BVI company to acquire NFC Data Inc.

Play LA Inc., publicly traded internet advertising and publishing company to the online and mobile gaming industry, incorporated in the British Virgin Islands, announced that it has entered into a Share Purchase Agreement with NFC Data Inc., the company that develops solutions and technologies using Near Field Communications (NFC). The transaction between the companies has the purpose of BVI company to exchange its shares and acquire the business and assets of NFC Data Inc. Play LA Inc. expects the acquisition transaction to close in the beginning of 2013.

NFC Data Inc. develops platform to enable the use of NFC, which is a standardized technology currently used worldwide for entry access, gaming, phone-to-phone data transfer, payment processing and interactive marketing, in high margin environments, such as toys, advertising, promotions, gaming and payments.

Yucheng Technologies announced meeting of shareholders to discuss merger transaction

Yucheng Technologies Limited, the British Virgin Islands company providing IT solutions to the financial services industry in China, has called an extraordinary general meeting of shareholders to be held on December 27, 2012, at Beijing Global Trade Center.

The purpose of the meeting is to consider and vote upon the proposal to approve the previously announced agreement and plan of merger dated August 13, 2012 between Yucheng Technologies, New Sihitech Limited, a British Virgin Islands business company wholly owned by Mr. Weidong Hong, chairman of the board of directors and chief executive officer of Yucheng Technologies, and New Sihitech Acquisition Limited, another BVI business company wholly owned by New Sihitech Limited.

Under the terms of the Merger Agreement, New Sihitech Acquisition Limited will be merged with and into Yucheng Technologies, which will continue as the surviving company after the merger. If completed, the proposed merger would result in Yucheng becoming a privately held company, and its shares will be delisted from NASDAQ.

Chinese holding corporation acquires BVI-based Pan-China Resources

MIE Holdings Corporation, an independent oil and gas company listed on the main board of Hong Kong Stock Exchange and engaged in the exploration and production of oil and gas in China, Kazakhstan and USA, announced that it has acquired the entire issued share capital of the British Virgin Islands-registered corporation Pan-China Resources Ltd. 

Pan-China Resources Ltd is a wholly-owned subsidiary of Sunwing Energy Limited. The principal business activity of the BVI company is oil and gas development and production operations in China.

In the last decade of November, MIE and Sunwing entered into a share purchase and sale agreement, pursuant to which MIE purchased all shares of the BVI company for a total price of US$45,000,000, subject to adjustments. By terms of the Agreement, the Adjusted Purchase Price shall be payable by the BVI company on closing date. An amount of US$5,000,000 will be held back for 180 days after the closing to secure Sunwing’s obligations under the Agreement.

Subject to all customary conditions, the closing shall take place one month after the signing of the Agreement between MIE and Sunwing Energy. Upon closing, the BVI company will become a wholly-owned subsidiary of MIE. If closing of the agreement does not occur within 180 days after the signing date as a result of MIE’s default, MIE shall pay Sunwing a break fee of US$1,250,000 as liquidated damages, and vice versa.