BVI Company News

Diguang International Development Co., Ltd., manufacturing company located in Shenzhen and having its sales and marketing subsidiary registered in BVI, made an announcement on June 5 that its newly developed LCD-TV LED backlight module received a Design Innovation Award. The award was granted by the conference committee of the China Optoelectronics and Display Exposition (also known as 2008 CODE). One of company’s subsidiaries, Shenzhen Diguang Electronics Co., Ltd., displayed this modules ranging in size from 1 to 42 formats at this trade show, which was held at the Shenzhen Convention and Expo Center in May 23-26, 2008.

Company’s CEO and President, Song Yi in his speech thanked the conference committee for granting this high-level recognition to their technology innovations in television backlights.

On May 28, 2008, Diguang International Development Co., Ltd. announced that its CEO and President, Song Yi, has issued a letter to shareholders, providing updates on company initiatives in Liquid Crystal Modules, new Strategic Business Units, and LED general lighting.

In the letter, Mr. Song Yi expressed company’s sympathy with victims of the massive Sichuan earthquake, and a combined management/employee/company disaster relief contribution. He pointed out that none of Diguang’s facilities were influenced or impaired by the catastrophe. Further on, he outlined the company’s achievements in the first quarter of 2008, including 139% net sales increase, compared to the first quarter of 2007, and formulated strategies to address the challenging environment of the LCD industry which has become highly competitive in the last few years.  Among the strategies outlined by Mr. Song there is creation of a consignment model with the company’s major OEM customers for liquid crystal modules.

Mr. Song also informed in the letter about the success of company’s restructuring into Strategic Business Units (SBUs), each with its own independent responsibility, to achieve more profits. He stated that, in the first quarter of 2008, “all three of operating regions were not only profitable, but better prepared to profitably grow their respective operations”.

He also said that one of the most exciting initiatives of the company resulted in a pilot program “to supply their LED general lighting technology to a 6,000 square meter area in Xiangfan, a city of 6.5 million people and the second largest city in Hubei Province’”. According to Mr. Song, Diguang will have an opportunity to bring its leadership in LED general lighting to many other municipalities and government departments.

Diguang International Development Co., Ltd. is an emerging Chinese leader in the manufacture and supply of CCFL and LED backlights for liquid crustal displays industry, located in Shenzhen and having its sales and marketing subsidiary registered in the British Virgin Islands.

Recently British Virgin Islands company Starbay Holdings Ltd. received an investment license to start up the Dai Beach Resort project in Phu Quoc district, more than US$1.6 billion worth. The license was issued by the Kien Giang People’s Committee at the international conference devoted to tourist real-estate investment opportunities.

The project that will be commenced by the BVI company will include hotels, rest-homes, golf course, villas, department stores and other services.  Construction site will be located on 540ha area of Dai beach, Ganh Dau commune in Phu Quoc.

Mr Martin H.Kaye, General Director of Starbay Holdings Ltd., informed that it took the company four years to receive the license. According to the plan, the project will be completed in five phases until 2020.

The Board of Investments approved grant of incentives to the 14-billion power plant project of Global Business Power Corp. in Toledo (Philippines), the company which is partially owned by George Ty’s Metrobank Group. Power plants will start commercial operations in December 2010, and the project will address the power crisis in the territory by 2010 brought on by rising demand and insufficient power supply.

Global Business Power Corp. is a joint venture between British Virgin Islands-registered ARETA Offshore Ventures Ltd., and Filipino investors. The BVI company owns 50%, 38% are owned by Global Business Holdings Corp., and the remaining 12% stake is owned by Metrobank’s First Metro Investment Corp. The main subsidiaries of Global Business Power are Toledo Power Co., Mirant (Philippines) Island Generation Corp., and Claredon Tower Holdings Inc.

Aurora Platinum Exploration, formerly Aurora Metals (BVI) Limited, announced on May 6, 2008 that it has transferred out of the jurisdiction of the BVI, and incorporated in British Columbia, Canada. Also, the company has changed its name to Aurora Platinum Exploration Inc. Both changes came into effect on May 5, being the requirements under the arrangement agreement with Nevoro Inc., pursuant to which Nevoro will acquire 100% of the common shares of Aurora. Holders of more than 50% of Aurora common shares have entered into voting agreements with Nevoro and will vote their common shares for the plan of arrangement, which is expected to complete until July 31, 2008.

Aurora Platinum Exploration (formerly BVI company) is focused on mineral exploration and development of its properties in Montana. In the mid of April, it announced Settlement Agreement with Trend Mining Company, having obtained the termination of the joint venture agreement and release of all the claims of interest to its property.

Africo Resources Ltd., a Canadian TSX-listed mineral company focused on developing, acquisition and exploration of metal and gold assets in Africa, announced that it  has entered into a Subscription Agreement for a private placement of CAD$100 million at a price of $2.50 per unit with Camrose Resources Limited, incorporated in the British Virgin Islands. The main shareholder of this BVI company is a trust for the benefit of family members of Dan Gertler.

By the terms of agreement, each unit will consist of a common share and one half of a share purchase warrant, and each whole warrant will entitle Camrose to acquire an additional common share at a price of $3.50 per share for an eighteen month period following closing.

There is number of conditions that should be satisfied for the completion of the private placement – including termination of Africo’s Shareholders Rights Plan Agreement, regulatory approval and the approval of Canadian company’s shareholders.

