Pansoft Company Limited enters into merger agreement with BVI-incorporated Timesway Group Limited

Pansoft Company Limited announced that it has entered into an agreement and plan of merger with Timesway Group Limited, a company incorporated under the law of the British Virgin Islands, and Genius Choice Capital Limited, its direct wholly-owned subsidiary also registered in the BVI. Both of them are companies limited by shares.

Timesway Group Limited intends to finance the merger and the other transactions contemplated by a bank loan raised in Hong Kong, China.

Pursuant to the agreement signed and in accordance with the BVI Companies Law, Genius Choice Capital Limited shall be merged with and into Pansoft Company Limited. Following the merger transaction, the BVI-registered Pansoft will continue as the surviving corporation. Also, under the terms of the agreement, each ordinary share of Pansoft, par value US$0.0059 per share, shall be cancelled in exchange for the right to receive an amount in cash equal to US$4.15 per share without interest. As of the effective time of the merger, all of the shares shall no longer be outstanding and shall automatically be cancelled.

The agreement and the merger contemplated in it have been approved by Pansoft's Board of Directors. Now the merger is subject to the approval by an affirmative vote of shareholders. If completed, the merger will result in Pansoft becoming a privately held company, its shares being delisted from the NASDAQ Capital Market.

Elray Resources acquires BVI-registered gaming company

Elray Resources Inc., the established gaming entity which owns and licenses Gaming Intellectual Property, Gaming Domains, Trademarks and Player Databases, has entered into an agreement to acquire all of the outstanding shares of Golden Match, an investment holding company incorporated in the British Virgin Islands. The agreement followed a letter of intent which was signed on March 22, 2012.

The principal business activity of Golden Match is to hold a profit share agreement with a VIP Room Gaming Promoter, under which the BVI company receives 80% of the profit stream. The Promoter is currently participating in the promotion of many major luxury VIP gaming facilities in Macau, which is the largest gaming market in the world.

With immediate effect upon signing the agreement, Mr. Lao Sio I. is appointed Chairman of the Board of Directors with Brian Goodman remaining as Chief Executive of Elray Resources. As Chairman, Mr. Lao Sio I. will be responsible for the future development and growth of Elray.

New Oriental Energy & Chemical Corp. acquires BVI company

New Oriental Energy & Chemical Corp. (NOEC), NASDAQ-listed company engaged in the manufacturing of chemicals, announced the completion of Share Exchange Agreement with Anothen Recycling Company, which is incorporated in the British Virgin Islands. Under the terms of the agreement, the BVI company has become a wholly-owned subsidiary of NOEC and the ongoing operations of the company are now those of the Anothen operating subsidiary, China-based company Tianjin Xingyang Package Co., Ltd. Effective with the closing of the transaction, BVI company subsidiary's founder, CEO and president Mr. Zhang Tongde has been appointed Chairman of the Board of NOEC.

Xingyang is one of leading waste paper recyclers and manufacturers of corrugated board in China. In 2011, the company experienced significant progress, in particular in the recycling business. Company's managers are optimistic about the future growth based on the number of factors, including the strong growth of the market in which the company is operating.