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Fuqi International entered into amendment to IP Transfer Agreement

Wednesday, July 28th, 2010

On July 13, 2010, it was announced that a British Virgin Islands-registered company Fuqi International Holdings Co., LTD., its parent company Fuqi International, Inc., based in Delaware, and Mr. Chujian Huang entered into an amendment  to the Intellectual Property Transfer Agreement signed on April 18, 2008.

The Intellectual Property Transfer Agreement was signed in 2008 in connection with Fuqi subsidiary’s acquisition of the intellectual property rignts related to Shanghai Tian Mei Jewelry Co. Ltd. and Beijing Yinzhong Tian Mei Jewelry Co. Ltd.

The purpose of the current amendment was to amend the formula underlying the performance targets of the original IP Transfer Agreement. The provisions of the amendment removed certain expenses including some corporate expenses, the valuation difference for the sold inventory items between the fair value on August 7, 2008 and the carrying value prior to Fuqi Subsidiary’s acquisition of the Temix Companies.

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AOL sells ICQ to BVI company

Monday, July 12th, 2010

On July 8, 2010 AOL  Inc. completed the sale of its instant messaging service ICQ to the Russian holding firm Digital Sky Technologies Limited, registered in the British Virgin Islands.  ICQ was sold for US $187.5 million in cash. The deal is subject to certain post-closing adjustments based on the amount of cash, working capital and indebtedness of the ICQ operations at closing.

AOL entered into a Securities Purchase agreement with BVI-based Digital Sky Technologies for the sale of its ICQ operations on April 28, 2010. The company is planning to use the money from this deal for buying media properties, paying some of its debt, or just covering some ad revenues.

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Indian air carrier brought down FDI to permitted level

Saturday, June 26th, 2010

Indian company Kingfisher Airlines brought down foreign stake from around 53% to 49%, – the percent that is within the prescribed foreign investment cap of 49% permitted in the airline business in India.  

A year ago, the Foreign Investment Promotion Board objected to the UBHL Group, which is controlling Kingfisher, in its proposal to raise Rs 708 crore by issuing fully convertible equity warrants to the British Virgin Islands-registered company FirStart Inc.
 
The reason was that this would raise FDI stake above 52%, while the maximum level prescribed is 49%. As a result, the company had to lower the FDI level within a specified period of time.

UB Group planned to use the money from the BVI company to invest in various ventures including Kingfisher Airlines, McDowell Holdings,and UB Electronics (in which it holds stakes), and Kingfisher Finvest and UB Infrastructure Projects (both wholly-owned).

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TuneWiki Ltd. received strategic investment from DOCOMO Capital

Friday, February 19th, 2010
TuneWiki  Ltd. (http://www.tunewiki.com/), BVI-incorporated provider of social media music players and related applications, announced that DOCOMO Capital, Inc. has made a strategic investment in the company in a supplemental closing to its previously announced Series B financing.
The investment of DOCOMO Capital, which is the corporate venture arm of NTT DOCOMO, Inc. (http://finance.yahoo.com/q?s=DCM), will help TuneWiki continue to build new products and expand its current offerings for mobile platforms and the Web. Using its patented technology, TuneWiki plans to launch a mobile game and significant feature upgrades to the TuneWiki social media player.
By words of Rani Cohen, CEO of TuneWiki, the BVI company was looking for strategic partners to help expand into new markets. He said that with the help of DOCOMO Capital, they can introduce lyrics to the majority of cell phone owners in Japan.
Also, TuneWiki announced the appointments of two executives: Lawrence Goldberg as chief executive operating officer and Michael Steiner as director of marketing.

TuneWiki  Ltd., BVI-incorporated provider of social media music players and related applications, announced that DOCOMO Capital, Inc. has made a strategic investment in the company in a supplemental closing to its previously announced Series B financing.

The investment of DOCOMO Capital, which is the corporate venture arm of NTT DOCOMO, Inc., will help TuneWiki continue to build new products and expand its current offerings for mobile platforms and the Web. Using its patented technology, TuneWiki plans to launch a mobile game and significant feature upgrades to the TuneWiki social media player.

By words of Rani Cohen, CEO of TuneWiki, the BVI company was looking for strategic partners to help expand into new markets. He said that with the help of DOCOMO Capital, they can introduce lyrics to the majority of cell phone owners in Japan.

Also, TuneWiki announced the appointments of two executives: Lawrence Goldberg as chief executive operating officer and Michael Steiner as director of marketing.

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