After the placement is completed, BVI-incorporated Camrose Resources will own approximately 60% of the outstanding share capital of Africo. It will also have majority representation on the Board of Africo, and the right to participate in future financings in order to maintain its percentage equity ownership.

Along with execution of the Subscription Agreement, Camrose Resources (BVI) has loaned Cdn $2 million to Africo. This loan will mature at  the completion of the Subscription Agreement or the termination of the Subscription Agreement, or on August 31, 2008. Also, the BVI company has entered into an agreement to acquire the outstanding shares of Akam Mining Sprl, Africo’s subsidiary which holds, indirectly through Swanmines Sprl, the Kalukundi property. Camrose and Africo have entered into an agreement pursuant to which Akam will unequivocally confirm ownership of 75% of the outstanding shares of Swanmines. Africo is advised that Camrose anticipates completing the transactions with Akam shortly; the completion of the private placement and the Akam Agreement will result in Camrose owning approximately 63% of the outstanding share capital of Africo.

Additionally, Africo has agreed to acquire a 75% interest in the Mashitu property, which consists of an exploration permit for copper, cobalt, gold and nickel, and covers approximately 34.82 square kilometres, from the BVI company’s affiliate. The purchase price will be based on a valuation to be prepared by an independent expert agreed to by the parties, and will be paid in common shares of Africo at a price per share of $2.50.

On April 15, 2008 British Virgin Islands company Aurora Metals Limited announced Settlement Agreement with Trend Mining Company. The Agreement concerned the lawsuit filed in the Montana 22nd Division District Court, and the Joint Venture Agreement between the BVI company and Trend Mining concerning its properties in Montana. Aurora Metals filed the lawsuit to obtain judicial confirmation on the termination of the Joint Venture Agreement, and to quiet title to the properties in Aurora Metals.

Pursuant to the terms of the Agreement, Trend Mining has agreed on the termination of the Joint Venture Agreement with BVI-registered Aurora Metals, and released all its claims of interest to the property of the company. The pending litigation on the Joint Venture Agreement and the properties will be dismissed and fully and finally settled.

Aurora Metals – a mineral exploration company whose main focus now is the exploration and development of its Montana properties.

Diguang International Development Co., Ltd., China leader in the manufacture and supply of CCFL and LED backlights for liquid crystal displays, has made an announcement on April 2 that the Mobile Phone Strategic Business Unit at its newly acquired Dongguan facility has achieved estimated manufacturing capacity of one million backlight units per month. By the end of the second quarter of 2008, the company is expected to manufacture two million backlight units per month.

Song Yi, Diguang’s Chairman and CEO, has said that company’s “2008 strategic growth plan calls for expanded manufacturing capacity in all product categories … Direct ownership of the acquired facilities at Dongguan Diguang Science and Technology increases our flexibility in production scheduling.”

Also, two days before this the Nevada-based Digunang, located in Shenzhen and having its sales and marketing subsidiary registered in the British Virgin Islands, announced the postponement of the fourth quarter and fiscal year 2007 conference call that is originally scheduled for March 31, 2008. The company filed for time extension to file its Form 10K for the fiscal year ended December 31, 2007.

Last week, oil and natural gas company Transmeridian Exploration Inc. announced that its board of directors has made some arrangements to complete the proposed acquisition of the company by its BVI-registered subsidiary Trans Meridian International, Inc. (TMI).

Some months ago, Transmeridian Exploration Inc. entered into a definitive merger agreement with TMI pursuant to which the BVI company will make a tender offer of $3 per share, to purchase all of company’s outstanding shares of common stock. One of the milestones towards the completion of the proposed financing arrangements relates to detailed information that was required to be provided by Transmeridian Exploration Inc. until March 21, 2008. In connection to this, Transmeridian’s directors board informed its BVI-registered subsidiary that, if it is not satisfied with such information, or if the financing condition contained in the definitive merger agreement between the company and TMI has not been satisified by March 31, 2008, the company will terminate the definitive merger agreement.

Transmeridian is continuing discussions on the potential acquisition of the company with another interested party, but if it does not enter into agreement with another company, its stockholders may receive less than the $3.00 per share contained in the current agreement with TMI.

The Anglo-Russian developer of mineral resources AM Aricom Plc announced that it has purchased options to buy two further licences that will expand significantly the existing Aricom projects K&S and Garinskoye - the Garinskoye Flanks license and the Kostenginskoye license. Aricom’s unit has already made two cash payments of US$22.5 mln for granting the options.

The Garinskoye Flanks license is owned by a Cypriot company Guiner Enterprises Ltd, which is owned by two British Virgin Islands companies – Myrtle Corp. Ltd and Ardoryna Commercial Ltd. The shareholders of Guiner Enterprises have conditionally agreed to sell their shares in Cypriot company to Aricom.  Aricom’s wholly owned subsidiary Aricom UK Ltd. has signed option agreements to acquire the indirect holders of the two licenses. Both assets are US$80 mln, comprising US$40 mln for each asset.

The Garinskoye Flanks deposit covers an area of 3,530 km surrounding Aricom’s currently owned Garinskoye license, and is estimated to contain nearly 1 billion tonnes of reserves and resources. The area of the Kostenginskoye iron ore deposit is about 24 km.