Monday, May 31, 2010

Seanergy Maritime Holdings Corp. signs LoI with BVI holding

Seaenergy Maritime Holdings Corp., a Marshall Islands corporation specializing in the transportation of dry bulk cargoes through the ownership and operation of dry bulk carriers, entered into a Letter of Intent with a British Virgin Islands company Maritime Capital Shipping (Holdings) Limited, with the purpose to acquire a 51% ownership interest in Bermuda-based Maritime Capital Shipping Limited (MCS), for USD$33mln. The BVI company will retain a 49% interest in Maritime Capital Shipping Limited.

The final purchase agreement between Maritime Capital Shipping (BVI) and Seaenergy Maritime Holdings Corp. is expected to be signed by June 1, 2010.

The current controlled fleet of Seaenergy Maritime Holdings comprises 11 drybulk carriers with a total carrying capacity of 1,043,296 dwt. As a result of the acquisition, the size of company's fleet will make 20 dry bulk vessels with a combined cargo-carrying capacity of approximately 1,292,532 dwt.

MCS is headquartered in Hong Kong, and is engaged in providing international maritime transportation services through its ownership of dry bulk vessels.

Monday, May 24, 2010

Eurocontrol updated information on transaction with Athlone Global Security Inc.

Eurocontrol Technics Inc., a Canadian public company specializing in the acquisition, development and commercialization of energy security, authentication and verification technologies, announced that the shareholders of Eurocontrol have approved the proposed acquisition of all of the issued and outstanding shares of the BVI company Athlone Global Security Inc., in exchange for common shares and warrants of Eurocontrol. The company announced that its shareholders, holding approximately 21 per cent of the issued and outstanding shares of Eurocontrol, voted for the transaction with more than 99 per cent of the votes cast.

The combined company will take the name Athlone Global Solutions Inc., and its common shares will trade on the TSX Venture Exchange under the symbol “AGH”.

Additionally, Eurocontrol announced that it has completed the first tranche of its previously announced non-brokered private placement financing of special warrants at a price of US$0.30 per Special Warrant, for gross proceeds of US$880,000.

Monday, May 17, 2010

Everest announced update on its business combination with the BVI company

Everest Ventures Corp. provided an update to its announcement of the acquisition of the BVI company Estrella Overseas Limited, informing that on April 30, 2010, it has entered into a merger agreement among itself, its wholly-owned subsidiary in the British Virgin Islands, Everest (BVI) Limited, and Estrella Overseas Limited.

By terms of this agreement, Estrella will merge with Everest BVI, Estrella being the surviving entity. All of the outstanding securities of Estrella will be exchanged for securities of Everest. The merger shall constitute qualifying transaction, upon closing of which Estrella will become Everest's wholly-owned subsidiary, which will change its name to Estrella Energy Services Ltd. Also, the previously announced non-brokered private placement of US$2mln by Everest will now be completed by Estrella. The private placement is expected to close on May 7, 2010 or on other date as determined by Estrella.

On March 22, 2010, when the first press release was issued, common shares of Everest were suspended. The corporation was given the term until June 24, 2010 to either complete a qualifying transaction or transfer to NEX, which is a separate trading board of the TSXV, - otherwise it will be delisted. If Everest Corp. transfers to the NEX prior to closing, it may still complete the qualifying transaction, and then its shares will return to trading on the TSX.

Tuesday, May 11, 2010

EIH Ltd buys 46 per cent stake in BVI-based joint venture

EIH Limited, India-based hospitality firm whose principal activities are operating restaurants, bars and hotels, made an announcement that its board has approved buying 45.85 percent stake in its international joint venture EIH Holdings LTD, incorporated under the law of the British Virgin Islands, for US$45.85 million. EIH Ltd announced that its wholly-owned unit will acquire the equity interest of its partner Amex Investment Ltd in the joint venture.

EIH Ltd currently holds a 54.15 percent stake in the joint venture firm through its subsidiary, EIH International Ltd., British Virgin Islands. Pursuant to the deal it will become the whole owner of the JV.

Eastern International Hotels (EIH) Limited operates in two segments: hotels and others. Its services include airline catering, management of restaurants and airport bars, travel and tour services, car rental, project management and corporate air charters.

The BVI-registered joint venture has investments in hotels in Mauritius and Indonesia, and hotel management contracts in various countries.

Thursday, May 6, 2010

Pansoft acquires 55% equity stake in Shandong HongAo Power Technology

Pansoft Company Limited, the BVI-registered company providing software service and solutions for enterprise resource planning for the oil and gas industry in PRC, announced on April 26, 2010 that it has signed an agreement to acquire a 55 per cent equity stake in Shandong HongAo Power Technology Co., Ltd, for approximately US$2.6mln.

Shandong HongAo Power is an IT-based technology solution and service provider focused on energy-saving and pollution-reducing solutions for the thermal power generation industry in China. The company has approximately 40 customers in China, most of them are termal power plants in the Shandong Province, which is one of the largest thermal power generation bases in northern China. They have over seven proprietary solutions, including five software copyrights and five patents.

According to the Chairman of Board of Pansoft Company Limited, acquisition of HongAo Power's technology and service will expand company's current ERP solutions' market into the power generation industry. He said that the BVI company may further increase its ownership in Shandong HongAo Power. The company also expects to have additional acquisition projects in 2010.