The richest man in Romania builds a stake in the property investment trust via BVI holding

The specialist property investment trust Fabian Romania accepted an all-cash offer for its entire share issue at a premium of 93.2% over the current price. The offer, which now remains at a large discount to the most recent company estimates on portfolio net asset value, was made by Dinu Patriciu, chief executive of Rompetrol and the richest man in Romania. Patriciu has built a 25.4% stake in the trust via a British Virgin Islands holding company. The trust is small and niche, extremely well-held by blue-chip investors; the offer values the current portfolio of completed and development property at €50.8 million (£47.49 million).

Director of Fabian Romania Mark Holdsworth said that after this deal their shareholders have the opportunity to realise their investment in Fabian Romania for cash at a substantial premium to the prevailing share price, at a time of considerable economic uncertainty.

Strategic Oil & Gas Ltd. acquires full stock of BVI-registered Gabon Kiarsseny

Canadian company Strategic Oil & Gas Ltd. announced that it has entered into an agreement with the purpose to acquire all the shares of a private company whose sole asset is a leased interest in an oil and gas exploration permit off-shore of Gabon. The deal has to be approved by TSX Venture Exchange.

On October 3, 2008, an agreement was signed between Strategic Oil & Gas Ltd. and Greenfields Petroleum International Company Ltd. and African Petroleum Development Limited, registered in the British Virgin Islands, pursuant to which Strategic Oil & Gas Ltd. will issue 25,000,000 common shares at a deemed price of $0.46 per share, in exchange for the full interest of a newly incorporated private British Virgin Islands company Gabon Kiarsseny Marin Ltd., owned by Greenfields Petroleum International Company Ltd.

BVI-registered African Petroleum will have a controlling interest in Strategic Oil, upon receipt of approximately 15,000,000 of the common shares which will be issued pursuant to this transaction.

The only asset of the BVI company Gabon Kiarsseny is a farm out agreement with Tullow Oil Gabon SA, in respect to a 33.25% interest in the farmout lands with Tullow, retaining already possessed 14.25% working interest. The assignment to Gabon Kiarsseny is subject to the approval of the Gabonese government, and subject to the right of the Gabonese government to acquire a 5% working interest in the project, which would reduce all of the working interest partners on a pro rata basis.

Strategic is a junior oil and gas company which has producing properties located in Northeast and Central Alberta. Currently Strategic has a domestic 4 well drill program planned for the next 6 months.

Euro Tech Holdings announces stock repurchase

BVI-registered Euro Tech Holdings Company Limited announced that its Board of Directors has approved a program to repurchase up to 300,000 shares of its issued and outstanding stock by the end of December, 2009.

The repurchase program will allow Euro Tech to buy the stock in the open market, or through negotiated or block transactions from time to time based on market and business conditions over the next 13 months.

T.C. Leung, Chairman and CEO of the BVI company, stated that the Board has a high degree of confidence in Euro Tech's future. He said the Board believes it is an appropriate investment of Euro Tech's excess cash, and that after the repurchase the company will have cash on hand for its day-to-day operations and planned projects.

HK-based Hutchison Group sells its stake in Kasapa Telecom to the BVI company

The HK-based Hutchison Telecom, which is the owner of Kasapa Telecom, has sold its interest in the company to the British Virgin Islands-based holding EGH International Limited, owned by Expresso Telecom Group in Dubai. Hutchison already indicated his intention to sell its shares to EGH Limited, when on January 7, 2008 it entered into an agreement with this BVI company. It is known that the cash price of the stake in Kasapa Telecom made HKD584 mln (USD75 million).

The sale has the form of the sale of Kuwata Limited, which holds the Hutchison's group indirect interests in the Ghana Business. In the annual report of the Hutchison group for the year 2007, it is said that with the conversion to a GSM business in Vietnam, reorganization of the group's operations in Thailand and the impending sale of the operations in Ghana it “has taken positive action to address the most pressing challenges facing the Hutchison Group”.

In 2008 Hutchison plans to invest HK$7 billion in the existing businesses, and seek opportunities to deploy $35 billion cash resources to expand the Group's footprint. The company currently has about 50% of its total assets in cash, and it plans to add 412,000 subscribers to its base in the last quarter taking it to 2,039,000.

The deal with the BVI company is part of a wider move by Hutchison to divest (sell) certain CDMA-based businesses, and concentrate fully on its subsidiaries that are globally operating GSM networks.

Alyst Acquisition Corp. purchases BVI-registered China Networks Media Ltd

In a press release published 2 months ago, a special purpose acquisition company Alyst Acquisition Corp. announced that on August 13, 2008 it signed an agreement and plan of merger to acquire all of the issued and outstanding shares of the British Virgin Islands-registered China Networks Media Ltd. As part of the transaction with the BVI company, Alyst Acquisition Corp. is planning to redomiciliate to the British Virgin Islands by merging with its wholly-owned subsidiary, China Networks International Holdings, Ltd., which is also based in the BVI. The redomiciliation must be done immediately prior to consummating the transaction with China Networks.

The BVI-registered China Networks Media owns and is acquiring broadcast television advertising rights in the People's Republic of China. In connection with the proposed merger with the BVI corporation, Alyst expects to file with the SEC a preliminary proxy statement and registration statement on Form S-4.

BVI corporation's subsidiary acquires Californian eyewear manufacturer

Nasdaq registered FGX International, a subsidiary of British Virgin Islands-registered holding company FGX International Holdings Ltd., announced the purchase of privately held California eyewear manufacturer Dioptics Medical Products Inc. The company was acquired for $35 million in cash, and 952,380 FGX stock shares. FGX expects to save money by combining supply purchase and distribution functions for the two companies.

FGX designs and sells sunglasses, reading glasses and costume jewelry, while the purchased Californian company sells eyewear products for a number of business sectors, including the medical, mass market, sports and professional areas. The BVI-controlled corporation, which was reorganized from Femic Inc., a Providence manufacturer of costume jewelry, received initial public offering last October and now has the steady financial ground. This year the company looks forward to net sales of more than $255 mln, about 6% increase from the previous year, and 15% increase from 2006. FGX sells nearly 70 mln pairs of eyewear annually, under various brands.

Alec Taylor, CEO of FGX, commented that the acquisition of the company will add the new product line complementing the existing product portfolio of the company, accelerating the strategic growth initiatives and strengthening the competitive positions. In a September interview, he also said that he and other FGX executives will look to buy eyewear brands that fit into company's general strategy of offering lower-priced eyewear sold through retailers.

Steve Crellin, who had previously served as executive vice president of sales at FGX, now will be the president of the purchased company.

Everbright signs final agreement to Gottschalks acquisition

Gottschalks Inc., the regional retail chain headquartered in California, on November 21 announced the sign of a definitive agreement for an investment in the amount of up to $30 mln made by the British Virgin Islands-registered corporation Everbright Development Overseas Ltd., providing financial and logistical services for manufacturers and merchants involved in trade between the United States and China.

The deal between the BVI company and Gottschalks, for which the letter of intent was signed in September, includes the transfer to Gottschalks of all of the issued and outstanding capital stock, trademarks, patents and licenses of Everbright Asia Limited, and provides that the Californian retail chain will set up a new wholesale business, from which it will get all profits.

The $30 mln investment by the BVI-registered Everbright is divided into a $15 mln acquisition of newly issued shares of Gottschalks common stock, and a capital call of up to $15 mln “in the form of a capital contribution or loan”, which Everbright may use to increase the retailer's credit facility, to purchase additional shares, and warrants for even more shares. According to the original letter of intent, Everbright had planned to buy $10 mln worth of the new stock, but in the final agreement this amount has been upped.

The additional business opportunities and enhancements under the terms of the definitive agreement will include direct sourcing program established by Gottschalks and Everbright, with a network of international manufacturers. Also, both companies will work together to establish consignment arrangements for specific merchandise categories to be sold in selected Gottschalks stores. Upon completion of the transaction with the BVI company, Gottschalks expects to test the consignment arrangement in select locations starting from the late spring 2009.

China-based Lihua International completes acquisition of BVI company and $15 million private financing

The Chinese company Lihua International, Inc. has announced the completion of a share exchange transaction with Magnify Wealth Enterprise Limited. Under the terms of this transaction Lihua issued 14,025,000 shares of its common stock to Magnify Wealth in exchange for 100% equity interests of Ally Profit Investments Limited - British Virgin islands company having two subsidiaries operating in the PRC.

One of these subsidiaries, Danyang Lihua Electron Co., Ltd., is the leading value-added manufacturer of bimetallic composite conductor wire, located in China. The company sells to distributors in the wire and cable industries and to manufacturers in the consumer electronics, white goods, automotive, utility, telecommunications and specialty cable industries. Another Chinese subsidiary is called Jiangsu Lihua Copper Industry Co., Ltd., will utilize refined copper to manufacture and sell low content oxygen copper cable and copper magnet wire to the existing customers of the first subsidiary, and is planning to begin operations prior to the end of 2008.

Prior to the share exchange, Lihua International was a public reporting shell company with no operations, formed to pursue a business combination through the acquisition of, or merger with, an operating business. Company's common stock is not currently trading, but the company is planning to apply for listing on a national securities exchange. As a result of the share exchange, Lihua International now conducts business in the PRC operating two subsidiaries.

