Archive for November, 2009

Talon Metals Corp. extends its positions in exploration project in Brazil

Thursday, November 26th, 2009

Talon Metals Corporation has provided an update on the Sergipe Potash Project in Brazil, which was purchased by the BVI company in May 2009 through the acquisition of the full interest in its Brazilian subsidiary Bancor Mineracao Ltd. Since July 2009, when Talon Metals provided the project update, it has extended its landholding position and identified a large drilling and geophysical data base for it. Upon the extension, the area of the Sergipe Potash Project now comprises ten onshore and two offshore prospects, in which the BVI company holds exploration licenses for 57,501 hectares.

This is a 172% increase over company’s original land position reported in July 2009, which also includes 14 exploration licenses which have been granted last week. Also, Talon Metals has submitted applications for further exploration licences over an area of 23,066 hectares and is conducting negotiations on the acquisition of interest in additional areas within the Sergipe Basin.

Phase I of project’s exploration program includes an initial compilation of drilling and geophysical data in order to identify and model main targets within the Sergipe basin. After more drilling and seismic data were identified and acquired, the number of oil wells now available to Talon within the basin has increased significantly from 86 to 262. The company announced that the processing and interpretation of the extended data base has prolonged the terms of Phase I and delayed the commencement of the proposed drilling program until February 2010.

By words of Mr. Stuart Comline, President and CEO of Talon, company’s current landholding represents approximately 12% of the onshore portion of Sergipe basin, which is currently the only potash producing region in Brazil. The new licenses increase the area held by the BVI company, and the expanded data base will enhance its exploration program.

FGX International revises contracts of the top executives

Friday, November 20th, 2009

FGX International Inc., which is fully owned by a British Virgin Islands-incorporated holding FGX International Holdings Ltd., has announced the signing of new contracts with its top executives. The revised contracts provide for severance payments to FGX CEO Alec Taylor in the amount equal to double of his combined base salary and annual bonus target, and to the other six top managers, in the amount equal to 1.5 of their combined base salaries and annual bonus targets.

The top executives will receive the severance payments if they are dismissed from office in the months before or after the acquisition of the company.

Also, in the new contracts with the executives there is no requirement that the severance payments will be cut off if they earn other income after their terminations.

FGX International is incorporated in Delaware. It sells non-prescription reading glasses and sunglasses. It whole owner, BVI company FGX International Holdings Ltd., is engaged in design and marketing of costume jewelry and nonprescription eyeglasses under well-known brands such as Foster Grant, Magnivision and PolarEyes.

CIC Energy comments changes at Eskom Holdings Ltd

Tuesday, November 17th, 2009

CIC Energy Corp., the British Virgin Islands company engaged in the exploration of two greenfield coal properties in the Mmamabula Coalfields in Southern Africa, has commented on recent developments at Eskom Holdings Limited, the largest electrical utility in South Africa to which the BVI company submitted an offer in conjunction with the negotiations on the power purchase agreement. CIC Energy considers that current uncertainties regarding the leadership situation at Eskom will directly impact the evaluation and approval process for the Mmamabula Energy Project.

By words of Greg Kinross, President of CIC Energy, the company has followed the recent stories in the press related to the leadership situation at Eskom, and they think it is important that stockholders of the Mmamabula Energy Project “consider these events in the context of the recently published Electricity Regulations on New Generation Capacity.” He added that “While the practical application of these Regulations is still being developed, the Company’s understanding of the Regulations is that Government, and not Eskom, is now the decision maker with respect to the Mmamabula Energy Project.”

CIC Energy is in the process of direct engagement with the stakeholders from the South African Government, in the context of which the BVI company has commenced discussions on evaluation and approval process for the Mmamabula Energy Project under the Electricity Regulations, which were published by the Department of Energy of South Africa in August 2009.

China Cablecom signed broadband development agreements with Hubei Unicom

Saturday, November 14th, 2009

On November 11, 2009, China Cablecom Holdings Ltd., the BVI-registered company operating cable networks and providing cable television services in the People’s Republic of China (PRC), announced a series of broadband development agreements between 7 of its joint venture subsidiaries and Hubei Unicom. The agreements with local subsidiary of China Unicom provide for BVI company’s broadband development network in the Hubei province.

China Cablecom is originally operating in highly populated Shandong province of PRC, but in 2009 the company acquired 55% interest in a cable network in Hubei province. The concluded agreements follow the strategic alliance framework agreement between Hubei Unicom and Hubei General Radio & Television Stations, the major shareholder of the Hubei SOE, which was signed in early October. Pursuant to the agreement, both companies will participate in developing broadband capabilities. The agreement provides for unlimited access to broadband bandwidth, the enhancement of network reliability, strong customer service platform and scalability of connection services within the Hubei regions.