Archive for August, 2009

China Networks responds NYSE Amex Listing Requests

Saturday, August 8th, 2009

BVI-registered China Networks International Holdings Ltd., whose common stock, units and warrants are to be delisted from the NYSE Amex, reported that it was informed about this, as well as of the fact that the company’s listed securities were to be suspended from trading pending satisfaction of certain listing criteria, first of all the minimum public shareholder count.

The BVI company, which failed to meet initial listing requirements following the merger of Alyst Acquisition Corporation with China Networks Media, Ltd., is now in the process of augmenting its shareholder base and addressing other requests of the Exchange. China Networks expects its securities will become eligible for quotation in the Over-the-Counter market during the period of the appeal with the Exchange.

China Gengsheng Minerals, Inc. Wins a $3 Million Fracture Proppant Supply Contract with China’s Liaohe Oilfield

Monday, August 3rd, 2009

China Gengsheng Minerals, Inc., a materials technology company in China with products capable of withstanding high temperature, saving energy and boosting productivity in certain industries such as steel and oil, today announced that it has won a supply contract for fracture proppant products with Liaohe Oilfield, a subsidiary of China National Petroleum Corporation (CNPC). The total value of the contract is $3 million.

Pursuant to the contract, Gengsheng is to start shipping fracture proppants for Liaohe Oilfield’s Changqing Project in Inner Mongolia immediately. The duration of the contract is until December 30, 2009. Fracture proppants are light, bauxite-based, grain-like materials that have a round and smooth surface and a quality of resisting high pressure and acid corrosion. They are used by oil and gas drillers to extract pockets of oil and natural gas scattered underground.

Liaohe Oilfield is China’s third largest oil field, and it produced about 6% of China’s oil supply as of 2007, according to CNPC’s Website.