BVI Company News

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.”

BVI-based CIC Energy Corp., has announced that it has agreed to acquire Southern African Development through Electricity Ltd. (SAD-ELEC), which is based in Johannesburg. SAD-ELEC is a leading consultancy group in the Southern African energy sector, functioning as strategic advisor in energy-related issues. SAD-ELEC has been providing advisory services to CIC Energy since August, 2005, with focus on legal, regulatory and utility issues, power market analysis, commercial arrangements, and transmission integration for the Mmamabula Energy Project Power Station, which is the main exploration and development object of CIC Energy.

A wholly-owned subsidiary of CIC Energy has agreed to purchase SAD-ELEC’s “Core Business”, the settlement effective January 1, 2007. This includes SAD-ELEC’s consulting, advisory and management business, along with the services of certain senior executives, including Tore Horvei, Mike Page, Stefan Regardh, Les Kugel and Cosmas Gutu.  They will manage key aspects of Mmamabula, in particular related to the planned implementation and operation phases. The Agreement includes such commercial terms as cash payment of R6.5 million (approximately CDN$1.07 million) and the issuance of 130,000 common shares and 100,000 common share purchase warrants of CIC Energy.

The President and CEO of CIC, Mr. Gregory Kinross, has stated in his comments, “We are delighted to have SAD-ELEC senior personnel making the transition from their former,
limited advisory role to their new role as senior members of the CIC team. The
SAD-ELEC executives are leaders in their field, and bring to the Company
in-depth knowledge and experience of the Global and Southern African
electricity and energy industries and regulatory environment, as well as
established relationships with key industry stakeholders in Southern Africa.
We believe that they will make a valuable contribution to the growth of CIC,
by enhancing the depth of management and professional expertise within the
Company.”

On December 18 Afriore Limited has reported that the South African Competition Commission has approved the proposed acquisition transaction between Lonmin Plc and AfriOre, which was announced in November. The deal was already supported by the board of directors and shareholders of BVI-registered AfriOre, representing 6.4% of AfriOre’s outstanding common shares.

An application for merger approval was made to the Commission in the end of November. The Commission (’SACC’) has approved the proposed transaction without any additional conditions. A Merger Clearance Certificate from the SACC has now been issued to Lonmin and the BVI company. The application and the approval were given in accordance with Chapter 3 of the South African Competition Act.

Mr. Warren Newfield, President and CEO of AfriOre, gave his comments by saying: ” We are very pleased to have received unconditional approval by the SACC in regard to the proposed transaction with Lonmin. We commend the SACC for their prompt and efficient handing of the application.”.

AfriOre Limited is a company domiciled in the British Virgin Islands and  focused on exploration of its 74%-owned Akanani Platinum Project, located in South Africa. The company has a successful history of exploration and advancement of projects in Africa.

Lonmin Plc is registered in the UK and listed on both the London and Johannesburg Stock Exchanges, capitalised at approximately US$9 billion. Lonmin is the third largest platinum producer in the world.