltd. Azimuth Opportunity Ltd. is a private equity firm, which is incorporated in the British Virgin Islands. The advisor of the BVI company is Acqua Capital Management.

The funds are said to be drawn on during the next 24 months, in registered common stock or in discounted sales. John W. Fara, chairman, president and chief executive officer of Depomed Inc., has said in his comments: ‘ The equity line provides us financial flexibility to raise capital if needed in order to maintain a strong balance sheet … This financial commitment is an important resource as we develop a strong pipeline of products’.

As it is said by the company, net proceeds from any sales to the BVI company will be used for clinical trials, research and development, marketing, general and administrative expenses.

On 29 November the Government of the Tyumen region, Russia, has made an announcement on considering and confirming reserves for seven new oil deposits discovered in the south of the region. Five of these new deposits, totaling about 32 million tonnes, were discovered at the licence sites belonging to TNK-BP  Group, one of the largest oil and gas industry companies operating globally and based in the British Virgin Islands. The company has recently signed co-operation agreement with Russian Federal Agency.

Aggregate oil resources in the south of Tyumen now exceed 1 billion tonnes; the 1 billionth tonne of crude oil in the region was discovered by the subsidiary of TNK-BP, which is generally the major investor in Tyumen’s oil and gas industry.

Robert Dudley, the President and CEO of TNK-BP Group, has commented: “It is pleasing to have tangible exploration success … for our company these discoveries will help our ongoing transition from being a predominantly brown field producer”.

The state committee approved calculations of oil in place for two other deposits in the south Tyumen region, which enables TNK-BP to start their development.

TNK-BP was announced the winner in the “Fuel and Energy Complex” nomination during the official Awards Ceremony for the “Company of the Year 2006” National Prize in the field of business, which took place on 28 November 2006. ”Victory in the “Company of the Year” awards is evidence of the high assessment of the quality of our work in such a technological and resource-rich sector as the fuel and energy complex,’  stated TNK-BP Vice-President Vladimir Ruga.

East Coast Energy Corporation Limited, a company domiciled in the British Virgin Islands and focusing on exploration and production of natural gas in Tanzania, and the sale of additional gas to the East Africa markets, has announced the financial results for the third quarter of 2006. The financial report to 30 September 2006 was released in the end of November, some weeks after the company announcing the nomination of two new directors and the plans to change its name.

Financial highlights for the third quarter of the year include following figures:
Total revenue – US$3,835 (compared to the previous quarter the increase made 20%),
Profit before tax – US$1,309 (the increase made 21%),
Working capital – US$3,298 (the increase of 35%),
Net cash flow from operating activities – US$2,513 (211%).

In this period the company commenced the installation of a new pressure reduction station and pipeline connections to the emergency power plants. The company also signed a short term agreement in the beginning of November 2006 for the supply of gas to the Aggreko units.

East Coast is working to increase natural gas deliverability from the Songo Songo field in Tanzania. Peter R. Clutterbuck, the President and CEO of East Coast Energy, has stated in his message that the Company’s initial exploration focus is in Tanzania, and East Coast long-term presence and established reputation as the operator of the Songo Songo gas field and processing plant provides a strong base for company negotiations and joint venture projects with other Tanzania license holders. He added that over the longer term East Coast plans to to expand its reserve base through the identification of additional new opportunities, mainly in Africa.

To fund the expanded scope of work, East Coast has announced its intention to raise approximately Cdn$21,5 million through a rights issue. The offering documents were submitted to the company shareholders on 14 November 2006. The funds received will primarily be used to develop the Company’s existing gas assets in Tanzania and to pursue new options for growth.

Open source software company CIGNEX Technologies, having operations in India, has announced on last Monday the closing of a round of funding with Apar Investments Inc. and Basil International Investments Ltd., both based in the British Virgin Islands, and Honorex Investments Holdings Ltd., a company based in Mauritius.

CIGNEX Technogies said it will use the proceeds to fund expansion of services, sales and marketing activities. The company has become the leader in the rapidly growing open source ECM space, and it will use the proceeds to fund continued growth into the market. With more than 60 successful customer engagements and a broad solution portfolio, the company is expanding both the breadth and depth of services available to businesses and government agencies.

Kushal Desai, Director of BVI registered Apar Investments Inc., has commented: “CIGNEX’s combination of technical knowledge and integration expertise puts them in an excellent position to capitalize on the emerging open source application market… their track record of successful customer engagements and industry thought leadership speaks for itself, and we’re very pleased to participate in their continued growth and success.”

Rajeev Srivastava, Director of BVI-based Basil International Investments Ltd., has said: “From operating systems and servers through applications, open source is rapidly gaining acceptance as the gold standard. CIGNEX has been a leader in this space since the beginning, and understands how to leverage open source technology to build world-class solutions… with our investment, we intend to help CIGNEX extend their solution set and market leadership position.”

CIGNEX was founded in 2000 and has its headquarters in Santa Clara. It is the leading provider of open source Enterprise Content Management solutions for businesses and government agencies. By combining a range of consulting, development, training, support and ongoing maintenance services, CIGNEX offers multiple solutions that can be quickly optimized for each customer’s requirements.

CIC Energy Corp., domiciled in the British Virgin Islands, has provided an update on the Mmamabula Energy Project in Southern Africa. Last report on the Project was published by the CIC Energy in the mid of October, and informed about company choosing the development partner for the Mmamabula Energy Project Power Station. The release from October 16 informed on a binding heads of agreement with International Power plc, one of the world’s leading power generators, regarding the development of a first phase power station at Mmamabula.

