BVI Company News

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”).

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., 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.

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.

Diguang International Development Co., Ltd., which was recently certified as the major backlight supplier by Korean and Japanese consumer electronic makers, has announced on March 16 that its Board of Directors has approved to repurchase up to $5,000,000 of its common stock, over a period of 12 months.

Diguang considers that its stock is undervalued in the marketplace, and that the stock repurchase will be beneficial to Company’s shareholders.

A Nevada-based Diguang International, through its subsidiaries, is specializing in the research, development, production, sale and distribution of backlights and backlight technologies. The company’s manufacturing subsidiary is located in Shenzhen, China, and its sales and marketing subsidiary registered in the British Virgin Islands.

Some weeks ago we wrote about the two foreign companies, registered in the British Virgin Islands and in Singapore, which were planning oil and natural gas exploration in Myanmar’s western offshore areas.

Now, the new contracts continue to be signed despite condemnation of the ruling military regime by western countries, for its bad record of human rights and lack of democracy. As a result, in recent years the European Union and the United States have imposed economic sanctions on Myanmar. Also, the investments of the BVI-registered Rimbunan Petrogas Ltd. and the Singapore-based MRPLE and P Pte Ltd. with the state Myanmar Oil and Gas Enterprise (MOGE) were urged to be banned, by the initiative of activists from the human rights group Burma Campaign UK, based in London.

However, on Saturday it was announced that the BVI company Rimbunan Petrogas Ltd. and UNOG Pte Ltd, formed in Singapore, have signed another production-sharing contract for exploration, drilling and production of oil and gas in Block M-1 in the Mottama offshore area of southern Myanmar. Financial details of the contract did not become public.

BVI company Rimbunan Petrogas is run by Malaysian businessman Tan Sri Tiong Hiew King, who is listed in the latest issue of Forbes magazine as one of “The World’s Billionaires”. The same top executive also heads the Rimbunan Hijau Group, a major logging conglomerate, part of which is Rimbunan Petrogas.

Myanmar liberalised its investment code in the end of 1988, and attracted its largest foreign investments in the energy sector. By official data, on January the amount of foreign direct investment in Myanmar was $14.4 billion for 408 projects, of which 79 projects worth $2.94 billion were in the oil and gas sector.

On March 8, 2007, Equicap, Inc. announced having signed agreements for a share exchange transaction as well as united on a related private placement financing transaction of common stock to institutional investors with a British Virgin Islands-based corporation, the stockholders of Usunco Automotive Limited.

The transactions, each of which is contingent on the other, are expected to close in several days when several conditions to each transaction are met.

A BVI-incorporated Usunco is a developer and distributor of diesel engines and automotive parts from Chinese suppliers to customers in China, North America and other countries. The company has 100% of the equity interest of IBC Automotive Products, Inc., the North American arm of Usunco, and 75% of the equity interest of Zhejiang ZhongChai Machinery Co., Ltd., the Chinese arm of Usunco business.

The common stock on offer has not been and is not going to be registered under the Securities Act of 1933, and it may not be offered or sold in the USA absent registration or an applicable exemption from registration requirements.

CIC Energy Corp., a British Virgin Islands company engaged in the exploration and development in South Africa, has announced financial results for the year ended November 30, 2006. The reported losses for the period made $2,197,288 or $0.06 per share – an increase, as compared to a loss of $701,024 or $0.04 per share for the period  March 10, 2005 (incorporation date of Coal Investment Corp., predecessor of CIC) to November 30, 2005.

The reason for this financial year losses is the fact that in the past year CIC Energy Corp. has increased expenditure significantly, as a result of a full year of exploration activity in the Mmamabula Coalfields in South Africa, which is currently the main focus of the company. Last time CIC Energy released  information update on the Mmamabula Energy Project in the mid of December 2006.

The reported capitalized exploration costs for the period ended November 30, 2006 amount to $48,103,307, with exploration costs for the year totaling $44,367,198. Project development costs calitalized during the year amount to $3,131,931.

Previous announcement of CIC Energy concerned the acquisition of SAD-ELEC, - a leading consultancy group in the South African Energy sector, which has provided been providing advice to CIC Energy since August 2005. The settlement has become effective January 1, 2007.

Diguang International Development Co., Ltd., China leader in manufacturing of  CCFL and LED backlights for the LCD display industry, has announced on Tuesday February 20 that it was certified as the first backlight supplier in mainland China by the world’s largest Korean TFT-LCD producers. It was noted also that the top-level managers at the Korean company expressed the highest level of confidence in Diguang.

Diguang International was also recently certified by a Japanese consumer electronics maker, as its first backlight supplier in mainland China. Mr. Song Yi, Diguang’s Chief Executive Officer, has commented, “This global leader in consumer electronics acknowledges that we have emerged as a world-class supplier of backlights with an extraordinary value proposition. They were especially appreciative of our readiness to serve top-tier global customers and were impressed with our capabilities.”

Diguang is a Nevada corporation specializing in the research, development, production, sale and distribution of backlights and backlight technologies, with its manufacturing subsidiary located in Shenzhen, China, and its sales and marketing subsidiary based in the British Virgin Islands. Currently Diguang develops approximately 50 new products per month.

Concept Ventures Corporation has made and announcement on February 16, 2007, concerning the closing of a share exchange transaction with the shareholders of Ritar International Group Limited, a corporation registered in the British Virgin Islands, and a related private placement financing transaction.

In the share exchange transaction, Ritar’s stockholders were issued 11,694,663 common stock shares of Concept Venture, in exchange for 100% of the issued and outstanding shares of Ritar. Before the closing of the private placement, the common stock shares received by the stockholders of the BVI company represent 88.4% of the total issued and outstanding common stock of Concept Ventures.

In conjunction with the exchange transaction, Concept Ventures closed a private placement of its common stock, in which it will issue up to 5,724,292 shares of its common stock in exchange for anticipated gross offering proceeds of $12.25 million.

On February 16, 2007 the new Chief Executive Officer of Concept Ventures transferred 864,486 shares of Concept Ventures common stock to the same investors, in exchange for $1,850,000. The proceeds from the sale of these shares of common stock were used to repay an outstanding loan that Ritar made to Mr. Hu in September 2006.

As a result of the exchange transaction, the BVI company has become a wholly-owned subsidiary of Concept Ventures. The senior executive officers of Ritar were elected as executive officers of Concept Ventures, upon the resignation of the company’s executives.

Ritar International Group is engaged in design, developing, manufacturing and selling environmentally friendly lead-acid batteries, applications and capacities. The company has strong presence in the light electric vehicle segment in China.

For the nine months ended September 30, 2006, Ritar reported consolidated revenues of approximately $28.09 million,  and consolidated net income of approximately $3.20 million. The company expects to achieve revenues of $61.9 million for the fiscal year ending December 2007, and $92.1 million for the fiscal year ending December, 2008.