Immediately after the share exchange, Lihua International consummated a private placement of 6,818,182 shares of series A convertible preferred stock and warrants to purchase up to an aggregate of 1,500,000 shares of common stock to accredited investors for gross proceeds of $15 million.

The BVI-registered Ally Profit together with its subsidiaries had consolidated net sales of approximately $24.8 million and consolidated net income of approximately $5.8 million for the six months ended June 30, 2008. For the year ended December 31, 2007, Ally Profit and its subsidiaries had consolidated net sales of approximately $32.7 million, and consolidated net income of approximately $7.7 million. Compared to the 12 months ended December 31, 2006, Ally Profit and its subsidiaries experienced revenue growth of 108% and net income growth of over 71%. If comparing the six month period ended June 30, 2007 to the same period of 2008, the BVI company and its subsidiaries experienced net income growth of over 72%.

Blandings Capital Limited acquires all of the issued and outstanding securities of BVI-registered APVC

TSX-listed capital pool company Blandings Capital Limited announced on October 22 that it had reached an agreement to acquire all the securities of APVC Holdings Pte Ltd., incorporated in the British Virgin Islands and engaged in producing bio-fuel feedstock and biodiesel in the People's Republic of China and other countries in Asian region. The biofuel feedstock derived from the Jatropha plants is not edible, and therefore does not affect the global supply of edible oils and food resources.

With respect to the proposed acquisition of securities, Blandings Capital and the BVI company have entered into a letter of intent on May 13, 2008. Pursuant to this document, the shareholders of the BVI-registered APVC will receive 25,000,000 common shares in the capital of Blandings, in exchange for all the issued and outstanding securities of APVC. The aggregate purchase price for the shares of the BVI company is $5,000,000 – based on the ascribed value for the Blanding's shares of $0.20 per share.

Upon completion of the acquisition, the total number of outstanding common shares of the BVI company will be approximately 47,250,000. About 26% of these shares will be held by the current holders of common shares in the capital of Blandings, about 53% - by the holders of APVC, and about 21% - by investors. So, the acquisition will constitute a “Reverse Take-Over” of Blandings under Exchange Policy 5.2.

Both companies will hold any required meetings of their respective shareholders as quickly as possible, in order to obtain approval for the acquisition, and currently anticipate holding these meetings prior to the end of 2008.

APVC was incorporated on 18 May 2006, its registered office is located in Palm Grove House, P.O. Box 438 Road Town, Tortola, BVI. The company carries on business, and has majority of its assets located in PRC and Singapore.

Chinese-controlled Evergreen Pulp purchased by the BVI company

The Chinese company Lee and Man Paper Manufacturing announced on October 15 that it has sold its two subsidiary companies that owned Evergreen Pulp, to the British Virgin Islands company Worthy Pick Group Limited. The companies will be sold for HK$200 million (about US$26 million) – the amount which is to be transferred in seven payments through March 2010.

According to Evergreen Pulp's CEO David Tsang, the purpose of the deal is to remove debt from Evergreen and get bank financing. Actually, the pulp mill announced a temporary closure to begin this week, and the company laid off 15% of its 215-strong workforce. The remaining employees will return back to work if and when the mill fires up again.

The mill has invested more than $40 million in improvements into the plant since purchasing it, and was profitable for most of the time it operated under Evergreen. But as the pulp market tanked, the mill began to accumulate debts. By words of Tsang, the only way for Evergreen to pay those bills was to be divested from the Chinese company which had difficulties with getting credit. This was done by passing the company under control of Worthy Pick Group Ltd., listed as incorporated in the BVI on January 10, 2008, and engaged in the paper manufacturing business.

OpenTV announces acquisition of Australian privately held company

OpenTV Corp., BVI company providing advanced television and advanced advertising services, announced that it has acquired the Australia-based private company Ruzz TV Pty Ltd, which provides software solutions for television broadcasters. Terms of the deal were not disclosed.

Ruzz TV was founded in 1999 by Robert Rutherford and currently has ten employees based in Sydney. Its key technology provides broadcasters with a platform that enables the optimization of broadcast play-out operations and allows for the rapid deployment of highly flexible solutions across a broad range of operational areas. Ruzz TV also manages the actual assembly and transmission of the stream of pictures and sounds that are broadcast to television viewers, and develops solutions supporting content management and delivery across wide range of platforms and formats.

CIM Investment Management Limited reports on its control over Stream Oil & Gas Ltd

On October 8, CIM Investment Management Limited has published report on the previously completed transactions, as a result of which it has received control over 18.3% of the outstanding common shares of Stream Oil & Gas Ltd., on a semi-diluted basis. CIM Investment controls the shares held by each of the investment funds – CIM Special Situations Fund Limited (CSSF) and Key Special Situations Fund Limited (KSSF) – both registered in the British Virgin Islands.

On August 16, 2007, CIM caused CSSF to purchase 4,456,000 shares and 2,228,000 warrants of L.G.R. Resources Ltd, and KSSF was caused to purchase 1,485,000 shares and 742,750 warrants of LGR. This combined holding represented a total of 16.2% of the outstanding shares of LGR on a non-diluted basis, and 22.5% of the outstanding shares of LGR on a semi-diluted basis. On April 4, LGR acquired by way of share exchange all the issued and outstanding shares of Stream Oil & Gas Limited, and then the first BVI fund (CSSF) held 3,769,762 shares and 1,884,881 warrants of Stream, and the second BVI fund (KSSF) held 1,256,504 shares and 628,315 warrants of Stream. As a result, the combined holding of both BVI investment funds represented 13% of the outstanding shares of Stream Oil & Gas Limited on a non-diluted basis, and 18.3% of the outstanding shares of Stream on a semi-diluted basis.

By October 8, 2008, the BVI entities controlled by CIM hold approximately 18.30% of the issued and outstanding shares of Stream, based on a total of 41,193,537 shares issued and outstanding. This calculation includes the shares that would be issued if all the warrants held by the BVI funds were exercised. The shares were acquired by the BVI funds for investment purposes.

CIM Investment Management Limited is UK-incorporated asset management company, which manages Funds on behalf of the CIM Dividend Income Fund Limited, Platinum Global Dividend Fund Limited, Perinvest Dividend Equity Fund Limited and the Bahraini Saudi Bank.

BVI subsidiary of China Finance, Inc. signs LOI to acquire majority interest in Wenxi Baiyu Magnesium Co., Ltd.

China Finance, Inc., Chinese financial services company providing financial support and services for growing class of China's small and medium enterprises, announced its intention to expand its business by including strategic direct investments and acquisitions of the equity of small and medium enterprises through its wholly-owned subsidiary, British Virgin Islands-registered Value Global International Limited.

CEO of China Finance, Inc., Ms. Ann Yu commented that the Chinese company anticipates the direct investments will allow it to continue to grow strategically, and will bring benefits to the company.

In consistence with this new strategy, the BVI-based subsidiary of China Finance has signed a non-binding letter of intent to acquire 80% of the current stock of the issued and outstanding shares of Wenxi Baiyu Magnesium Co., Ltd. The controlling interest will be purchased from Shanxi Baiyu Industrial Group for approximately US$11,420,000.

Wenxi Baiyu Magnesium is located in Yuncheng, Shanxi Province, which is the major magnesium production base in China; it was founded in April 2000 by Shanxi Baiyu Industrial Group. Currently WBM is the owner of one of the largest monomer magnesium spindle production lines in China. Wenxi currently anticipates annual sales in the amount of US$47,000,000 with US$7,500,000 in net profits for the fiscal year 2008.

Pacific Asia Petroleum acquires China interests from the BVI group

Pacific Asia Petroleum Inc., the U.S. corporation specially focused on developing a broad range of energy opportunities in China, informed about its plans to acquire interest in two producing areas onshore China from BVI-based Well Lead Group Ltd., for a total deal value of $9.8 million - $5 million in cash and $4.8 million in stock. Purchased stock includes 25% interest in Northeast Oil (China) Development Ltd.'s 95% interest in two oilfield blocks covering 34 square kilometers in the Heilongjiang province. Also, the US company has the option to acquire additional 14% interest, for a total $5.5 million at closing, and the total share of the company will reach 39%.

Frank Ingriselli, Pacific Asia president and chief executive, commented that this acquisition will allow Pacific Asia to expand on its onshore oil-production opportunities in China. Both the US and BVI companies are planning to drill production wells during the next few years to maximize commercial production from the China blocks.

Talon Metals Corp. (BVI) signs potential merger agreement with another BVI company

On September 25, BVI-registered mineral exploration company Talon Metals Corp. announced that it has entered into a binding agreement with Saber Energy Corp., - a private energy company, also incorporated in the British Virgin Islands, with extensive land holdings and an active exploration program in Botswana. Talon and Saber have agreed to negotiate a pre-merger agreement concerning the business combination of the companies, and additionally Talon has agreed to lend up to $6 million to Saber.

An initial $3 million loan has been advanced, and Talon will receive 1.5 million common share purchase warrants of Saber, at an exercise price determined in accordance with a specified formula, expiring three years after the date of issuance. The loan bears interest at 12% per annum until January 22, 2009, and 18% per annum thereafter.

