Archive for January, 2007

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PartyGaming confirms the Purchase of Gambling Web Sites from BVI-based Empire Online Ltd.

Wednesday, January 10th, 2007

The largest London-listed online gaming company PartyGaming, based in Gibraltar, has confirmed in the end of December the purchase of gambling web sites from Empire Online Ltd. The BVI-based Empire Online, the owner of gaming brands such as Noble Poker, stated separately that it will receive about $38 million from the sale. The company spokesman has said that the discussions on sale of company’s gaming business and assets are to be continued. Empire has received an offer about a takeover from the poker operator in November 2005.

Before the companies became legal adversaries in a case that was later settled, PartyGaming was Empire’s main customer, incorporated in the British Virgin Islands. PartyGaming is the world’s biggest Internet poker company, which will fund the acquisitions by issuing 115.2 million new shares. It was stated by the company that the purchases probably will increase earnings next year.

Web gambling operators including PartyGaming have stopped taking bets from the US, after the country’s Senate passed the Internet Gambling Enforcement Act at the end of September, that made it criminal to process credit-card payments for the industry, and actually caused an online gambling crisis. This law actually separated companies, including PartyGaming and Empire, from their main revenue sources. Now PartyGaming, as well as other Internet gambling operators, is trying to compensate lost sales following the enactment of this legislation. US gamblers accounted for about 85% of sales in 2005 at PartyGaming and about 65% of Empire’s sales, when the company stopped accepting wagers from American gamblers.

The Empire purchase, which must be approved by the company’s shareholders, will add three casino Web sites as well as Noble Poker. PartyGaming expects the acquisition to contribute earnings before interest, taxes, depreciation and amortization of at least $6 million next year.

After selling its gambling business, the BVI company is planning to use its cash reserves to become an investment company.

Posted in BVI Company Investment Sales, BVI company investments, BVI IBC Business News | No Comments »

Partner Success Holdings (BVI) acquires OraLabs

Monday, January 8th, 2007

A British Virgin Islands-based Partner Success Holdings Ltd. acquired OraLabs Holding Corp., a Parker, Colo.-based maker of oral and lip care products in a reverse takeover.

In accordance to the stock exchange agreement, OraLabs has issued nearly 25.4 million shares of its common stock to Wo Hing Li, sole shareholder of Partner Success, in exchange for all of the outstanding shares of Partner Success. So, this BVI company has become a wholly owned subsidiary of OraLabs Holding Corp.

Under the terms of this transaction, OraLabs Inc. will go on operating as a private company. It will now be owned by Gary Schlatter, the president of OraLabs. OraLabs redeemed more than 3.6 million shares of the company’s common stock held by Mr. Schlatter in exchange for issuing all the shares of OraLabs Inc. held by OraLabs Holding Corp. According to a company release, OraLabs now has about 27 million shares of common stock issued and outstanding.

OraLabs has ceased all of the prior business operations of Partner Success as well as had adopted its business plan. As to the company name, it has been changed to China Precision Steel Inc. The company has started trading on the Nasdaq Capital Market under a new trading symbol CPSL.

Posted in BVI company investments, BVI Company Mergers & Acquisitions, BVI IBC Business News | No Comments »

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.”

Posted in BVI Companies Acquired & Sold, BVI Company & Subsidiary Financials, Uncategorized | No Comments »

CIC Energy acquires leading African energy consultancy group

Thursday, January 4th, 2007

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.”

Posted in BVI company investments, BVI Company Mergers & Acquisitions | No Comments »

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