Archive for February, 2013

BVI company voluntarily delists from Nasdaq and deregisters from the SEC

Saturday, February 23rd, 2013

Renewable Energy Trade Board Corporation, a fast growing clean energy group in China based in Hong Kong and incorporated in the British Virgin Islands, providing solar energy products and solutions to the global market, and formerly known as China Technology Development Group Corporation (EBOD), announced that it intends to voluntarily delist its common stock from the Nasdaq Stock market and deregister the company as a reporting company with the Securities and Exchange Commission.

This decision is connected with the BVI company’s goal to reduce current expenses and avoid future expenses associated with the Nasdaq listing and compliance with SEC requirements, which include audit, legal and other administrative fees. The company’s Board of Directors authorized the delisting and deregistration of the company’s common stock after concluding that the consequences of remaining an SEC-reporting company, including the costs associated with regulatory compliance, outweigh the benefits of being listed on Nasdaq.

Following the delisting, trading of the company’s common stock is expected to be effective through privately negotiated transactions or on the Pink Sheets.

TechFaith signed agreement with Israel-based PrimeSense Ltd

Wednesday, February 13th, 2013

China TechFaith Wireless Technology Limited, the company incorporated in the BVI and headquartered in Beijing, China, announced that its game business unit 17FOX and PrimeSense Ltd., an Israel-based company specializing in 3D motion sensing technologies, had signed a cooperation agreement to jointly promote to Chinese market 3D motion sensing technology, delivery platforms and games.

17FOX will cooperate with PrimeSense on the development, marketing and merchandising of 3D motion sensing games and applications in China based on PrimeSense’s 3D motion sensing technologies, which allow playing games by videocamera captured body movements.

Meanwhile, BVI-based TechFaith announced that a new company brand and logo, “17FOX”, will be used for its game business and branded mobile phone business.

Mr. Defu Dong, Chairman and Chief Executive Officer of TechFaith, commented on the agreement, saying that “it will give TechFaith’s 17FOX gaming unit access to critical, proven 3D motion sensing technology, which will give gamers new, immersive feelings when playing games as they will no longer need to hold hardware in their hands to control games. Our activities related to PrimeSense will fall under our new brand and logo, ’17FOX’ for our game and mobile phone businesses. We developed this to be more recognizable with partners and consumers and to build equity through an easier to remember brand.”

PrimeSense is a privately held company, which is the leader in Natural Interaction® and 3D sensing, offering affordable solutions for consumer and commercial markets including home computing, interactive entertainment, consumer electronics, robotics, industrial, digital signage, healthcare and more.

The new brand of TechFaith, 17FOX (previously 17VEE), is serving for a leading intellectual property based motion gaming business ranging from Bluetooth-enabled motion gaming controllers and software to a planned proprietary set-top motion game box.

BVI company signed Joint Operating Agreements on offshore Namibia licenses

Wednesday, February 6th, 2013

British Virgin Islands-registered exploration company Eco Oil & Gas Ltd announced that, through its wholly-owned subsidiary, it has signed three Joint Operating Agreements with NAMCOR and Azimuth Ltd., with respect to the Guy, Sharon and Cooper license blocks located in the prospective Walvis Basin offshore Namibia.

NAMCOR is the National Petroleum Corporation of Namibia, solely owned by the Government of the Republic of Namibia. Main business of this entity is to ensure the optimum exploitation of Namibia’s petroleum resources and meaningful Namibian participation in resulting business developments in petroleum related exploration activities. Azimuth Limited is a specialist E&P company incorporated in Bermuda. The main shareholders of Azimuth Ltd. are Seacrest Capital Ltd, a Bermuda based energy investment group, and Petroleum Geo-Services ASA (PGS).

By words of Colin Kinley, CEO of the BVI company, “The Agreements signed by NAMCOR and Azimuth is an important event for the Company and will enhance the exploration efforts of our three offshore blocks. We support the maturity of the partnerships, and embrace the opportunity to work with experts at NAMCOR and Azimuth.”

Obeth Kandjoze, Managing Director of NAMCOR said: “We are very pleased to sign the Joint Operating Agreement with Eco Atlantic and Azimuth on the Sharon, Cooper and Guy licenses offshore Namibia. The partnership brings significant offshore oil and gas experience which will no doubt assist in the exploration and development of the licenses in the prospective Walvis Basin. This agreement also signifies the international support and interest in the development of Namibia’s oil and gas resources.”

Canadian exploration company signed investment agreement with EERL Holdings (BVI) Ltd.

Friday, February 1st, 2013

LNG Energy Ltd., the Canadian exploration and development company focused on developing oil and gas reserves in Papua New Guinea, Poland and Bulgaria, announced that its subsidiary Telemu No. 18 Limited entered into an investment agreement with EERL Holdings (BVI) Ltd., a British Virgin Islands company that is 50% owned by Enterprise Energy Ltd. and 50% by the Lenders. Under the terms of this agreement, the BVI-registered company contributed US$4,000,000 towards a 22km 2D seismic program and past cost reimbursement on Telemu’s PPL 319 in Papua New Guinea, for a 31.5% equity interest in LNG’s subsidiary.

LNG Energy, its subsidiary and BVI-registered EERL Holdings also entered into a shareholders’ agreement to govern the operations of Telemu.

The previously announced Credit Agreement between the LNG’s subsidiary Kaynes Capital S.a.r.l. and undisclosed third parties has been amended in conjunction with the transaction, to extend the maturity date from the first to the third anniversary, and to increase the contingency bonus payments from 3.125% to 6.25% and 9.375% to 18.75% for the US $1.25 million and US 3.75 million portions of the facility respectively.

On closing the transaction between its subsidiary and the BVI company, LNG holds a 68.5% interest in approximately 5.5 million acres and 100% interest in approximately 42,000 acres of prospective oil and gas properties in Papua New Guinea.