Under the terms of the agreement, the common shares of both BVI companies will be exchanged for securities of the company resulting from the merger. The agreement between companies provides that when Saber completes the private placement of the BVI company, the Talon shareholders will receive one common share purchase warrant for each common share of Talon held by such shareholder. If the merger occurs, Talon warrants will be exchanged at the Talon Ratio for common share purchase warrants of the merged companies. As part of the merger, the outstanding options and warrants of Talon and Saber, as applicable, will be exchanged for options and warrants of the merged companies.

Mr. Stuart Comline, President and CEO of Talon Metals Corp. (BVI), said that the proposed merger with BVI incorporated Saber Energy Corporation would allow Talon to participate in a large, rapidly developing project, and BVI company's shareholders would benefit from the plans to further explore and develop its gas project, and then put it into production.

Qiao Xing Mobile Communication announces $20 million share repurchase program

The BVI company Qiao Xing Universal Telephone Inc., one of the leading mobile phone manufacturers and distributors in China, said that its mobile telephone unit will begin a $20 million buyback program. The company will fund repurchases made under the program from available working capital.

Wu Zhi Yang, vice chairman of Universal Telephone and chairman of the mobile unit, noted in his statement concerning the buyback that it “reflects our ongoing commitment to increase shareholder value and confidence that the current share price levels do not reflect our current potential value.”

It is normal practice for companies to repurchase shares in case when they feel their stock is undervalued. Repurchasing stock takes company's shares out of circulation, increases the value of existing shares and the profits measured per-share. In case with BVI-registered Qiao Xing, the stock is 70% down since the beginning of the year.

Encorium announces the termination of merger agreement with the BVI company

Encorium Group, Inc., a full service multinational clinical research organization making studies for world's leading pharmaceutical and biotechnology companies, announced that it has entered into an amendment to its letter of intent with Prologue Research International, Inc. Pursuant to the amendment, the company will acquire full stock of the oncology-focused clinical research company for approximately US$11.75 million, consisting of US$500,000.

Encorium also announced the termination of negotiations with Fine Success Investments, Ltd. - the British Virgin Islands company doing business as Linkcon. The non-binding letter of intent to merge Linkcon (BVI) and Encorium was signed in June 2008, and it was planned that the BVI company will add US$11 million in annual net revenue to Encorium. The reason for this is that in the course of negotiations between the companies the terms of the proposed merger changed materially to the detriment of the company and its shareholders, since the term sheet with respect to the business combination was executed on June 12, 2008.

As a result of the above circumstances, on September 3, 2008 the Board of Directors decided to terminate negotiations with Linkcon and position Encorium to follow its own growth strategy.

BVI-registered Qiao Xing announces Share Repurchase program

On September 2, 2008, BVI-registered company Qiao Xing Universal Telephone, Inc. (XING) repurchased US$25 mln of convertible notes from the investors - DKR SoundShore Oasis Holding Fund Ltd and CEDAR DKR Holding Fund Ltd. Upon the investors' request, the BVI company made available and wired USD$25 mln to them, within two weeks as of the Redemption Date. By words of Mr. Wu Ruilin, Chairman of XING, despite of the redemption the company still has sufficient cash to cover current operations.

Also, the board of directors of company's BVI-based subsidiary Qiao Xing Mobile Communication Co., Ltd. this week approved a share repurchase program. Under the terms of this program, Qiao Xing Mobile may repurchase up to an aggregate of US$20 mln worth of its issued and outstanding shares from time to time in open-market transactions on the NYSE Euronext. The BVI company expects to implement this program over the next 12 months.

Yucheng Technologies announced the formation of Elegon, a joint venture with 3i Infotech

Yucheng Technologies Limited, the company registered in the British Virgin Islands and engaged in providing IT services to the Chinese banking industry, announced in the end of August the formation of Elegon Infotech Limited, a joint venture with an Indian company 3i Infotech Limited, which will be the first significant Sino-Indian joint venture in the Chinese financial technology sector.

Elegon will focus on localizing financial technology software from 3i Infotech, including internationally renowned insurance, banking and securities software platforms, to meet the needs of China's diversified financial services sector.

Due to the high degree of complementarity with its existing solutions, Yucheng will be able to cross sell Elegon's products to its existing client base, and expand into new markets, such as insurance and securities sectors.

Elegon, Ltd. is owned 51% and 49% by 3i Infotech and Yucheng, respectively. Commenting on the development of the joint venture, Mr. Weidong Hong, CEO of Yucheng Technologies Ltd, said, “Our goal is to develop solutions that support the financial services sector in China. When 3i Infotech approached us about localizing and exclusively distributing their internationally recognized software in China, we knew this was an opportunity to diversify our service offering and expand into new client bases. We are pleased to be working with such a globally recognized partner."

BVI company Gek Seng raises its stake in education group Inti Universal Holdings

Gek Seng Assets Ltd, the company registered in the British Virgin Islands and headquartered in Malaysia, announced raise of its shareholding in education group Inti Universal Holdings BHD to 7.73%, or 15.92 mln shares. The BVI company had acquired an additional stake of 2.56%, or 5.4 mln shares in the open market of Bursa Malaysia on August 21.

The BVI company acquired more shares in Inti Universal Holdings just some days after Inti's major shareholder Inti Supreme Holdings Sdn Bhd completed the sale of its entire 51.19% equity interest, or 105.5 mln shares, to Future Perspective Sdn Bhd.

On August 20, Future Perspective had served a notice of unconditional takeover for the remaining shares in Inti Universal, at RM1.20 per share.

Final terms for acquisition of the BVI company Rainbow Trend Limited

Amicus Capital Corp. announced that it had agreed to amend the terms of its Qualifying Transaction with the BVI-domiciled Rainbow Trend Limited. The letter of intent concerning this transaction, which includes a proposed share consolidation of Amicus' common shares, was signed in May 2008. On August 14, 2008, Amicus signed share exchange agreement with the Rainbow, according to which it will acquire all of the outstanding shares of the BVI company.

Rainbow (BVI) holds a 55.6% equity interest in Sino-Canadian joint venture Beijing Polo Biotech Co. Ltd. Polo Biology Science Park Co. Ltd. holds the balance of the 44.4% equity interest in Polo JV, which develops and manufactures nutritional health supplements and personal care products in Asia, distributing them through a network of retail outlets, managed by licensed agents.

By the terms of the acquisition transaction, after the consolidation of Amicus' common shares, the Canadian company will acquire the full stock of the BVI-based Rainbow, which makes 50,000 shares currently issued and outstanding. For purposes of the acquisition, Rainbow was valued at US$18mln, and based on this evaluation each common share of Rainbow was valued at $360. In exchange for each issued Rainbow share, Amicus will issue 720 post-consolidated common shares; the total amount of post-consolidated common shares will be 36 mln. Also, Amicus will issue a public offering of 7,000,000 post-consolidated Common Shares at a price of $0.50 per share for gross proceeds of $3.5 million.

After the approvals of the Chinese government are obtained, the parties have agreed to use the net proceeds of the offering to increase Rainbow's ownership of Polo JV up to maximum of 90%.

The Canadian corporation currently has 9,000,000 common shares, and they will be subject to the share consolidation before closing of the offering. The founders of the corporation, which hold 4,000,000 common shares, have also entered into a support agreement with Rainbow, under the terms of which they have agreed to vote their common shares in favour of the acquisition including the share consolidation.

The acquisition is to be completed on or before December 1, 2008, otherwise the terms of the share exchange agreement will be terminated. If the acquisition does not complete by this period due to the fault of Rainbow, the BVI company will have to pay a break fee to Amicus corporation, in the amount of US$540,000.

BVI corporation owned Australian takeover vehicle has made the takeover bid to Indophil Resources NL

Stanhill Resources Pty Ltd, the company owned by the BVI holding company Stanhill Capital Limited (BVI), published the notice that it has completed sending bidder's statement dated August 20, 2008, to all shareholders of the company Indophil Resources NL, registered in this status on August 15, 2008.

Stanhill Resources Pty Ltd was incorporated on 10 July 2008 in Victoria, Australia, for the specific purpose of making the Offer, and it has not undertaken any business other than connected with the Offer. Currently Stanhill Resources Pty Ltd has 100 ordinary shares of issue, all of them are owned by Stanhill Capital Limited, domiciled in the British Virgin Islands.

If the Offer is successful, the Australian company will continue to be wholly owned by the BVI holding company Stanhill Capital Limited. Stanhill Capital BVI Limited will have on issue ordinary shares and non-voting redeemable preference shares, approximately 92% of which be owned by Crosby Buyout BVI Limited, another holding company incorporated in BVI, 7.5% will be owned by Alsons Corporation, 0.1% will be owned by Crosby Investment Holdings, and 0.4% - by Mr Richard Laufmann.

Crosby Buyout BVI Limited has entered into a subscription agreement with Stanhill Capital BVI Limited under which Crosby Buyout agreed to subscribe for ordinary shares and redeemable preference shares in Stanhill Capital, for an amount up to US$500 mln.