Current update includes information on Power Station sizing, an understanding in Principle with International Power plc regarding the development of the Mmamabula coal mine, the appointment of a Mining Team, and selection of Contract Miner.

BVI Company’s previous intention was to develop a six unit power station of 600 megawatts per unit. Now CIC anticipates building a plant with larger total capacity, but in two equal phases, with each phase comprised of three units. All key agreements and contracts are currently being negotiated relate only to the Phase One power station. However, the potential off takers are interested in the porposed Phase Two expansion.

Concerning Mmamabula mine development, CIC Energy and International Power have reached an understanding, whereby IPR, through a new holding company, will acquire an indirect 50% interest in Meepong Resources (Pty) Limited, CIC’s Botswana subsidiary which holds the exploration licences for Mmamabula East and South. Certain agreements between CIC Energy and IPR with respect to both the coal mine and first power station are expected to be finalized within the next weeks.

The mine will be operated on a contract basis and managed by the Mining Team, having extensive experience in the building and operating of large underground coal mines utilizing continuous miners and other mining methods. The head of the Mining Team will be Mr. W. Marais; he will assume the position of CEO of a separate Operating and managing company, the common shares of which will be owned equally by CIC Energy and International Power. Other members of the Mining Team will be Mr. J.R. Nel, Dr. J.N. van der Merwe and Mr. C.H.B. van Eeden.

Mr. Gregory Kinross, President and CEO of the BVI company, stated in his comments: ‘ We are very happy to announce the developments relating to the mining operation … we believe the integration of the mine and Phase One power station should maximize value for CIC shareholders.

AfriOre Limited, a BVI company recently acquired by the UK-based Lonmin PLC, has recently reported the results for the P2 Unit from a further four drill holes at the Akanani Platinum Project. Previous independent mineral resource estimate for the Akanani Project, which is currently the main focus of AfriOre and is 74%-owned by the company, was reported in September. The results for holes support the continuity of wide and high-grade mineralization for the P2 of the Platreef within the Southern Priority Area at Akanani.

The analysis for these drill holes further indicates that an area of robust PGM mineralization exists in the SPA. These drill holes returned high nickel and copper values, consistent with the results from the previously reported intersections of the P2 Unit. The drill rigs are currently operating within the Central and Northern Exploration Areas of the Project. The objective of this work is to define a mineral resource over the northern 5.2 kilometres of the total of 9 kilometre strike length of the Platreef at Akanani.

Additional information with respect to Akanani Project of AfriOre Limited is contained in a technical report dated November 2, 2006.

WorldTel Bangladesh, a private telecommunications company whose major owner is BVI-based World Communications Investment, has told local newspaper The Financial Express that the expected launch of fixed telephony services in the country’s capital Dhaka is delayed.

The BVI-owned company has obtained a license to build, own and operate a 300,000-line telephone network in Dhaka. Earlier WorldTel informed about its plans to install about 300,000 fixed-line telephones in the national capital, with initial offering of 100,000 connections, the network for which is supplied mainly by Chinese vendor ZTE. The deadline for this first launch phase was set at November 2006, but now it is deferred. The reason for this is political turmoil in the country. Nayeem M. Chowdhury, CEO of WorldTel Bangladesh, said in his statement: “We have completed the construction of our network covering Dhaka… This technology is cost-effective and of good quality.”

According to TeleGeography’s GlobalComms database, WorldTel is the only private fixed line operator licensed in the capital of the country, and the first CDMA-based WiLL services were planned to be launched by October 2005. However, the company has since repeatedly deferred its launch, missing this deadline and the further deadlines in December 2005, March 2006 and June 2006.

Bangladesh, a nation of 144 million people, has about 1 million fixed-line phones, mostly provided by state-owned BTTB and other private operators.

Cemex, the world’s third-largest cement maker plans to sell up to $1.5 billion in fixed-to-floating rate perpetual callable securities, according to Fitch Ratings. As it was stated on Monday, this debt will be sold in two tranches, and issued by special purpose vehicles incorporated with limited liability in the British Virgin Islands. Their assets in the amount of $1.5 billion consist of perpetual dual currency notes issued by New Sunward Holding Financial Ventures (NSHFV), which will be purchased by the issuer or issuers with proceeds from the debentures. The debentures will be secured by a first priority security interest in the dual currency notes.

According to Fitch, the perpetuals will have no fixed maturity date and interest due on any payment date may be deferred by the issuer indefinitely. If the debt is not called, the perpetual notes are expected to have coupons of 3 percentage points over the three-month London interbank offered rate, and will be sold in the next week, according to a source familiar with the deal.

NSHFV is an indirect wholly owned special purpose subsidiary of Cemex, S.A.B. de C.V. (Cemex). NSHFV’s obligations under the dual currency notes will be unconditionally guaranteed on a joint and several basis by Cemex and its subsidiaries Cemex Mexico S.A. de C.V. (Cemex Mexico) and New Sunward Holding B.V. (New Sunward) (the guarantors).

Cemex is the third-largest cement producer in the world based on production capacity of approximately 97 million metric tons in more than 50 countries. During 2005, revenues and EBITDA reached US$15.3 billion and US$3.6 billion, respectively, and the largest contributors to cash flow were as follows: Mexico, 33%; the United States, 27%; and Spain, 11%. Approximately 85% of consolidated EBITDA was earned from investment-grade countries.