BVI Company News

This month, Everbright Capital Corporation has announced that it has entered into an agreement with Best Gainful Profits Ltd. - a BVI-domiciled company, incorporated on March 16, 2007, - with the purpose to acquire all of the issued and outstanding securities of the company.

All of the BVI company’s assets are held through a wholly-owned subsidiary, China Nickel Mining Corp. - a company incorporated under the laws of the Philippines, and mineral property located in the Philippines.

Currently the Best Gainful Profits Ltd. has three shareholders, Universal Top International Ltd., a company incorporated in the British Virgin Islands, Pride Stand Investments Limited, also incorporated in the British Virgin Islands, and Falcon Peak Resources & Development Corp. Ltd., incorporated under the laws of the Philippines. Universal Top International Ltd. is a wholly-owned subsidiary of a BVI-registered Free Capital Group Limited.

Free Capital Group Limited is owned by eight individuals. The largest shareholder of the company owning 38% of the company is Hong Kong resident Mr. Yat Hoi Ning. Another BVI company, Pride Stand Investments Limited, is wholly owned by China resident Mr. Yong Lin Liang. Falcon Peak Resources & Development Corp. Ltd. is controlled by five individuals who reside in the Philippines.

Free Capital Group intends to acquire all of the outstanding shares of Best Gainful Profits Ltd. from its shareholders, pursuant to a share for share exchange. Currently it has 4,737,000 common shares issued and outstanding, and will issue an additional 26,843,000 common shares to acquire the BVI company.

Also, on April 23, 2007 Best Gainful Profits entered into a memorandum of agreement with Falcon Peak Resources & Development Corp., obtaining the right to acquire a 100% beneficial interest in the Laramie Project in consideration for certain deliveries and payments.

The company named Itacare Capital Investments Ltd. and incorporated in the British Virgin Islands reported today (Tuesday, 29 May) about its plans to float on London Stock Exchange AIM (Alternative Investment Market). The company announced its intention to issue common share of $0.01 each at $1.00 per share to raise up to $160 million. BVI Company’s shares dealing are expected to begin tomorrow (May 30). The announcement was made by the BVI company prior to admission.

The company’s nominated adviser and broker is Numis Securities. Investment strategy of Itacare is to provide strong capital growth through investing in high quality residential resort developments in Brazil and abroad. Itacare intends to invest actively in projects at an early development stage.

Company’s investment manager has completed preliminary due diligence and agreed outline terms relating to 11 investments on behalf of the company with capital committed within the next 3-9 months.

A new private equity property fund was launched some days ago by De Rosen Capital Management, to work in the market of exclusive homes for multi-millionaires. The new Global Waterfront Fund, domiciled in the British Virgin Islands, is looking to raise $100 million by investing and developing waterfront residential property in the premium Mediterranean and Caribbean locations.

The fund is going to create a stream of development projects to be sold on completion, and will seek to achieve absolute returns. The projects will include both the development of rural land and renovations of rebuilding existing properties.

The locations chosen for the launch of project are St. Barts, Harbour Island in the Bahamas, St. Tropez, Cap d’Antibes, Cap Ferrat, and similar resorts.

De Rosen, an international property developer, put together the fund with Mark Shadwick, director of several offshore hedge funds, and Olivier Dupraz, which is a former managing director at UBS, because there are more deals than capital available. This measure will presumably help  to attract capital for further development.

Currently the new BVI-based fund is seeking capital commitments by way of a share issue in both Euro and Dollar classes, with the minimum subscription is $500,000 or €500,000. The purpose of the fund is to return to investors in excess of 20% per year.

The Global Waterfront Fund is now marketing to institutional, family office and ultra high-net-worth investors.

NTT DoCoMo Inc. announced that it has signed an agreement with Gobi Fund II L.P., under which it will invest $10 million in the fund.