The redeemable preference shares are redeemable at the option of Stanhill Capital BVI Limited, and not at the option of the Crosby Buyout BVI Limited. The only restrictions on the availability of the funds under the subscription agreement are:

• the funds will only be available in respect of a subscription notice given by Crosby Buyout BVI Limited before 30 March 2009;
• the availability of the funds is conditional on Stanhill and its associates, acquiring a relevant interest in at least 90% of Indophil shares;

If the above conditions will be satisfied, Stanhill Capital BVI Limited can require that Crosby Buyout BVI Limited makes funds available to Stanhill Capital BVI Limited, before Stanhill Capital Limited (BVI) is required to provide funding to Stanhill Resources Pty Ltd.

China Natural Resources (BVI) signs agreement with Feishang Group Limited

BVI company China Natural Resources announced entering into an agreement with Feishang Group Limited – a related party from which the company had acquired the Coal Group with its wholly-owned subsidiaries, for the total price of US$25 mln. By the terms of the agreement signed on August 11, the BVI company agreed to acquire from the Feishang Group all of the issued and outstanding capital stock of Newhold Investments Limited and its wholly-owned subsidiaries, and the outstanding indebtedness of the Coal Group to the to the Feishang Group.

The purchased company Newhold Investments, through its 70% owned operating subsidiary Guizhou Yongfu Mining Co., Ltd, owns mining rights to Yongsheng Coal Mine in Guizhou Province of PRC.

Purchase price for Newhold's shares and indebtedness is US$42,000,000, subject to adjustment. The closing date of this agreement is expected in February 2009.

BVI company acquired by Middle Kingdom Paradiso Corporation

A capital pool company Middle Kingdom Paradiso Corp. made an announcement that it has entered into an agreement with the shareholders of Mega View Management Inc., registered in the British Virgin Islands.

Pursuant to this agreement, Middle Kingdom Paradiso Corporation will acquire full stock and all the existing debt of the BVI company, by issuing nine Middle Kingdom shares for each outstanding Mega View (BVI) share.

Trip Tech, Inc. signed Share Exchange Agreement with the BVI-registered international shipping company

Texas corporation Trip Tech, Inc. announced the completion of the acquisition of SkyAce Group Limited, global shipping company headquartered in China and registered in the British Virgin Islands, and Pioneer Creation Holdings Limited – another BVI company which is the sole stockholder of SkyAce.

By terms of the Share Exchange Agreement, the “closing date” of which was August 13, Trip Tech acquired full stock of SkyAce from the Pioneer Creation Holdings, in exchange for 76,925,000 newly issued shares of Trip Tech's common stock, and 1,000,000 shares of Series A Preferred Stock. At the closing date, BVI-registered stockholder was beneficial owner of 82.25% of the voting capital stock of the Texas company. As a result of the share exchange, SkyAce became wholly owned subsidiary of Trip Tech. Mr. Li Honglin, the founder of the BVI shipping company, has become President and Director of Trip Tech.

BVI company SkyAce Group Limited is engaged in international shipping and logistics services as well as relevant industry news, data analysis and advertising. Its main business is international bulk cargo transportation, and the company can provide carrying capacity of about 1,000,000 tons to major ports around the world. SkyAce also owns and operates China's largest shipping industry website, "Shipping Online”. This portal not only provides information but serves as a business platform for international shipping and logistics services. Annual revenues of the acquired BVI company grew to $70.3 Million, while net profit rose 200% from the previous year, and made $21.4 Million.

Origin Agritech Ltd enters into a Notes Repurchase Agreement with Citadel Equity Fund

BVI-registered agricultural biotechnology company Origin Agritech Limited announced on July 28 that it had entered into a Notes repurchase agreement with Citadel Equity Fund Ltd. The agreement provides for company repurchase from Citadel of a part of its outstanding 1% Guaranteed Senior Secured Convertible Notes by 2012.

The Notes were issued by the BVI company to Citadel in the amount of US$40 mln. Pursuant to the terms of the agreement, the BVI company will repurchase from Citadel the Notes in an aggregate principal amount of US$18.7 mln, for a total repurchase price of US$20.0 mln payable in cash.

The Note repurchase will be completed in two tranches – $14.0 mln of the Notes purchased on July 28, 2008, and $4.7 mln the BVI company expects to purchase by the end of 2008. Upon the completion of the repurchases the repurchased Notes will be cancelled. The Company intends to finance the repurchase of the Notes from its cash resources, and expects the repurchase to be accretive to net earnings by approximately $0.01 per diluted share in fiscal 2008, and $0.06 per diluted share in fiscal 2009.

LJ International (BVI) files Universal Shelf Registration Statement with SEC

BVI-registered LJ International Inc., one of the leading jewelry manufacturers and retailers operating in Hong Kong and China and distributing its products worldwide, announced that it has filed a Universal Shelf Registration Statement on Form F-3 with the Securities and Exchange Commission (SEC). The Statement will allow the BVI corporation to sell, in one or more public offerings, common stock or warrants, or any combination of securities in an aggregate amount of up to $100 mln. The terms of any offerings will be established at the time of sale.

After filing the Universal Shelf Registration Statement, LJ International will be able to access the capital markets to support its growth strategy, which may include the expansion of its retail jewelry chain, potential acquisitions, business combinations or industry partnerships, as well as general working capital and the repayment or reduction of its short-term liabilities.

Registration statement on Form F-3 related to these securities has been filed with the Commission but has not become effective yet.

BVI corporation sells Sunland Properties to Carlyle Mining Corporation

A BVI-registered company Rowen Company Limited has decided to dispose of Sunland Properties Limited.

A publicly listed company Carlyle Mining Corporation has recently announced entering into an option agreement for the acquisition of Sunland Properties Limited controlling 520 square kilometers of prospective copper-gold tenements located near Hawkwood in South-Eastern Queensland, Australia, from a British Virging Islands corporation Rowen Company Limited.

Rowen Company Limited is controlled by Bryce Roxburgh – is a director of Carlyle Mining Corporation, accordingly, the acquisition is subject to approval of Carlyle's shareholders.

As a result of the acquisition of Rowen-owned Sunland, there will be no change to the current Board of Directors or management of Carlyle Mining Corporation.

BVI-registered China Natural Resources to acquire Coal Exploration Company in China

On July 15, 2008, China Natural Resources Inc., a company incorporated in BVI and based in China, announced that, on July 11, 2008 it entered into an agreement with Feishang Group Limited.

Feishang Group Limited is a related party, from which China Natural Resources agreed to acquire, firstly, all of the issued and outstanding capital stock of Pineboom Investments Limited and its wholly-owned subsidiaries or Coal Group, and, secondly, the outstanding indebtedness owing by the Coal Group to Feishang Group on the closing date.

The purchase price for the shares (all the stock) and indebtedness is USD 25 million, which is subject to adjustment. The details on the transaction were included into the Company's Current Report with the Securities and Exchange Commission on July 15, 2008. The closing date of the deal is expected in the 1st quarter of 2009.

The CEO and Chairman of a British Virgin Islands corporation commented that the acquisition is consistent with the company's strategy to expand coal and metal reserves, and that China Natural Resources is optimistic about the prospect of the coal mining industry in China as economic growth is continuing there.

BVI registered Bestempire Ltd continues acquitision of Mesdaq-listed Envair Holdings Bhd

A BVI-registered company Bestempire Ltd has continued its efforts in accumulating shares in Envair Holdings Bhd. This is revealed by its latest share acquisition – the company acquired 5.73 million shares.

According to filing with Bursa Malaysia, on June 24, 2008 Bestempire (BVI) acquired the 5.85% stake. So, following the recent acquisition, Bestempire's shareholding in the Mesdaq-listed company increased to 17.84% or17.48 million shares.

Envair’s share price increased to a 52-week high of 35 sen on July 31 while on March 19 it was 4 sen, which was s 52-week low.

On June 24, when the shares were acquired, the share price surged to a 4-month high of 20.5 sen.

Incorporated in the British Virgin Islands, Bestempire Ltd provides modular clean room controlled environment for such industries as semi-conductor, pharmaceutical, medical production as well as food production.

Australian exploration company acquires assets in BVI- and UK-based corporations worth US$44 mln

Australian exploration company Newland Resources Ltd. has entered into an agreement to acquire share of assets US$44mln worth from the private investment company Pacific International Management Inc. According to the letter of intent signed by the companies, Newland will acquire 50% stock of Zeus Petroleum Ltd, UK-based petroleum exploration company, and 26% of South American Ferro Metals Ltd, a British Virgin Islands-registered company which owns iron ore assets in Brazil.

Newland attributed value of US$32 mln to 50% interest in Zeus, while 26% interest in the BVI company was said to be worth US$12 mln.

Consideration for the proposed acquisition is the issue of 28 million Newland shares to Pacific, and US$30 million of 5 year convertible notes with a coupon rate of 8%, at $0.50 per Newland share.

BVI law firm Harney Westwood & Riegels announces merger with Cayman-based firm

The largest offshore law firm in the British Virgin Islands Harney Westwood & Riegels merges with C.S. Gill & Co, a firm based in the Cayman Islands. The office of the merged firm will open on September 1 in George Town, Grand Cayman. The head of investment funds sector of the BVI firm, Kieron O'Rourke, and fellow partner Tim Clipstone will relocate to Cayman from Harney’s BVI office and will head the cross-border commercial transactions of the merged firm, with particular focus on hedge funds and private equity, structured finance, asset and project finance and insolvency.

