Archive for April, 2007

CIC Announces an Updated Resource Estimate for Mmamabula Energy Project

Monday, April 30th, 2007

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’s subsidiary domiciled in the BVI files for Initial Public Offering and Listing on NYSE

Friday, April 27th, 2007

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 Corp. to report fiscal results for the three months period

Wednesday, April 25th, 2007

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.

Daka Designs receives pre-conditional partial offer for 60% of BVI-registered company

Monday, April 23rd, 2007

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.