Archive for March, 2007

Nam Tai Electronics files audited financial statement for the year 2006, and announces annual meeting of shareholders

Friday, March 30th, 2007

Nam Tai Electronics, Inc., a company registered in the British Virgin Islands, has announced on March 19, 2007 filing of its annual report 2006, which includes audited financial statements for the fiscal year ended December 31, 2006. The report was filed with the United States Securities and Exchange Commission.

The unaudited financial results for the year 2006 as well as for the fourth quarter of this year were published by the BVI company in February.

Nam Tai Electronics has posted its 2006 Annual Report on its website. The Company is also ready to deliver by request a paper copy of its 2006 Annual Report, including the complete audited financial statements, to any shareholder upon his request.

The Company has announced the date of Annual Meeting of Shareholders – June 8, 2007, at the Peninsula New York. The record date for voting is reported as April 25, 2007.

BVI registered Nam Tai Electronics, Inc. is providing electronics manufacturing and design services to a select group of the world’s leading OEMs of telecommunications and consumer electronic products. Nam Tai has two Hong Kong listed subsidiaries, Nam Tai Electronic & Electrical Products Limited (“NTEEP”) and J.I.C. Technology Company Limited (“JIC”).

CIC Energy Corporation provides an update for Mmamabula Energy Project

Tuesday, March 27th, 2007

BVI-registered CIC Energy Corporation, working in the areas of exploration and development in South Africa, has provided an update on South Africa’s Mmamabula Energy Project. Previous project update was provided by the BVI company in December, 2006. Current update includes Power Purchase Agreement negotiations, Commencement of formal discussions with Engineering, Project finance update, and other items.

As regards Power Purchase Agreement, it is expected that the electrical output from Mmamabula will be sold under approximately 40 year PPAs with Eskom Holdings Limited and Botswana Power Corporation, the national electrical utilities of South Africa and Botswana.

Starting discussions on engineering, procurement and construction, CIC Energy has chosen a select group of multi-national EPC contractors, with experience in the design and manufacturing of major coal-fired power stations in different countries. The BVI-registered company has estimated the total costs of the development and construction of Phase One in the Mmamabula Energy Project to be the equivalent of approximately US$5.5 billion, plus US$0.3 billion for the construction of related mine infrastructure. About 20% of this amount is expected to be contributed by the equity investors, and the remaining 80% will be provided in the form of limited recourse project debt.

CIC Energy, together with its planned development partner International Power plc, has also initiated discussions with South African and international lenders and leading Export Credit Agencies, with significant interest being shown in the Project. This engagement includes potential debt financing, structured to optimize the overall economics of the Project.

Other issues covered by the update include submission of the Mining Licence Application, Appointment of Executive Vice President, Project Finance, and exploration update. It is expected that an updated, independent mineral resource estimate for the Project will be received and published by the Company within the next three weeks.

China Clean Energy Inc. reports fiscal year 2006 results, after completing merger with BVI-based private corporation

Sunday, March 25th, 2007

China Clean Energy Inc., a leading producer of biodiesel fuel and environmentally friendly chemical products, has reported financial results for the fiscal year ended on December 31, 2006.

Some months ago, in order to participate in the rapid growth of the biodiesel industry in China, China Clean Energy Inc. (formerly Hurley Exploration Inc.) completed a reverse merger with China Clean Energy Resources, Ltd., which is a private corporation registered in the British Virgin Islands. After that, China Clean Energy was re-organized as a publicly-traded company, which also received access to the US capital markets, broadened its investor base, and supported its business growth.

The merger transaction was finished on October 24, 2006; as a result of it BVI-based China Clean Energy Resources, Ltd. and its operating subsidiary in China, Fujian Zhongde Technology Co., Ltd.,  became fully owned by China Clean Energy Inc.

The financial year 2006 results of China Clean Energy Inc. were influenced by the above merger. Fiscal year highlights are:
the reported revenues increased 34% during the year, and reached $13.5 million; gross profit increased 37% year over year, to $3.8 million; company’s operating income increased to $2.2 million – a 5% increase during the year; company’s net income was $1.3 million, or $0.07 per share – that is down 3.1% over 2005, as a result of expenses associated with the Company’s reverse merger transaction mentioned above. Revenues for the period of the year 2006, increased 34% if compared to the same period in 2005, and made $13.5 million.

The company also increased spending on auditing, legal services, investor relations and financial advisory services during this financial year.  Selling, general and administrative expenses were $941,225 in 2006, or 7% of revenue, compared to $662,812 in 2005. At December 31, 2006, the Company had $2.2 million in total cash and short-term investments, cash-flow from operations for the 12 months made $1.4 million, up from $1.3 million in 2005.

BVI company Acquires Tower Records trademark and Web site for $4.2M

Wednesday, March 21st, 2007

The company Caiman Holdings Inc., registered in the British Virgin Islands, has reported about buying the Tower Records trademark for $4.2 million. The sale includes the e-commerce business and a global trademark, registered in 37 countries.

Caiman Holdings Inc. bought the Tower Records trademark and web site by outbidding four competitors, and can operate the web site and open Tower Records stores in the US and some other countries. BVI company can increase the ability of consumers to download movies, music and entertainment from the Tower Records Web site.

The Tower Records brand was started in 1960 in Sacramento, and currently is one of the most recognizable brands in music retailing. It has licensed Tower stores in six countries. Japanese ownership of the Tower brand is owned by another company, which pays about $800,000 in royalties annually.

BVI company’s officials could not be reached to comment. The trademark sale should close at the end of next month. Tower is also set to auction the remaining assets, including warehouse equipment and the remaining music, from its former West Sacramento headquarters.