Firm’s managing partner Richard Peters commented on the merger saying that Harneys has been the BVI leading law firm for the past 40 years, its brand being “synonymous with dedication and quality”, and “the addition of a Cayman practice is all about providing a more complete service to our clients and enabling them to realise their commercial goals”.

Senior partner of the merged firm in Cayman, Casey Gill, noted that the commitment and resources of Harneys as a leading offshore law firm “will enhance the services offered from the Cayman Islands to clients throughout the globe and lead to increased economic benefits for the islands”.

Harneys has a network of offices in the Caribbean region, in Europe and Asia, which provides law firms, financial institutions and corporations with BVI, Anguilla and now Cayman law-related legal services. The firm also has an affiliated corporate services business, providing company formation and administration services in these jurisdictions.

Encorium Group, Inc. merges to a BVI company

Encorium Group Inc., the company designing and running clinical trials and patient disease registries for the pharmaceutical, biotechnology and medical device industries, announced on June 11 the merger of the British Virgin Islands-registered Fine Success Investments Ltd. into Encorium. It was said that Fine Success Investments (BVI) will add $11 million in annual net revenue to Encorium on a pro forma basis.

The merger transaction is now subject to the completion of due diligence and approval by both parties' Board of Directors, and the signing of a definitive agreement. The deal is expected to close in the third quarter of 2008.

By the time of the planned merger, the BVI company which does business as Linkcon, will acquire clinical research organisations in India, Latin America and China. In its turn, Encorium has signed a letter of intent to purchase an oncology-focused clinical research organization – Prologue Research International Inc. - for $13 mln, of which $4.5 mln will be paid in cash. In order to do so, Encorium plans to take out a $5 mln loan from Chardan Capital.

Linkcon investors will receive 12.5 mln shares of Encorium stock, and after the merger Linkcon expects to purchase additional 10 mln shares of the Encorium. So, Linkcon and its shareholders will get 22.5 mln shares and Encorium shareholders will stay with about 23.6 million shares.

The company formed as a result of the merger of the BVI-incorporated Fine Success with Encorium Group Inc. is expected to have annual revenue of about $50 mln to $55 mln.

Southern Sauce Company, Inc. completes the acquisition of Shengkai Industrial through the BVI-based corporation Shen Kun International Limited

Last week Southern Sauce Company, Inc. announced the acquisition of British Virgin Islands corporation Shen Kun International Limited. The agreement was signed on June 9, 2008. The BVI company, through China-based Shengkai (Tianjin) Ceramic Valves Co., Ltd., has a series of contracts with Tianjin Shengkai Industrial Technology Development Co., Ltd., which gives it full control over Shengkai's business, personnel and finances.

The Chinese company Shengkai is engaged in the design, manufacturing and sales of ceramic valves, high-tech ceramic materials, technical consultation and services, and import and export of ceramic valves and related technologies. The company sells its products in China, North America and the Asia-Pacific region. Over the past two years, company's business has shown significant growth with net revenues increasing to $23,124,748 for the fiscal year ended June 30, 2007, from $13,677,946 for the fiscal year ended June 30, 2006. Net income was $6,571,802 for the fiscal year ended June 30, 2007, an increase from $4,173,926 for the fiscal year ended June 30, 2006.

On June 11, 2008 the company also closed private placement through the sale of units, consisting of shares of its Series A Convertible Preferred Stock and attached five-year warrants, at a purchase price of $2.5357 per Unit, for gross proceeds of $15 million.

Thailand's largest coal supplier acquires 78.4% stake in the BVI company

Banpu Public Company Limited has acquired the 78.4% stake in the British Virgin Islands-registered Asian American Coal (AACI), with the purpose to consolidate its positions in the Chinese coal sector and establish China as company's third main geographic focus. The company made an investment in the amount of US$240 mln through its wholly owned subsidiary, BP Overseas Development (BPOD), which became the shareholder of the BVI company in 2003.

Banpu executives said in their statement to the Stock Exchange of Thailand that the aim of the acquisition is at giving the company board and management control of the BVI-based AACI, thereby determining company's future strategy. Under the terms of the acquisition, 32 mln shares were purchased from other shareholders, which Banpu will need to finance from its cash flow and bank loans.

The BVI-registered AACI is engaged in investment and development of coal-mining businesses in China. It has a 56% stake in Shanxi Asian American Daning Energy (SAADEC) and 45% in Shanxi Gaohe Energy (SGEC). The partners in both of these joint ventures are large Chinese coal-mining groups.

HK-listed Parkson Retail acquires two department stores from the BVI company

China-based and HK-listed department store operator Parkson Retail Group Ltd. reported its intention to acquire 70% of Nanning Brillian Parkson Commercial Co Ltd. and 100% of Tianjin Parkson Retail Development Co Ltd., for a total amount of 240 mln yuan. The stakes of both companies will be acquired from East Crest International Ltd, incorporated in the British Virgin Islands.

Nanning Brilliant Parkson Commercial Co Ltd. operates a Parkson-brand department store in Nanning city, Guanxi province, Tianjin Parkson Retail Development Co Ltd. operates a Parkson-brand department store in the eastern coastal municipality of Tianjin.

The last closing price of the stock acquired is 67.45 hkd per share. Parkson Retail Group Ltd. will pay 50% of the purchase price in cash, and 50% as 1.994 mln new shares.

BVI holding company Space Transport Inc sells its majority stake in the worlds leading commercial satellites launch company ILS

On May 29, 2008, International Launch Services Inc. (ILS), a world leader in launch services for commercial satellites, announced that Khrunichev State Research and Production Space Center acquired its shares owned by the majority shareholder, BVI holding company Space Transport Inc. Financial details of the completed transaction were not disclosed.

Khrunichev () is the Moscow-based research and design center of the Proton launch system, and one of the world's largest aerospace companies. International Launch Services is a U.S. company incorporated in Delaware and holding the exclusive worldwide rights to market and sell commercial launch services on the Proton launch vehicle built by Khrunichev, and the Angara next-generation launcher which is under development, to commercial satellite operators worldwide. ILS provides satellite customers with a complete range of services and support, from contract signing through mission management and on-orbit delivery.

Space Transport Inc. (STI) was formed in the British Virgin Islands in 2006, with the sole purpose of holding an interest in ILS. The chairman of the BVI company is Mario Lemme, a longtime businessman and investor in companies having business in Russia.

BVI-registered Sing Kung Inc. acquired by InterAmerican Acquisition Group Inc.

San Diego-based blank check company InterAmerican Acquisition Group Inc. (IAG) announced on May 21, 2008 that it has entered into an agreement to acquire up to 89.6% of the capital stock of the holding company Sing Kung, Ltd., registered in the British Virgin Islands. IAG will also complete an exchange offer to acquire the balance at the closing of the acquisition.

BVI-registered Sing Kung, through its wholly-owned China-based subsidiary, Century City Infrastructure Co. Ltd. is planning and implementing urban projects for municipal and provincial governments in China. It is important that the Chinese infrastructure and development market is growing rapidly, exceeding annual level of $100 billion, and it is estimated that this market will rise faster than GDP for several decades. The management of BVI-based Century City has defined its market as the 800 largest municipal and provincial governments that are responsible for meeting these significant needs of urban infrastructure.

By terms of the agreement, no cash consideration will be paid to management or any existing shareholders of the BVI-registered company. To meet the immediate capital needs, BVI-registered Sing Kung closed on a private equity placement of $14.6 million by Chardan, investors being familiar with the infrastructure sector development in China.

It is anticipated that acquisition of the BVI company will close before the end of the year 2008. Now the agreement between the companies is subject to IAG shareholder approval, provided that IAG will redomicile to the BVI; IAG will acquire 89.6% of the capital stock of Sing Kung; the merged company will seek to acquire the remaining 10.4% through an exchange offer to Chardan at closing.

BVI-controlled Shanghai Medical Technology acquired by Aamaxan Transport Group, Inc.

Aamaxan Transport Group, Inc. (ATG) announced the completion of the acquisition of all the outstanding common shares of British Virgin Islands corporation Asian Business Management Group Limited (ABM) on April 15, 2008. By the terms of the share exchange agreement, ATG acquired all of the issued and outstanding shares of common stock of the BVI company in exchange for 14,991,812 original issue shares of its common stock. Simultaneously with the share exchange on April 14, 2008, ATG completed private placement with institutional and accredited investors which resulted in gross proceeds to the company of approximately US$12.5 mln, through the issuance of approximately 4 million shares of Senior Convertible Preferred Stock.

BVI-registered Asian Business Management Group, through its subsidiaries which include Chinese company Shanghai Medical Technology Co., Ltd., is the largest provider of Hemodialysis equipment and other related supplies and services in Eastern China. After the implementation of China's National Healthcare Reform, the existing Dialysis market is projected to grow 2 or even 3 times, from 2007 to 2010. Being the leader in this sphere of medical services, Shanghai Medical distributed 25% of the Hemodialysis products and supplies in China in 2007. Currently the BVI-controlled company distributes HD equipment and supplies to over 200 medical facilitates, comprised of 60 hospitals (including top five hospitals of Shanghai), blood bank and diagnostic centers in Shanghai and Eastern China, and to 30 public health centers. Among the strategic partners of Shanghai Medical there are the largest global providers of blood dialysis and diagnostic equipment.