Gobi Fund II L.P. is a venture capital fund operated by the BVI company Gobi Partners Inc. - a company incorporated in 2002 and having offices in the British Virgin Islands, Beijing, Hong Kong and Shanghai. The BVI company and the Fund are operated by Thomas G. Tsao, Wai Kit Lau and Lawrence Tse.

The Gobi Fund will target venture companies in China working on the convergence of telecommunications, media and technology, within the IT and digital media sectors. The Fund will start investment activities already this month, and will operate for ten years. It is targeting a final close of $120 million.

DoCoMo said that its decision to enter into agreement with the Gobi Fund II was partially prompted by the successful performance of its investment in the Gobi Fund I in December 2003.

On May 15, Diguang International Development Co., Ltd., whose sales and marketing subsidiary is registered in the British Virgin Islands, announced financial results for the first quarter of the fiscal year 2007.

Diguang International reported net revenues of $6.8 million represented a decrease of $2.0 million, or 22.7% from $8.8 million in the quarter ended March 31, 2006. The decrease in net revenues was primarily due to continuing pricing pressure in the backlight industry and a shortage of raw materials. Gross profit for the Q1 2007 totaled $1.3 million, a 56.5% decline if compared to gross profit of about $3.1 million for the same period of the previous year.

Gross margins for the first quarter of 2007 were 19.8% - this is a 15.3% decrease compared to 35.1% for the same period of 2006. The decline of gross margins is due to industry-wide pricing pressure, which amounted to an average pricing decline totalling fully 24% on the Company’s existing products, an increase in labor costs and production overhead per unit.

For the first quarter ended March 31, 2007, the company posted a loss of $0.05 per share, while in the corresponding period of 2006 the company reported earnings per share of $0.10.

Total operating expenses (general and administrative, research and development and selling) for the first quarter of 2007 were $2.6 million, or 37.9% of net revenues, compared to $1.0 million, or 11.7% of net revenues, for the same quarter of the prior year.

First-quarter 2007 selling expenses totaled approximately $626,000, or approximately 9.3% of net revenues, a 181% increase compared to first-quarter 2006 selling expenses of approximately $223,000, or 2.5% of net revenues. This is the result of Company’s efforts to expand market share and promote new products such as backlights for monitors and television sets, driving increases in the Company’s sales staff headcount, higher sales incentives and higher advertising and trade show expenses.

Intra-Asia Entertainment Corporation announced on May 15 that it had entered into a share exchange agreement with the shareholders of Cabowise International Ltd., which is domiciled in the British Virgin Islands. By this share exchange, the company completed a $10 million private placement with certain accredited investors. Intra-Asia Entertainment, which has approximately 147.0 million shares outstanding, issued to the stockholders of Cabowise 81,311,179 shares of its common stock in exchange for all of the issued and outstanding capital stock of Cabowise.

In conjunction with the share exchange, an indirect wholly owned Chinese subsidiary of Intra-Asia Entertainment exercised an option assigned to it by Cabowise, to purchase an 85% interest in Beijing PKU Chinafront High Technology Co.

PKU is a total solutions provider of Geography Information Systems application software and services, based in Beijing, China, and providing its products and services to various industries and segments of the Transportation, Digital City, and Land & Resources departments of the Chinese government. The management team of Intra-Asia Entertainment is led by President and Chief Executive Officer Mr. Shudong Xia, the founder of PKU.

China Organic Agriculture, Inc. on 15 May, 2007 has announced the financial results for the first quarter of 2007. The Company has reported increased profit margins and revenue gains based on increased production capacity and growing customer base.

In the first quarter 2007, China Organic Agriculture generated $4.1 million in revenues - this is a 30% increase compared to the $3.1 million for the same period 2006.

The reported gross profit for Q1, 2007, was 43.9% compared to 42.54% for the three months ending March 31, 2006. Income from operations for the three months period 2007 was $1,719,083 or 41.8% of net Sales if compared to income from operations of $1,271,996 for the Q1 2006 or 40.0% of net Sales.
Net income was $1,720,495 or 41.79% of net Sales for the three months ending March 31, 2007, compared to $1,273,548 or 40.09% of net Sales for the three months ending March 31, 2006.

