Archive for March, 2007

Diguang International authorized to repurchase up to $5,000,000 of its Common Stock

Monday, March 19th, 2007

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.

BVI and Singapore Companies sign another deal for Myanmar Oil Exploration

Thursday, March 15th, 2007

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.

BVI-based Usunco to be acquired by Equicap

Sunday, March 11th, 2007

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. reports Financial Results for the year ended November 30, 2006

Thursday, March 8th, 2007

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.