Mr. Chen Zhong, CEO and Chairman of Shanghai Medical, stated in his comments on company's merger with Aamaxan Transport Group: "We are very pleased to complete this financing... The working capital will enable us to pursue our vision and growth strategy of becoming a dominant integrated service provider of Hemodialysis (HD) and Renal Care products in China.”

BVI-registered Hugo Natural Enterprises increases its stake in Australian prospector Apollo Minerals

The shares of Apollo Minerals (Australia) have jumped more than 50% after it informed that BVI holding company is going to increase its stake. Apollo said that British Virgin Islands company Hugo Natural Enterprises, representing the Chinese Iron and Steel Group, had advised it would increase its stake from 12% to 19.9%.

The BVI-Chinese group acquired an initial stake in Apollo in December 2007, and announced the increase of the interest to 19.9%, subject to shareholder and regulatory approval. Apollo has signed a non-binding memorandum of understanding that gives the BVI-Chinese group the right to market iron ore, subject to successful development. Apollo director Barru Woodhouse declined to reveal the identity of the Chinese Steel and Iron Group and the BVI-registered Hugo Natural Enterprises company.

Amicus Capital Corp. acquires BVI-controlled and China-based developer and distributor of nutritional supplements and personal care products

Canadian company Amicus Capital Corp. has announced signing of the letter of intent with BVI-registered Rainbow Trend Limited. According to the signed document, Amicus Capital will acquire all of the outstanding shares of the Rainbow, which will hold 55,6% equity interest in Chinese-Canadian joint venture Beijing Polo Biotech Co. Ltd. Equity interest in the amount of 44.4% in Polo Biotech Co. Ltd. will be held by China-based Polo Biology Science Park Co. Ltd., manufacturer and retailer of nutritional supplements and personal and home care products in Asia (mainly in China).

By the terms of the agreement, Amicus has paid US$25,000 as a contribution to Rainbow, to be applied against closing expenses, and refundable upon certain conditions. Prior to the completion of the acquisition it was intended that the BVI company will amend its capital to create new class of Class B common shares, and will then complete private placement at the price of $0.50 per subscription receipt, for gross proceeds of approximately $3.5 million. Rainbow will also grant to its agent an option to offer for sale up to an additional 15% of the Subscription Receipts offering for additional gross proceeds of approximately $525,000.

It is intended that subject to shareholder approval Amicus will complete a share consolidation, and the existing Amicus shareholders will hold 7,800,000 post-consolidated common shares immediately prior to the acquisition of Rainbow by Amicus. After the completion of the Acquisition, Amicus will have 52,240,000 (or 53,290,000) post-consolidated common shares.

For purposes of the acquisition and subject to the final pricing of the private placement, BVI-registered Rainbow has been valued at US$18 mln. Pursuant to the terms of the acquisition, Amicus will acquire from BVI company's shareholders 50,000 common shares (each with a deemed value of $360). Also, Amicus will issue one common share for each Class B common share of Rainbow, resulting in the issuance to Rainbow Class B common shareholders of 7,000,000 Amicus common shares (or 8,050,000 Amicus common shares if the entire Over-Allotment Option will be exercised).

The acquisition is planned to be completed on the 10th business day following the satisfaction or waiver of all the conditions, but no later than September 1, 2008.

The main shareholders of the BVI-registered Rainbow are Kinderville Limited, Li (Polo) Wu, Qing Wu and Jie (Miranda) Liu. The company has 113 other individual shareholders each of them being the owner of less than 1% of the common shares of Rainbow.

Reliance Globalcom buys stake in BVI-registered eWave World

Last week, Reliance Globalcom (the global arm of Reliance Communications) has acquired a 90% stake in eWave World, British Virgin Islands-registered WiMax operator.

This is third acquisition deal of the Reliance Communications, after it had acquired US-based Ethernet service provider Yipes Holdings for $300 million in July 2007, and a 10% stake in French WiMax chip manufacturer Sequans Communications already this year, for an undisclosed sum. Reliance Communications is also planning to invest $500 million through the acquired BVI company in the next two-three years, in order to build and acquire WiMax networks across 50 countries worldwide.

By words of Reliance Globalcom CEO Punit Garg, BVI-registered eWave World is widely present across the US and China, and the acquisition will help Reliance Communications to enter the emerging 4G WiMax sector across 50 countries, servicing 75% of global population. He also said that the company would be funding the acquisition through internal accruals, but he noted that the acquisition price is the matter of confidentiality.

Reliance Globalcom will also be looking at joining with the BVI company, to provide broadband access in China. The company will also make a $500 million investment to acquire WiMax licences and commence operations across Asia, Europe, Latin America and Africa by 2012. In the next 2-3 years the company is going to build and acquire WiMax networks across 50 countries.

BVI-based eWave World was formed by a group of industry veterans, and it holds WiMax licenses and spectrum in several countries. The company has put down over 36,000 km of optic fibre in China that will enable it to provide broadbank services in that country.

BVI-controlled YBBS corporation signs Share Purchase Agreement for germanium production in China

Sparton Resources Inc. announced on April 17, 2008 that it has signed the final Share Purchase Agreement to acquire 85% share interest in the private Yunnan Province PRC based coal and germanium producer - Hua Jun Coal Industry Co.Ltd. (HJ). The Chinese company is also the producer of locally marketed thermal coal from one of its three operating coal mines in the area.

The agreement has been signed between the two private owners of Hua Jun Coal Industry, and Yunnan Blue Bay Semiconductor Technology Co. Ltd. (YBBS), China-based company which is 100% owned by Sparton Resources wholly owned subsidiary Sparton Energy Inc., registered in the British Virgin Islands.

As a result of the merger, the original owners of HJ (private individuals) will retain 8% and 7% share ownerships in HJ respectively. Once 60% of the full agreed purchase price for the Hua Jun in the amount of 22 million RMB (approximately $US1.9 million) has been paid, BVI-owned YBBS corporation will take full control of the operations. It is anticipated that the BVI-controlled company will be fully in charge of HJ by mid August 2008.

Since the date when Sparton Resources signed the initial share acquisition agreement, the price for germanium metal increased from about $US 1250 per kg to over $US 1400 per kg, and the demand continues to grow. Sparton now is becoming a profitable producer in the rapidly developing germanium market.

Iomega terminates agreement with BVI- and Cayman-based ExcelStor Entities

Iomega Corporation, a worldwide leader in innovative storage and network security solutions for small and mid-sized businesses, in December 2007 had entered into a share purchase agreement with Cayman Islands-based ExcelStor Great Wall Technology Limited and ExcelStor Holdings Limited, Chinese companies Shenzhen ExcelStor Technology Limited and Great Wall Technology Company Limited, and British Virgin Islands-based ExcelStor Holdings Limited. During this period of time, Iomega and the selling stockholders were preparing the required filings for obtaining the necessary regulatory and stockholder approvals for the business combination.

However, on April 8, 2008, the board of directors of Iomega terminated the Purchase Agreement with Cayman Islands-, BVI- and China-based companies. In accordance with the terms of the Purchase Agreement, as the Agreement between Iomega, ExcelStor, and the Selling Shareholders is no longer in effect, Iomega has paid the Selling Shareholders a termination fee of US$7.5 million.

Having terminated the Purchase Agreement with the above companies, Iomega entered into an agreement and plan of merger with EMC Corporation. Iomega announced that it has received an unsolicited non-binding indication of interest from EMC Corporation in March, when EMC offered to acquire the outstanding common stock of the company for $3.25 per share, assuming a total of approximately 54.8 mln outstanding shares. Now EMC Corporation will commence a cash tender offer to share purchase at a price of $3.85 in cash, without any interest.

BVI-registered Asia Automotive Acquisition Corporation reports shareholders approval of merger with the company and Hunan Tongxin Enterprise Co., Ltd.

Last week, BVI-registered Asia Automotive Acquisition Corporation (AAAC) announced that its shareholders approved the merger with Hunan Tongxin Enterprise Co., Ltd. The BVI blank check company signed Equity Acquisition Agreement with the Chinese Tongxin Enterprise Co., Ltd. in July, 2007. Pursuant to this agreement, both companies are to merge into a new BVI-domiciled entity, and its name is to be changed to Tongxin International, Ltd. (TXI).

The approval of the shareholders of the BVI company was received at a meeting that took place at AAAC's corporate headquarters; approximately 85% of the shareholders voted for Proposal 1, and about 86% voted for Proposal 2. As the result of the transaction, each share of AAAC will be automatically converted into one share of TXI, and each outstanding warrant of the BVI company will be assumed by TXI with the same terms.

At the same time as the merger, BVI-based TXI will acquire 100% of the issued and outstanding common stock of Hunan Tongxin. The company has applied for listing on the NASDAQ Stock Market under the proposed symbols, TXIC, and TXICW, TXICU.

Hunan Tongxin CEO Mr. Duanxiang Zhang stated in his comments that, as a result of the merger and anticipated NASDAQ listing, the company “will be a much stronger participant in the Chinese automotive market.” Also, in his words, the merger will help the company to expand on the international automotive markets, thus enhancing the long term value of TXI for its shareholders.

