Archive for July, 2007

BVI-based UTi Worldwide CFO Sells Shares

Saturday, July 28th, 2007

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.

China Shoe Holdings, Inc. acquires of BVI-based Company

Tuesday, July 24th, 2007

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.

BVI-registered DTS BVI Limited participates in Spatializer Audio Laboratories’ sale of assets deal

Wednesday, July 18th, 2007

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.

BVI-based company files bankruptcy petition

Thursday, July 12th, 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.