Archive for May, 2007

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Canadian company announced delay in filing annual financial statements because of its BVI subsidiary

Tuesday, May 15th, 2007

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.

Posted in BVI Company & Subsidiary Financials, BVI IBC Business News | No Comments »

Neoview Holdings reports on exclusive negotiations with BVI-registered JingWei International Investments

Saturday, May 12th, 2007

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.

Posted in BVI Company Mergers & Acquisitions | No Comments »

BVI company files a suit against Russia’s mobile operator MTS

Thursday, May 10th, 2007

On April 28, Nomihold Securities Inc., registered in the British Virgin Islands, filed a suit at the London arbitration court against Russia’s MTS. By the information provided by the Russian mobile operator, Nomihold Securities accuses MTS of failing to exercise a $170 million stock repurchase option. The court proceeding date to examine the case will be known in summer of this year.

In 2005, the BVI company sold 51% of the shares of Tarino Limited, which is the indirect owner of the Kyrgyz GSM operator Bitel, to MTS for $150 million. The deal was concluded by MTS through its Luxembourg-registered subsidiary, Mobile TeleSystems Finance S.A. Soon the Russian investment company, Reservspetsmet, said it had struck a deal to purchase Bitel and since that time MTS has had no operational control of the Kyrgyz operator.

In its suit against MTS, BVI-registered Nomihold Securities Inc. demands from MTS Finance S.A. to exercise the $170 million option for the repurchase of 49% of the shares of Tarino Limited, and compensate for the plaintiff’s losses and expenses.

In its turn, MTS considers that it must not exercise this option because it does not possess the shares acquired in 2005. The Russian company also intended to ask for the review of the option terms because it was set at the time the option deal was struck that Tarino Ltd. had operational control of Bitel, which is the Kyrgyz’s sole company operating on the GSM. However, in its official statement MTS said that it will pay the required amount, if the court makes such a judgement.

Posted in Disputes and Lawsuits | No Comments »

Balmoral Capital Holdings to sign a MOU with CTLG for buying and selling licenses in UK and Europe

Monday, May 7th, 2007

Compress Technologies, Inc. (CTLG), a Nevada based technology company, has announced that it has signed a Memorandum of Understanding (MOU) with Balmoral Capital Holdings Inc, a company registered in the British Virgin Islands and known as BCHI, to assist in selling licenses in UK and Central Europe.

Balmoral Capital Holding Companies is a company with significant transaction and industry expertise, offering full range of investment banking services including overseas IPO’s, PIPEs, M&A Advisory and Debt Capital markets in Europe and Asia. BCHI uses their main office in British Virgin Islands to raise all capital. Company’s holding ICOM was founded in 1990 and provides technology based solutions to businesses throughout the UK. Its main focus is supplying products and services that offer discounted prices without compromising quality of service that customers are expecting in the market.

The BVI-domiciled BCHI is the owner of the Icom group, which brings profits to the company already for 5 years. BCHI will authorize its holding in ICOM telecom to organize a subsidiary to buy and sell Joint Venture licenses with CTLG for consideration of cash and stock. BCHI will also try to distribute Compression licenses throughout Europe under a shared revenues arrangement, and organize a Kent UK company to co-venture licenses. The closing of the deal is to coincide with CTLG opening a European branch.

CTLG continues negotiations with several potential major companies interested in CTLG’s application technology for International and Domestic deployment.

Posted in BVI IBC Business News | No Comments »

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