Transmeridian Exploration terminates Merger Agreement with its BVI subsidiary

On April 1, Transmeridian Exploration Inc. announced the termination of company's merger agreement with British Virgin Islands-registered Trans Meridian International Inc. (TMI), formed by the company's Chairman and CEO Lorrie Olivier. The company entered into a definitive merger agreement with TMI (BVI) pursuant to which the BVI company had to make a tender offer of $3 per share, to purchase all of company's outstanding shares of common stock, in a deal valued at $825 million. In order to complete the proposed financing arrangements, detailed information was required to be provided by Transmeridian Exploration Inc. until March 21, 2008.

However, the deal began to fall apart in February when BVI corporation said it is unable to meet the financing deadline for its offer. Transmeridian Exploration is not required to pay any termination fee.

Now, termination of the definitive agreement with the BVI-based TMI may result in a downward adjustment to the conversion price of Transmeridian's junior preferred stock from the current conversion price of $1.90, to a revised conversion price equal to the forward 15-day volume weighted average price of Transmeridian's common stock, commencing on the March 31, 2008 merger agreement termination date.

Transmeridian will continue to seek proposals on the acquisition of the company from other interested parties.

LonZim purchases remaining stake in BVI-based Bluberry International Services

LonZim Plc, which has been established for the principal purpose of making investments in Zimbabwe announced that it had acquired the remaining 20% of British Virgin Islands-registered Blueberry International Services Ltd. - an offshore company that controls 60% of Celsys Limited, a Zimbabwean publicly listed company operating in the telecommunications and security printing sector. The BVI registered Blueberry International Limited also is the sole owner of Zimbabwean private industrial chemical manufacturer and distributer - Gardoserve Limited, the company trading under the "Millpal" brand.

The stake in the BVI company was acquired from Coast2Coast Communications Investments for US$1,362,500. This deal followed LonZim's GBP 2,431,000 worth acquisition of an initial 80% of BVI offshore company in January 2008. At that moment LonZim also entered into a 'put and call option' agreement with Coast2Coast with option period valid till 1 October 2012. In accordance to this agreement under the call option LonZim can acquire the remaining 20% in Blueberry at the same price. Under the put option LonZim can be required to acquire the remaining 20 per cent in Blueberry at a price of US$1,362,500.

BVI-controlled Yuhe Poultry Limited goes public, and investors are to invest $21 mln in private financing

First Growth Investors, Inc. today reported the closing of a stock exchange transaction with the shareholder of Bright Stand International, Ltd., the British Virgin Islands company which owns 100% of Yuhe Poultry Limited and Weifang Taihong Feed Co., Ltd., collectively named "Yuhe Poultry".

Yuhe Poultry is one of the leading broiler producers in China, which reported consolidated net sales of approximately $16 million and consolidated net income of approximately $5 million, for the nine months ended September 31, 2007.

As a result of the exchange transaction with the BVI company, Yuhe Poultry and Weifang Taihong Feed became indirect wholly-owned subsidiaries of First Growth. The companies will operate on a consolidated basis upon the business plan of Bright Stand and its Chinese-based subsidiaries.

First Growth closed a private placement of its capital stock whereby it received approximately $18 million in gross offering proceeds, before payment of commissions and fees. Also, the shareholders of BVI-based Bright Stand sold shares of First Growth to participants in the private placement, resulting in gross proceeds of approximately $3 million to the selling shareholder.

As a result of the share exchange transaction, BVI registered Bright Stand's shareholders, including participants in the $3 million private offering, was issued 126,857,134 shares of Firsth Growth's common stock in exchange for shares of Bright Stand.

Roth Capital Partners, LLC was the placement agent in the $21 million financing transaction.

China Natural Resources enters into agreement to acquire copper smelter in Mongolia

In the end of February, BVI-registered mining corporation China Natural Resources, Inc. announced that it had entered into an agreement with Feishang Group Limited, the company engaged in the smelting and refining of copper for distribution in China. Pursuant to this deal that took place on February 20, China Natural Resources will acquire from Feishang Group L 100% of the issued and outstanding capital stock of Mark Faith Technology Development Limited and its operating subsidiary.

Mark Faith owns all of the outstanding capital stock of China-based Bayannaoer City Feishang Copper Company Limited, operating in Inner Mongolia. Feishang Copper commenced trial production in May 2007, and the commercial production is expected to be commenced in early July 2008, upon the receipt of necessary certifications and permits from the Chinese authorities.

The purchase price for the shares of Mark Faith is equal to the lesser of the audited consolidated net asset value of Mark Faith as at December 31, 2007, and will make RMB24,252,464 (approximately US$3,300,000). Additionally, the BVI company will pay FGL RMB47,291,576 (approximately US$6,500,000), in satisfaction of outstanding indebtedness of Mark Faith to FGL.

At the time of signing the Agreement, China Natural Resources paid FGL RMB30,000,000 (approximately US$4,110,000). The balance of RMB41,544,040 (approximately US$5,691,000) will be paid at a closing that is expected to be made on or before March 7, 2008.

CEO and Chairman of China Natural Resources, Mr. Feilie Li, said that this is “an important step taken by us towards adopting an integrated operating model that includes mining, ore processing, smelting and refining of copper and other non-ferrous metals. “

China Natural Resources continues promoting other natural resources development projects: in January, the BVI-based corporation entered into an agreement with Chinese state-owned Jiangxi Province Coal Group Company, to establish an equity joint venture company focused on exploration and mining of coal and other mineral resources in Guizhou Province and other regions of China.

BVI-based Homeland Energy Corp. completes merger with Chrysalis, and acquires 15.6% of Australian company Altona Resources

Homeland Energy Corp., a private BVI-registered company focused on energy exploration and development in South Africa, reported that its merger partner, Chrysalis Capital IV Corporation, has made another step in the process of the Reverse take-over of Chrysalis (a Capital Pool Company) by Homeland, having lodged its Filing Statement on SEDAR. The Filing Statement is actually a comprehensive compilation of information on both corporate entities merging, and on the structure, composition and financial state of the final entity.

When the Reverse take-over will be closed, the traded entity will be called Homeland Energy Group Ltd. and will commence trading on the Toronto Stock Exchange under the assigned ticker symbol of “HEG” in the beginning of March 2008.

Also, pursuant to the previously announced share exchange offer by Chrystalis, Homeland deposited 26,982,980 of its common shares stock – that is 78% of the issued and outstanding Homeland Common Shares. Chrystalis reported the intention to istruct the depositary, Equity Transfer & Trust Company, to take up and pay for all of the Common Shares of the BVI company, at the moment of the closing of the Qualifying Transaction.

Another announcement made by Homeland Energy was about the acquisition of 15.6% of Altona Resources Plc, through a share exchange of the BVI company with two of Altona's major shareholders. Altona is Perth-based company focused on the delineation of a coal resource in South Australia. Stephen Coates, President and CEO of Homeland Energy, has commented that by this deal the company continues “to augment its investment in energy companies and create a geographically diverse portfolio of energy-focused projects”. The transaction was completed on February 13, 2008, through the purchase of 44,250,000 shares of Altona Resources, by issuing 737,500 new fully paid shares of Homeland Energy. As the result of this share issue, Homeland's total number of shares outstanding will be 34,521,826.

Also, on February 8, 2008 the BVI company received notification by a strategic investor that he would be exercising the first of its three options, under an MOU signed on December 15, 2007, to acquire up to a total of a 50% interest in Homeland's South African subsidiary, Homeland Mining & Energy SA (Pty) Ltd., for a price of US$15,000,000.

BVI-based A-Power is planning to acquire Liaoning International Construction & Engineering Group

BVI-registered company A-Power Energy Generation Systems, Ltd. has announced a week ago that it has entered into an agreement in order to acquire Liaoning International Construction and Engineering Group (LICEG), - one of China's leading construction and engineering companies.

Liaoning International Group was incorporated under the Construction Commission of the Liaoning Province, and is one of a limited number of construction and engineering companies in China having Class-A license that permits it to undertake international power and infrastructure projects, and construct various power systems, energy and infrastructure projects of any size in the country.

BVI-domiciled A-Power is the owner of a Class-B construction license, and it must work with Class-A companies to complete the construction of its distributed power generation systems over 25 MW in size.

Since being incorporated in 1993, LICEG has completed a large number of projects not only in China, but in Africa, Eastern Europe and the Asian Pacific region. In the latest fiscal year for which audited financials are available (2006), company's recorded revenue made approximately US$70 million, and net income was about US$2.3 million.

Learning Quest Technologies, Inc. completed share exchange with British Virgin Islands company Color Man Holdings Limited

Learning Quest Technologies, Inc. (LQTI) published news release where informed about the purchase of Expressway Toll Business of Pingdingshan Pinglin Expressway Co., Ltd., via transaction with BVI-registered and Hong Kong-based holding company. Learning Quest Technologies Incorporated completed share exchange with British Virgin Islands company Color Man Holdings Limited (CMH), and CMH's sole stockholder, Joylink Holdings Limited, which is also registered in BVI.

Pursuant to the share exchange agreement, LQTI issued 54,400,000 newly issued common stock shares (that is 68% of company's 80,000,000 issued and outstanding shares, on the date of the transaction), to Joylink in exchange for all of the issued and outstanding capital stock of BVI-based Color Man Holdings Ltd, transferred by Joylink to LQTI. As a result of the above transaction, BVI-based Color Man Holdings Ltd became a wholly owned subsidiary of LQTI.

