Aubleauctions.com to close share exchange transaction with BVI-registered holding

February 5th, 2010

Ableauctions.com Inc., a company working as a high-tech liquidator and an online auction facilitator with more than 3 000 auctions experience, announced that the share exchange transaction with SinoCoking’s  British Virgin Islands holding company Top Favour Limited is to close on February 5, 2010.

Aubleauctions will file an amendment to its Articles of Incorporation, which will change its name to “SinoCoking Coal and Coke Chemical Industries, Inc.” and will effect a 1-for-20 reverse split of Aubleauctions’ common stock shares issued and outstanding. The amendment will be effective on the closing date; also, on that date, according to the share exchange agreement signed on July 17, 2009, Aubleauctions will issue 13,117,952 post reverse split shares of its common stock to the shareholders of Top Favour Limited in exchange for all of the issued and outstanding capital stock of the BVI company. On or immediately upon the closing date, the company will complete the initial closing of a private placement of its equity securities to certain private investors.

The BVI holding company Top Favour Limited controls Henan Province Pingdingshan Hongli Coal & Coke Co., Ltd., which is a coal and coal-coke producer in Henan Province of China.  Hongli conducts its operations through its wholly owned subsidiaries Baofeng Hongchang Coal Co., Ltd. and Baofeng Hongguang Environment Protection Electricity Generating Co., Ltd. (collectively referred to as “SinoCoking”). After the closing date, the principal business of Aubleauctions will be SinoCoking operations, which include coal production and coke manufacturing.

Ableauctions.com Inc. (http://finance.yahoo.com/q?s=AAC), a company working as a high-tech liquidator and an online auction facilitator with more than 3 000 auctions experience, announced that the share exchange transaction with SinoCoking’s  British Virgin Islands holding company Top Favour Limited is to close on February 5, 2010.Aubleauctions will file an amendment to its Articles of Incorporation, which will change its name to “SinoCoking Coal and Coke Chemical Industries, Inc.” and will effect a 1-for-20 reverse split of Aubleauctions’ common stock shares issued and outstanding. The amendment will be effective on the closing date; also, on that date, according to the share exchange agreement signed on July 17, 2009, Aubleauctions will issue 13,117,952 post reverse split shares of its common stock to the shareholders of Top Favour Limited in exchange for all of the issued and outstanding capital stock of the BVI company. On or immediately upon the closing date, the company will complete the initial closing of a private placement of its equity securities to certain private investors.The BVI holding company Top Favour Limited controls Henan Province Pingdingshan Hongli Coal & Coke Co., Ltd., which is a coal and coal-coke producer in Henan Province of China.  Hongli conducts its operations through its wholly owned subsidiaries Baofeng Hongchang Coal Co., Ltd. and Baofeng Hongguang Environment Protection Electricity Generating Co., Ltd. (collectively referred to as “SinoCoking”). After the closing date, the principal business of Aubleauctions will be SinoCoking operations, which include coal production and coke manufacturing.
Ableauctions.com Inc. (http://finance.yahoo.com/q?s=AAC), a company working as a high-tech liquidator and an online auction facilitator with more than 3 000 auctions experience, announced that the share exchange transaction with SinoCoking’s  British Virgin Islands holding company Top Favour Limited is to close on February 5, 2010.
Aubleauctions will file an amendment to its Articles of Incorporation, which will change its name to “SinoCoking Coal and Coke Chemical Industries, Inc.” and will effect a 1-for-20 reverse split of Aubleauctions’ common stock shares issued and outstanding. The amendment will be effective on the closing date; also, on that date, according to the share exchange agreement signed on July 17, 2009, Aubleauctions will issue 13,117,952 post reverse split shares of its common stock to the shareholders of Top Favour Limited in exchange for all of the issued and outstanding capital stock of the BVI company. On or immediately upon the closing date, the company will complete the initial closing of a private placement of its equity securities to certain private investors.
The BVI holding company Top Favour Limited controls Henan Province Pingdingshan Hongli Coal & Coke Co., Ltd., which is a coal and coal-coke producer in Henan Province of China.  Hongli conducts its operations through its wholly owned subsidiaries Baofeng Hongchang Coal Co., Ltd. and Baofeng Hongguang Environment Protection Electricity Generating Co., Ltd. (collectively referred to as “SinoCoking”). After the closing date, the principal business of Aubleauctions will be SinoCoking operations, which include coal production and coke manufacturing.

Posted in BVI company contracts, BVI company holdings, Share Exchange agreements | No Comments »

Yucheng Technologies reported financial results for Q4 and fiscal year 2009

January 30th, 2010

Yucheng Technologies Limited, the BVI-registered company providing IT and outsourced services to the Chinese banking industry, reported its financial results for the fourth quarter and fiscal year 2009. According to Chairman and CEO of Yucheng Weidong Hong, the year brought great achievements and challenges for the company, and the shifts in the banking industry were the reason for a revenue shortfall in the last quarter of 2009.

The banking environment changes in the fourth quarter of 2009 impacted the sales of the BVI company in this period. Company’s gross profit was $4.0mln as compared to $12.2mln in the fourth quarter of 2009, caused by the fall of revenues in the reported period. Sales, General and Administrative Expenses remained flat and were $7.8mln in Q4 2009 as compared to $7.5mln in the same period of 2008, – as a result of strict SG&A controls implemented in the third quarter of 2009.

