BVI Company News

In accordance with a filing at Securities and Exchange Commission, the Chief Financial Officer of UTi Worldwide Inc. Lawrence R. Samuels, decided to sell 4,000 shares of common stock. UTi Worldwide is a British Virgin Islands-based freight logistics provider.

On July 6, Lawrence R. Samuels filed a Form 4 with the SEC, in which he reported that he sold the shares on July 3 for $27.07 apiece.

It should be noted that Form 4s are to be filed with the SEC by insiders in order to report transactions in their companies’ shares. As to open market purchases and sales, they are to be reported within 2 business days of the transaction.

On July 9, China Shoe Holdings, Inc. announced that it concluded acquisition of all of the outstanding stock of a British Virgin Islands-based company, Wholly Success Technology Group Limited.

This BVI company which is the owner of all of the outstanding shares of China-based Shanghai Kanghong Yunheng Enterprise Development Company Ltd.

Wholly Success Technology Group Limited is a corporation manufacturing casual shoes, women’s shoes and shoe components for the Japanese and Chinese markets. Its footwear was usually sold under brand names of its customers. However, recently it began to develop its own brands for retail sale in China.

According to the Agreement, the officers and directors of China Shoe Holdings, Inc. resigned and Gu Xianzhong and Kon Ki Lo were appointed to the Board of Directors and Gu Xianzhong was appointed as CEO and Angus Cheung Ming as CFO of the company.

The revenue of Wholly Success Technology Group (BVI) Limited for the period ended March 31, 2007 was $1,173,975 and its gross profit was $371,035. For the calendar year 2006, the revenue of Wholly Success Technology Group Limited was $4,465,755 and its gross profit was $995,001.

According to Spatializer Audio Laboratories Inc., dealing with development, licensing and marketing next-generation audio technologies for the consumer electronics, computing and mobile communication markets, on July 2, 2007, it and its wholly-owned subsidiary, California-based Desper Products Inc., consummated the sale of all of their assets pursuant to a certain Asset Purchase Agreement, dated September 18, 2006. This was the agreement signed with Delaware-registered DTS Inc. and British Virgin Islands-registered DTS BVI Limited, which is a wholly owned subsidiary of DTS Inc., for an aggregate cash purchase price of USD 1 000 000.

DTS Inc. and DTS BVI Limited have agreed to assume as well as pay, perform and discharge all liabilities, obligations and commitments under specified contracts, except for liabilities that might arise from any breach of a contract by Spatializer Audio Laboratories Inc. or by Desper Products Inc.

The rights and obligations of DTS Inc. and DTS BVI Limited have been assigned to an indirect subsidiary of DTS operating under the laws of Ireland, DTS Licensing Limited, under the Asset Purchase Agreement. The termination date of the Asset Purchase Agreement was extended by the parties from June 30, 2007 to July 2, 2007.

On June 29, 2007, MediCor Ltd. as well as 7 of its subsidiaries filed petitions for relief under Chapter 11 in the US Bankruptcy Court in Wilmington, Delaware. The 7 subsidiaries listed in the bankruptcy petition are also filing for protection from creditors.

This move pursues the intention of MediCor Ltd. to engage in an orderly sale of its businesses and assets through the Chapter 11 bankruptcy proceedings. It is not expected by the company that its shareholders will receive any distributions of their equity interests. The listed debt of MediCor is USD 121 million.

The filing subsidiaries of MediCor Ltd. are as follows: International Integrated Incorporated, International Integrated USA Inc, Medicor Development Company, Medicor Management Inc., Medicor Aesthetics, III Acquisition Corporation and Intellectual Property International Inc. One of the subsidiaries – International Integrated Inc. – is a British Virgin Islands-based company.

MegaStar Media Vietnam, a cinema company which was licensed in February 2005 as a joint venture between Envoy Media Partners Ltd., registered in the British Virgin Islands, and HCMC-based Phuong Nam Corporation, has inaugurated a new cineplex in the northern port city of Hai Phong.

The inauguration which occurred last weekend, was company’s second venue in Vietnam after initial opening in Hanoi. Company’s building projects were approved by the Vietnamese government in September 2006.

The new MegaStar Cineplex on Level 5 of TD Plaza on Le Hong Phong street is equipped with eight large multi-screen theaters using Dolby surround sound systems. Development of the theater cost MegaStar Media Joint Venture Company Vietnam and Phuong Nam Company US$4 million.

MegaStar Media is the second foreign-owned cinema operator in Vietnam after Good Fellas, which operates screens in Ho Chi Minh’s Diamond Plaza. Other planned projects of the joint venture include those in Saigon Plaza in Ho Chi Minh City and Saigon Co-op Bien Hoa supermarket in Dong Nai Province. MegaStar also plans to inaugurate some 10 MegaStar cinema and entertainment centers with about 100 screens in Vietnam’s major cities like Hanoi, HCMC, Da Nang and Hai Phong.

A leading Russian space company announced the launch of a U.S. telecommunications satellite DirecTV-10, on board a Russian Proton-M carrier rocket. This is a commercial telecommunications satellite designed and manufactured by Boeing Space and Intelligence Systems to provide consumers across continental United States, Hawaii and Alaska with local and national High Definition Television (HDTV). The satellite was delivered on June 6 to the Baikonur space center in Kazalhstan for launch preparations.

The launch services will be provided by International Launch Services, a U.S.-Russian joint venture having exclusive rights for worldwide commercial sales and mission management of satellite launches on Russia’s Proton carrier rockets. The joint venture partners are Space Transport Inc., a privately held corporation registered in the British Virgin Islands, and Khrunichev State Research and Production Space Center and RSC Energia of Moscow. The company has conducted a total of 46 commercial Proton launches since 1996, and has 15 scheduled launches through 2010.