BVI-registered company Qiao Xing Universal Telephone, Inc., manufacturing and distributing telecommunications terminal products, operating in China, announced that on January 8, 2009 it was notified of the personnel of Grobstein Horwath & Company LLP (GHC) having joined with Crowe Horwath LLP, effective December 8, 2008.
As a result, GHC was resigned as the independent registered public accounting firm for the BVI company. Crowe was appointed by Qiao Xing as its new independent registered public accounting firm, and the decision to engage Crowe was approved by the board of directors on January 16, 2009.
China Gengsheng Minerals, Inc., China-based materials technology company making its main business through its BVI-domiciled subsidiary China Gengsheng Minerals Inc., announced on January 16 that it has renewed its full-service contracts for refractory products with two of its major customers for another year. Providing “full services” to China steel mills means refractory product installation, testing, maintenance, repair and replacement. In the last year, full-service customers contributed approximately 51% of the company’s total sales in 2008, compared with 38.3% in 2007.
Mr. Shunqing Zhang, Chairman and CEO of Gengsheng, said he was encouraged by the fact that they were able to renew the contracts with two of their biggest full-service customers, “at about the same price as last year’s”. He noticed that full-service contracts typically enjoy higher gross margins than straight product sales, also ensuring stable customer relations and regular monthly payments.
Chaarat Gold Holdings Ltd, the BVI-registered exploration company founded for the purpose of developing the Chaarat Licence Area and admitted to AIM on 8 November 2007, has announced additional drilling results of the year 2008, which have been received, and now are expected to be released in the beginning of 2009.
The Chaarat project is situated in the Middle of the Tien Shan Mountains of the Kyrgyz Republic, which form part of the Tien Shan gold belt. Company’s exploration programme is aimed at increasing confidence levels in this resource. During 2008, the BVI company carried out 14,000 meters of drilling, the results of the year 2008 have all been received and a revised resource statement is being prepared by SRK, and is expected to be released in the beginning of 2009.
It is expected that these drilling results, along with the other results, already published during 2008, will add significantly to the current resource of 3.14 million ounces and improve the average grade of the resource. The new drilling results will be incorporated into the updated resource estimate, which is to be published in the beginning of 2009.
China Gengsheng Minerals, Inc., a materials technology company working in China and making its business through the BVI-registered Gengsheng International Corporation and its wholly-owned Chinese subsidiaries, announced that one of them, Henan Gengsheng Refractories Co., Ltd., was granted the AAA credit rating by the Zhengzhou Enterprise Creditworthiness Evaluation Committee in Henan Province. The rating was approved by the Committee after reviews conducted by several municipal-level bureaus. So, the company is among the highest credit-rated enterprises in the region, where totally 16 received the AAA rating, 11 received AA, and 1 received A.
Chairman and CEO of the company, Mr. Shunqing Zhang, was granted the separate title of “Gongyi City’s Most Influential Person in the 30 Years of Opening & Reform” by the city of Gongyi in Henan Province, for stimulating the rapid growth of Gongyi’s economy and setting excellent examples of taking social responsibilities.
Also, on January 7 it was announced by China Gengsheng Minerals that its subsidiary Henan Gengsheng Refractories Co., Ltd. signed a $2.9 million short-term loan agreement with Zhengzhou City branch of the Industrial and Commercial Bank of China. This loan adds to $3.54 million contract with American distributor, signed by China Gengsheng Minerals last month.