BVI Company News

On April 18, the BVI company CIC Energy Corp. has announced the results of an updated independent mineral resource estimate for the Mmamabula Energy Project in Southern Africa. The previous estimate was published in the end of March 2007, and included information on Power Purchase Agreement negotiations and update of Project finance.

The global mineral resource estimate for the Project now totals about 2.3 billion tonnes – that is 77% increase in the region, from the previously reported 1.3 billion tonnes. In the current resource estimate, five coal-bearing zones are defined at Mmamabula East, and a single block at Mmamabula South.

In this release, the mineral resource estimate was prepared by Snowden Mining Industry Consultants – an international minerals consultancy group independent of CIC Energy.

Gregory Kinross, President and CEO of CIC, has commented “This represents a major increase in the mineral resource estimate for Mmamabula and is extremely encouraging in respect to the long life and potential multiple phases for the Project. Furthermore, ongoing exploration may lead to a further increase in the mineral resource for the Project”.

Qiao Xing Universal Telephone Inc., one of major manufacturers and developers of telecommunications products in China, announced on April 19 that its major subsidiary, Qiao Xing Mobile Communication Co., Ltd. has publicly filed with the U.S. Securities and Exchange Commission a registration statement on Form F-1, for a proposed initial public offering of ordinary shares on the New York Stock Exchange (“NYSE”). Qiao Xing Mobile Communication Co., Ltd., whose remaining 20% equity interest was acquired by Qiao Xing Universal Telephone Inc. in November 2006, is a company incorporated in the British Virgin Islands and owning a 93.4% equity interest in CEC Telecom, Co., Ltd.

The ordinary shares may not be sold and any offers to buy may not be accepted, because the registration statement on Form F-1 has not yet become effective. The proposed offering will consist of a primary offering by the Company and a secondary offering by the selling shareholders. The proposed price range per ordinary share will range from USD11.00 to USD 13.00.

CIC Energy Corporation has announced its financial results for the first quarter of 2007 ended February 28, 2007. The results for the fiscal year 2006 showed losses connected with significant increase of company’s expenditures. For the period ended February 28, 2007 the company also reported a loss in the amount of $1,023,738 or $0.02 per share.

This loss is attributable to non-capitalized exploration expenditures, administration and personnel costs, and the cost of a bought deal private placement. Capitalized exploration costs amount to $53,960,952, and exploration costs for the three month period total at $5,857,645.

The company Daka Designs has received a letter of intent from Galleria Resources, on a pre-conditional partial offer for 60% of the company. Galleria Resources is an investment holding company registered in the British Virgin Islands; company’s owner is Rafat Rizvi.

BVI company is offering to pay shareholders HK$0.15 cash for each share. If the partial offer is successful, Galleria Resources will become the largest shareholder of Daka Designs.

Trading of Daka Designs shares has been suspended since January last year, after the auditors discovered  accounting and financial irregularities. Galleria said it could help Daka to identify its business through network and contacts, so that the trading suspension could be lifted.

Daka is a shell company following the sale of its business, with a cash pile of under $3 million. Last week at a special general meeting company shareholders voted against the distribution of the cash.

A property developing company registered in the British Virgin Islands is purchasing Totteridge Library for more than £1.5 million.

The BVI-domiciled Bonshire Investments’ offer to buy the library was accepted at a meeting of Barnet Council’s cabinet resources committee.

Totteridge Library situated in Totteridge Lane was closed after the council claimed it would be too costly to provide disabled access at the site. After some kind of pressure from residents, Barnet’s top councillors decided to offer the site to tender, under the proviso that a library service would be reprovided.

According to the council, there were no worthwhile offers, and last July the library was put on the open market. There were more than 60 potential purchasers, and 31 bids were received, including offers to turn the former library into a medical centre. However, it was recommended by officers to sale the library to Bonshire Investments.

Last July this BVI company received planning permission to extend a listed building in Thornhill Square, Barnsbury. Company’s second address is in Monte Carlo.

The Totteridge Library was closed in April 2004. The replacement library service will not be provided. At the time the property was put up for sale, the council members asked for officers to investigate unexplored options and costs for a replacement library, at the time of putting the site up for sale, but at that moment there was no alternative.

Vimio PLC, a leading provider of live TV, media distribution solutions and content to mobile network operators, has made an announcement that it has entered into a joint venture with Nichols Limited, a company registered in the British Virgin Islands and owned by Ukrainian investors. The Ukrainian joint venture was established through a newly incorporated company Vimio Eastern Europe Limited (“VEE”), for starting operations in Ukraine.

Under the terms of the joint venture agreement, BVI-registered Nichols Ltd is to invest US$2 million in VEE, in order to establish an operations centre in the capital of Ukraine, in return for a 50% equity stake in VEE.

The new company received a software licence which enabled the company to exploit Vimio’s technology, in order to provide content to mobile network operators in the Ukraine market. The head office of the company will be located in Kiev.

VEE is going to enter into revenue sharing agreements with the TV Channels and mobile network operators in the region, for delivery over existing GSM networks. The company also intends to exploit the popular music market for music downloads, videos and live radio, by launching its Shopfront application which will enable users to search, purchase and download contents.