CMH is the sole stockholder of Hong Kong company Wise On China Limited (WOC), whose wholly owned subsidiary and sole operating entity is Pingdingshan Pinglin Expressway Co., Ltd. (PING), formed under PRC law as a Wholly Foreign Owned Enterprise, and doing business in the PRC.

Incorporated in 2003, PING was granted the right to manage and operate the Pingdingshan-Linru portion of the Nanjing-Luoyang expressway, which was part of the PRC's National Expressway Network Plan worked out by Chinese government. According to the information in the press release, at the moment of the closing of the transaction, the operations of PING are the only operations of LQTI.

BVI-domiciled China Natural Resources Inc. enters into new coal mining joint venture

China Natural Resources Inc., the company registered in BVI and based in Hong Kong, made an announcement that on January 26, 2008 it had entered into an agreement with Jiangxi Province Coal Group Company, a state-owned enterprise and the largest integrated coal producer in Jiangxi Province, China, to establish Guizhou Puzheng Mining Co. Ltd. as an equity joint venture company in Guizhou Province, the PRC.

The joint venture company Guizhou Puzheng Mining Co. Ltd. will be 64% owned by BVI-based China Natural Resources, and its main focus will be exploration and mining of coal and other mineral resources in Guizhou Province and other regions in China.

Mr. Li Feilie, the Chairman and CEO of China Natural Resources Inc., has commented that the joint venture company will become a solid platform for the company, “to develop the coal market in the PRC, with particular focus on Guizhou Province, through acquisition and integration of the existing coal mining operations with the use of more advanced coal mining, selecting and processing technologies."

BVI-domiciled China Natural Resources Inc. is one of important natural resources development companies operating in China, receiving most of its earnings from the sale of zinc and iron.

Uranium 308 Corp. to acquire 10% ownership of BVI-registered Mongolia Metals Limited

Uranium 308 Corp., a mineral exploration and development company with primary focus on uranium exploration in Mongolia, has announced it has entered into and completed a share purchase agreement with its subsidiaries Mongolia Energy Limited, Tooroibandi Limited, British Virgin Islands-registered Mongolia Metals Limited, and Hong Kong-based Mongolia Metals Limited, a company organized under the laws of Mongolia and a wholly-owned subsidiary of MML. According to this agreement, Uranium 308 Corp. has issued 12,000,000 shares of its common stock to Mongolia Metals Limited, in exchange for Mongolia Energy Limited receiving a 10% ownership interest in BVI-based Mongolia Metals Limited.

Tooroibandi has allowed Hong Kong company the use of certain land holdings controlled by Tooroibandi and located approximately 70 km southeast of Ulaanbaatar, the capital of Mongolia, for exploration and development. In its turn, in accordance with the terms of the Share Purchase Agreement, Tooroibandi receives a 1% ownership interest in HKMML.

Dennis Tan, the President of Uranium 308 Corp., commented that “the share purchase agreement involving Uranium 308, MEL, Tooroibandi, MML and HKMML secured company's access to what are to be substantial tin resources on the four properties, and with it shareholder exposure to substantial potential upside that could result from their exploration and development."

JMG Exploration Updates Status of Defaulted Loan to BVI-registered Newco Group Ltd.

About a week ago, the Nevada-registered JMG Exploration, Inc. reported the termination of the share exchange with BVI-registered Newco Group Ltd., which was contemplated by the Share Exchange Agreement with ESAPI Ltd., a company organized under the laws of the Commonwealth of the Bahamas. Now, JMG Exploration updates status of defaulted loan to the BVI company.

The oil and gas corporation JMG Exploration reported on the acquisition of the BVI holding company Newco Group in August 2006, and the transaction was expected to be closed until December 31, 2007. Previously, JMG announced that Newco had failed to repay a $3 million loan and accrued interest that was due December 31, 2007, and that the loan was in default. A previous offer to allow Newco until March 31, 2008 to repay the $3 million loan was not accepted.

Now, Nevada corporation announces about its intention to exercise its remedies as a secured creditor, - including transferring the shares of Indian company Iris Computers Ltd. that secure the loan into the name of JMG.

In case the BVI company does not repay the loan and JMG transfers the pledged Iris shares in JMG's name, JMG will have effective majority control of Iris because of the 39% equity interst in the company represented by the pledged Iris shares, and JMG's irrevocable proxy from ESAPI representing an additional 14.5% equity interest in Iris. Then, JMG's Board of Directors will either sell the investment, or retain and perhaps even increase it.

VisCorp, Inc. acquires BVI-controlled Chengdu Tianyin Pharmaceutical and completes private placement in the amount of $10.2 mln

On January 16, 2008, Delaware corporation Viscorp, Inc. acquired all of the issued and outstanding capital stock of Raygere Limited, a company organized under the laws of the British Virgin Islands. This BVI company conducts its business through China-based Chengdu Tianyin Pharmaceutical Co., LTD., a corporation that develops, manufactures, markets and sells traditional Chinese medicines and other pharmaceuticals.

The company Chengdu Tianyin was established in 1994, acquired in whole by the current management team in 2003. The company currently manufactures and markets a comprehensive portfolio of 34 products, having an extensive nationwide distribubtion network throughout China. For the fiscal year 2007 ending June 30, Chengdu Tianyin achieved revenue and net income of US$20.36M and US$4.22.

As a result of the above Share Exchange, 12,790,800 shares of VisCorp common stock were issued to Raygere, and the BVI company became Viscorp's wholly owned subsidiary. Following the share exchange, VisCorp's operations will consist primarily of the operations of Tianyin. Also, pursuant to the share exchange, VisCorp will change its name to Tianyin Pharmaceutical, Co., Inc.

Along with the closing of the share exchange, VisCorp completed a private equity financing of $10,225,000, with 24 accredited investors. Net proceeds from the offering in the amount of approximately $9,200,000 will be used principally to the expansion of Tianyin's manufacturing facility located in Chengdu. In connection with the financing, the company agreed to file a registration statement for the resale of the Common Stock underlying the Securities on or before February 14, 2008.

After the Share Exchange and conversion of the notes into common stock, Viscorp will have 14,587,500 issued and outstanding shares of Common Stock. Effective as of the close of the share exchange, VisCorp's officers resigned and appointed Dr. Guoqing Jiang, MD as Chairman of the Board and CEO; the other executive officers of Chengdu Tianyin will be elected as executive officers of VisCorp in the near future.

JMG Exploration terminated the Share Exchange Agreement with BVI-domiciled Newco Group Limited

The US oil and gas corporation JMG Exploration, Inc., which reported on the acquisition of the BVI holding company Newco Group in August 2006, has announced the termination of share exchange with this company organized under the laws of the British Virgin Islands. The Agreement has failed to close as of December 31, 2007, and the termination is effective immediately.

Currently terminated share exchange was contemplated by the Share Exchange Agreement by and among JMG, Newco, Bahamas-incorporated ESAPI Ltd., and some other parties, dated September 5, 2007. Also, pursuant to a Loan, Stock Pledge and Security Agreement, in September 2007 JMG made a $3 million loan to BVI-based Newco, to enable Newco to purchase approximately 39% interest in Indian company Iris Computers Ltd. The loan bears annual interest of 8%; by its terms, it expired on December 31, 2007. The BVI company has failed to repay the loan and any accrued interest on the loan to JMG.

A notice was sent by JMG to Newco on January 3, 2008, informing that Newco is in default under the Loan Agreement and, if the default is not cured within 15 days, JMG will act as a secured creditor, transferring the shares of Newco into the name of JMG. US company tried to settle the matter, offering to allow Newco to repay, on certain terms, the $3mln loan and accrued interest until March 31, 2008. The offer also required that JMG and Newco mutually release each other from further liability. Newco had to accept the offer until January 10, 2008.

JMG's Board of Directors has elected to extend existing warrants for an additional year with and expiration in January 15th, 2009. The strikes prices on the warrants will remain in place.

CTDC announces disposal of its BVI-domiciled subsidiary

BVI-incorporated China Technology Development Group Corporation (CTDC) announced that it has completed another step in its strategic plan to focus management and operating resources on the principal business of solar energy.

The company disposed its subsidiary China Natures Technology Inc. (also registered in the British Virgin Islands) to an independent party for HK$10,000,000, pursuant to the sale and purchase agreement dated December 18, 2007. The net proceeds of the disposal will be used to further develop solar energy business of the CTDC.

Major terms of this agreement were approved by the shareholders on the annual general meeting held on October 19, 2007.

CEO of the BVI corporation Alan Li said that the transaction of disposal of non-core business will allow “increased focus of management and financial resources on our core activities and will put the Company in a stronger position to move forward in the solar energy business."

Several days before disposal of BVI registered subsidiary China Technology Development Group Corporation announced the completion of the purchase from China Biotech Holdings Limited of the plant located at China Merchants Zhangzhou Development Zone, for manufacturing PV solar thin film base plates.

The BVI corporation which provides renewable energy solutions and applications focusing in solar energy and works mainly in China, now expects to complete the installation of the showcase production line by this month already, and to be operational in late 1st quarter to early 2nd quarter of 2008. China Technology will announce additional details of its production plans and products at a later date.

Alan Li, commented that the purchased facility is well-located in a valuable and expanding area which offers excellent transportation systems, and the necessary infrastructure to support company's business.