China Organic Agriculture, engaged in the business of rice production and processing, is incoporated in August 5, 2005 in the state of Florida, and has two wholly owned subsidiaries. The first subsidiary, China Organic Agriculture, Ltd. (COAL) was incorporated on August 10, 2006, under the laws of the British Virgin Islands, is the full owner of the second subsidiary, Jilin Songyuan City ErMaPao Green Rice Ltd., was established in 2002 in China.

On March 15, 2007 COAL, through a reverse merger, issued 27,448,776 shares of stock in consideration for all the outstanding shares of COAL.

In the end of March the BVI-registered company Nam Tai Electronics, Inc. reported its audited results for the year 2006; on April 30, 2007 the company announced its unaudited results for the first quarter of the year.

BVI company Nam Tai Electronics has reported that net sales in the Q1 2007 were $191.6 million, this is a 8.1% decrease if compared to $208.4 million in the first quarter of the last year. Operating income in the period ended March 31, 2007 was 42.7% down as compared to the same period of the last year - $7.2 million and $12.6 respectively. Net income in the first quarter 2007 was $8.4 million – a decrease of 32.6% as compared to $12.5 million in the first quarter of 2006.

Other figures remain positive, and company’s overall financial position is strong. Net cash provided by operating activities in the first quarter of 2007 was $6.7 million. The BVI company finished the quarter with $209.0 million cash, and fourth quarter dividends of $16.6 million paid to shareholders on January 1, 2007. However, it can be summarized that the first quarter of the year was difficult for Nam Tai Electronics.

The Canadian company Pearl River Holdings Limited reported on May 7, 2007 that it had been delayed in filing its Annual Audited Financial Statements for the year ended December 31, 2006. The reason for this was the lack of relevant information from the company’s wholly-owned subsidiary “Pearl River Plastics Limited”, a company incorporated in the British Virgin Islands under International Business Companies Act.

The BVI-registered subsidiary is required to be audited and consolidated in the Annual Financial Statements of its parent company, Pearl River Holdings. The consolidated financial statements of Pearl River Plastics should include its own accounts and the accounts of its wholly owned subsidiaries, Rodman Plastics Co. Ltd. and Rodman Enterprises Ltd., operating in Hong Kong, and the account of its jointly controlled entity Guangzhou Rodman Plastics Co. Ltd., operating in China.

According to the statement, the BVI company experienced this delay of the audited consolidated financial statements due to staff shortages at the audit firm in Hong Kong.

The required filing date under applicable Canadian Securities law is April 30, 2007. The company has applied to the Canadian securities regulators requesting that a Management Cease Trade Order be issued. Now the company is working with its auditors to complete the audit of its annual financial statements, and is planning to file them by May 30, 2007. Pursuant to the Policy, if the company’s annual financial statements and related annual filings are not filed by June 30, 2007, it can be given a cease trade order.

On May 3, the company Neoview Holdings Inc. made an announcement that it had extended a binding commitment in favor of BVI company JingWei International Investments Limited, to negotiate on potential acquisition or business combination. The company Neoview Holdings Inc. has been in the process of seeking a suitable candidate for these purposes.

JingWei is a holding company incorporated in 2001 under the laws of the British Virgin Islands. Through its operating subsidiary, Shenzhen JingWei Communications Co., Ltd., the company provides technology services in China, specializing in sofware and data mining.

JingWei was formed to provide software expertise to the rapidly growing telecom sector in the period of market transition from paging to cellular, and to capitalize on the vast database of consumer information obtained from former paging customers. The BVI-registered company operates under exclusive software licensing and revenue sharing agreements with regional affiliates of China Mobile and China Unicom, China’s leading wireless operators, and has software installations with some other Chinese telecom companies.