Archive for August, 2007

CIC Energy raises $65 million to finance the Mmamabula Energy Project

Thursday, August 30th, 2007

The BVI-based CIC Energy Corporation has reported in the beginning of August about its plans to build a coal-fired power plant and adjacent mine in Botswana – the Mmamabula Energy project. It is estimated at $6.3 billion, and is planned to be the largest private sector infrastructure project in southern Africa.

The company has informed that it has an agreement to raise $65 million in new equity through private placements, which will be used to help financing the Mmamabula Energy Project, located in Botswana.

CIC CEO Greg Kinross has commented that the company is going to sign long-term power purchase agreements with South Africa’s largest electrical utility Eskom Holdings Ltd., and with Botswana Power Corp. He also said that he expects a positive result from the environmental impact review which is completed now.

CIC Energy is a 50% joint venture partner in the first phase of the Mmamabula Energy project with  International Power PLC, British company operating power plants.

China Organic Agriculture Inc. reports business growth due to the acquisition of BVI-based and China-based subsidiaries

Wednesday, August 29th, 2007

China Organic Agriculture, Inc. (CNOA), one of China’s leading agricultural and products companies, has announced its financial results for the 2nd quarter 2007, ended June 30, 2007. The reported growth of revenues made $2.3 million, the earnings made $675,000 – that is a 180% increase compared to the same period of 2006, and a revenue record generated during any second quarter in the Company’s history.

In March 2007, CNOA became the whole owner of two subsidiaries: the company owns directly China Organic Agriculture, Ltd. (COAL), incorporated in 2006 in the British Virgin Islands. In its turn, the BVI company owns Jilin Songyuan City ErMaPao Green Rice Ltd, which was  incorporated in China in 2002. Through its BVI and China subsidiaries, the Company is involved in the business of rice production and processing, and ErMaPao now is the main brand of the Company amd the most popular rice brand in the country, which has won several quality awards and holds the highest organic certification.

The increase of Company’s revenues after acquisition of the subsidiaries is seen by the record growth in the Q2 2007, which is cited to the increases in production capacity, production output and consumer brand awareness.

Company’s reported revenues for the six months ending June 30, 2007 were than $6.4 million – 60% more than in the same period of 2006. Earnings for this period were approximately $2.4 million, a 58% increase over the comparable period 2006.

CNOA has also recently released updated revenue and earnings guidance for calendar year 2007, where raised its previously announced forecast by an additional $2 million to approximately $18 million in revenues, which made a 100% increase over the comparable period of the previous year.

BVI-domiciled Newco Group acquired by the U.S. oil and gas corporation

Sunday, August 26th, 2007

The Nevada-incorporated JMG Exploration, Inc. has announced the acquisition of Newco Group, Ltd. – a holding company registered in the British Virgin Islands. This BVI company, in its turn, acquires the majority equity interest in Iris Computers Ltd., one of the leading IT product distributors in India.

JMG, which specializes in exploration of oil and natural gas in the United States and Canada,  is going to sign the definitive share exchange agreement with Newco and its shareholders within the next some days. The end of the share exchange is contingent upon receiving the approval of JMG shareholders. However, no assurance can be given that the share exchange between JMG and BVI-based Newco is completed.

The Board of Directors of JMG has approved providing a $3.0 million loan to Newco for the purpose of obtaining a majority equity interest in Iris Computers. The loan to Newco is expected to be made during the next 10 days. If the acquisition of the BVI company by JMG is not completed by the end of 2007, Newco is obligated to repay the loan by that date.

BVI-registered WangYou Media establishes partnership with G.D.H.

Friday, August 24th, 2007

G.D.H.K.K., a Japanese corporation working globally, has announced last week that its board of directors has approved capital and business partnership with WangYou Media Limited, which is incorporated in the British Virgin Islands.

G.D.H. is planning a strategic partnership with the BVI company, which will be supported by a capital partnership in which G.D.H. invests an amount of US$500,000 for animation distribution to PCs in China. G.D.H. will provide new Gonzo animation titles through WangYou Media’s Chinese online animation website 8850. com. – a rapidly growing online community promoting dedicated animation and manga content.

G.D.H. will provide new Gonzo animation titles through WangYou Media’s Chinese online animation streaming website 8850. com. The BVI-registered WangYou Media will operate the website by using the expertise of its affiliate company, based in Shanghai – Beijing Yangguang Wangshi Internet Technology Co. Ltd., which operates Wangyou.com, China’s major SNS website with more than 10,000,000 registered members.

WangYou Media is a company registered in the British Virgin Islands, but its headquarters is located in Shanghai. It is a leading youth-oriented Internet entertainment company in China, owning and operating two Internet properties – wangyou. com, one of China’s top social-netweorking site, and 8850. com.

The BVI company has been entrusted with “Business-Model Verification Program to Promote the Export of Japanese Animation to China”, as part of “Content Industry International Exchange Project in Asia 2007.” The project is promoted by Digital Content Association of Japan, a public service corporation designated by Media and Content Industry Division under Commerce and Information Policy Bureau of Japan’s Ministry of Economy, Trade and Industry.

WangYou Media will evaluate the new business model by collecting and analyzing data of user traffic, revenues, volume change in pirated content of Japanese animation.