At the end of 2006, there were more than 50.5 million subscribers using mobile services in Ukraine. The two largest mobile network operators in the Ukraine have over 42 million subscribers.

The company Giddyup Holdings Inc., registered in the British Virgin Islands and staying behind the online gambling site PalmVegas.com as well as the recently created PalmVegas.com Island has announced that it would bar avatars which are based in the United States from its virtual casino. This was done to avoid breaking anti-gambling laws which were passed in the U.S. some time ago.

BVI company representatives said that this compliance was to ensure that worldwide casino operations cannot be accessed by U.S. Residents and by those getting access to casino operations from a computer located with the United States, in accordance with the Unlawful Internet Gambling Enforcement Act.

In the last months, U.S. law enforcement agencies have strengthened the measures against Web-based casinos that are located offshore, including the arrest of one executive during the connecting flight through the United States.

Andre Choquette, the director of operations of Giddyup, has commented by phone, “From what we’re hearing from our sources, (the FBI’s) looking around and is getting a bit more interested. There’s going to be a crackdown at some point” … “Our solicitors said, there’s just no way — you’re completely running outside of the (anti-gambling) act, because the currency can be freely traded.”

Choquette also said that the company has asked Linden Lab to find the way how to verify residents’ IP addresses, or at least to deteremine from which country the IP addresses are. However, now the company residents will have to ask gamblers about their country of residence. Of course, this measure is not completely reliable, but as it was said by Choquette, PalmVegas is making an effort to comply with the U.S. law.

Some months ago BVI-registered shipping logistics company UTi Worldwide Inc. sold 10,000 shares of its common stock, for $29.70 a piece. This week, company’s shares fell dramatically, - $6.06, or 20.2%, to $23.99 in afternoon trading on the Nasdaq Stock Market, - after the company announced its fourth-quarter earnings which missed the expectations of financial analysts.

UTi Worldwide, which provides its customers air and ocean freight forwarding and contract logistics, has reported on March 29 that profit for the three months ended January 31 more than doubled to $23.6 million, or 24 cents per share, and company’s revenue for this quarter grew 31% from the previous year. However, the analysts polled by First Call/ Thomson Financial had expected a profit of 26 cents per share, on revenue of $934.1 million. BVI company’s operating income in the fourth quarter rose to $32.8 million from $17.5 million in the previous year quarter.

It was noted by R.W. Baird & Co. analysts that top-line growth came in ahead of expectations, but elevated costs drove a “meaningful” earnings miss, which was largely related to personnel expenses. Thomas R. Wadewitz, an analyst at J.P. Morgan Securities, also pointed to costs related to the company’s growth initiatives.

UTi Worldwide said its staff costs jumped 20% - from $151.5 million during the same period of 2006 to $181.8 million. Total operating costs 26% - from $236.2 million to $298.4 million.

For the 12 months period ended January 31, 2007, BVI company’s net income increased to 107.9 million or $1.08 per share from $55.2 million or $0.56 per share in the previous year. Net revenues for the fiscal year rose 27%, from $966.4 last year to $1.22 billion. Gross revenue for the period increased to $3.56 billion, from $2.79 billion in 2006.

In the end of March BrazMin Corporation announced the appointment of Dr. Fiona Childe as the new President and CEO. The decision is effective from March 31, 2007. Previous President and CEO of BrazMin, Tony Ransom, who held this position since inception of the Company, has retired for personal reasons.

BVI-registered BrazMin Corporation has recently sold all of its interests in the Tocantinzihno gold project in Brazil, which had been its main focus of exploration and development, to Brazauro Resources Corporation. Currently Company’s portfolio of precious metal properties in Brazil includes the Agua Branca Gold Project and the São Jorge Project.

The new President and CEO of the Company, Dr. Fiona Childe, is an experienced exploration geologist, with more than 15 years experience in the minerals industry. She has conducted exploration and research on mineral deposits, especially on gold and base metal systems in Africa and America. Dr. Childe is also author or co-author of more than 20 articles related to geology and minerals.

Dr. Fiona Childe holds Inorganic Chemistry and Geology degrees from McGill University, and an Economic Geology degree from the University of British Columbia. She has been a Professional Geoscientist with the Association of Professional Geoscientists of Ontario since 2002.

Previously, Dr. Childe has been involved with several public and private development and exploration companies, including those with AfriOre Limited and Viceroy Exploration Limited. She will transition to her position with BrazMin from her previous post of Vice President with Tau Capital Corp.

Cyclicom Holdings, an International private holding company registered in the British Virgin Islands and having offices in London and an R&D centre in Israel, has announced the launch of a shopping service cubalaya.com.

Cubalaya shopping engine, owned and operated by the BVI company, will provide information on the optimal goods and prices, from a host of US based merchants. The US shoppers can use this site to find the necessary deals on the Web from thousands merchants in the US.

The site contains a comparison network, as an independent online comparison shopping and product information service aimed to assist shoppers by searching thousands of US merchants, in a wide range of categories, including computers, electronics, flowers, gifts, software, appliances, home and garden, office supplies, goods for children, and many more.