In the fourth quarter of 2009, non-GAAP net income of the company was $-4.9mln, compared to $4.7mln in the same period of 2008, and net income on a GAAP basis was -$5.2mln, compared to $4.4mln in the fourth quarter of 2008. Company’s earnings per share (fully diluted) made USD-0.26 (non-GAAP) and USD -0.28 (GAAP), compared to USD 0.26 (non-GAAP) and USD 0.24 (GAAP) in the fourth quarter of 2008. Although expense controls gave positive effect on the fourth quarter financials, the costs related to unsigned contracts and lower revenues caused Yucheng to generate a loss.

By the end of 2009, cash position of Yucheng was $36.3mln, compared to $35.1mln for the same period last year. Total net revenues of the company for the year 2009 totaled $54.8mln, while in 2008 they were $54.8mln. Total assets in the end of the reported year were $130.54mln, compared to $136,27mln in 2008.

Posted in BVI company annual financial results | No Comments »

Blandings Capital Ltd published update on proposed transaction with the BVI company

January 22nd, 2010
Blandings Capital Limited (http://finance.yahoo.com/q?s=BDC-P.V), TSX-listed capital pool company incorporated in December 2006 and listed on the Exchange in October 2007, provided an update on proposed acquisition of all the outstanding shares of the British Virgin Islands company AMG Bioenergy Resources Holdings Ltd. AMG is working in China and other Asian markets in the area of bio fuel feedstock and biodiesel. It is anticipated that this will be Blandings’ qualifying transaction.
Also, Blandings has determined not to proceed with the proposed private placement of common shares which was intended to close concurrently with completion of the acquisition transaction. It has signed an amended and restated share exchange agreement with the BVI company. Pursuant to this agreement, signed on December 31, 2009, the date for closing of the acquisition has been extended to March 31, 2010.
Under the terms of the acquisition, Blandings will acquire from the shareholders of AMG the 15,000,000 of its common shares currently issued and outstanding, each share at a deemed value of $0.33, and will issue, subject to the approval of the exchange transaction, 25,000,000 Blandings common shares in exchange for each issued AMG common share.
Following the completion of the acquisition transaction, the Capital Pool Company will have 45,296,555 common shares outstanding. Blandings also currently has outstanding director and employee share options to acquire 812,500 common shares at a price of $0.10 per share.
The former shareholders of the BVI company and the current shareholders of Blandings will own approximately 72.96% and 27.04% respectively of the issued Blandings common shares.

Blandings Capital Limited, TSX-listed capital pool company incorporated in December 2006 and listed on the Exchange in October 2007, provided an update on proposed acquisition of all the outstanding shares of the British Virgin Islands company AMG Bioenergy Resources Holdings Ltd. AMG is working in China and other Asian markets in the area of bio fuel feedstock and biodiesel. It is anticipated that this will be Blandings’ qualifying transaction.

Also, Blandings has determined not to proceed with the proposed private placement of common shares which was intended to close concurrently with completion of the acquisition transaction. It has signed an amended and restated share exchange agreement with the BVI company. Pursuant to this agreement, signed on December 31, 2009, the date for closing of the acquisition has been extended to March 31, 2010.

Under the terms of the acquisition, Blandings will acquire from the shareholders of AMG the 15,000,000 of its common shares currently issued and outstanding, each share at a deemed value of $0.33, and will issue, subject to the approval of the exchange transaction, 25,000,000 Blandings common shares in exchange for each issued AMG common share.

Following the completion of the acquisition transaction, the Capital Pool Company will have 45,296,555 common shares outstanding. Blandings also currently has outstanding director and employee share options to acquire 812,500 common shares at a price of $0.10 per share.

The former shareholders of the BVI company and the current shareholders of Blandings will own approximately 72.96% and 27.04% respectively of the issued Blandings common shares.

Posted in BVI company contracts, Sales of shares | No Comments »

OpenTV to receive instructions from its shareholder on sale of shares

January 18th, 2010

Last week, the controlling shareholder of British Virgin Islands-registered OpenTV and some of its affiliates notified the company of their intent to give written instructions directing it to redeem all of the Class A ordinary shares that are not owned by Kudelski SA and its affiliates. This is permitted under the laws of the British Virgin Islands, where OpenTV is incorporated.

The BVI corporation has already filed the preliminary redemption notice/transaction statement with the Securities and Exchange Commission relating to the proposed sale of shares. Kudelski SA, which together with its affiliates is the owner of more than 90 per cent of OpenTV, anticipates giving definitive written as the SEC has completed its review of the statements. Upon receipt of definitive written instructions, the board of directors of OpenTV will distribute a definitive redemption notice/transaction statement to its shareholders setting forth the redemption date and the redemption price, as required by the laws of the British Virgin Islands.

BVI company’s shareholder also said that it expects that the definitive written instructions will include a recommendation that OpenTV redeem the class A ordinary shares for $1.55 per share.

Currently, Kudelski is the owner of 13.4 per cent of OpenTV’s Class A shares.

Posted in Sales of shares | No Comments »

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