Florida corporation SinoCoking Coal and Coke Chemical Industries, Inc., making its operations through BVI- and Chinese subsidiaries, annnounced that it received NASDAQ approval to list its shares on the NASDAQ Capital Market. SinoCoking’s common stock will continue to trade under the same symbol. Trading on the NASDAQ Capital Market is expected to commence on February 18, 2010.
The corporation, previously known as Ableauctions.com, Inc, received the new name upon the completion of the share exchange transaction with SinoCoking’s subsidiary, British Virgin Islands-registered Top Favour Limited.
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.
Origin Agritech Limited, a technology-focused supplier of hybrid and genetically modified crop seeds in China, incorporated in BVI, announced the unaudited financial results for the first quarter of fiscal year, ended December 31, 2009. The company reported the increase of deferred revenues by 24.8%.
For the first quarter of the year, BVI company’s revenues made US$5.65 million, a 31.5% decrease from US$8.24 million reported for the first quarter of the last year. The revenues were mainly from the sales of higher margin canola seed products for the quarter period. Gross profit for the three-months ended December 31, 2009 was US$3.01 million – this is a 33.6% increase from US$2.25 million reported for the same period of the prior year. Gross margins for this quarter were 53.3% versus 47.9% for the canola seed sales for Q109 (exclusive of scrap sales).
Origin Agritech reported total operating expenses for the period in the amount of US$5.71 million, compared to US$5.85 million reported for the same period of 2008. Selling and marketing expenses decreased by 20.8% and were US$1.53 million in the first quarter of 2010, compared to US$1.94 million for the same period of the last year. There was a 14.0% increase of general and administrative expenses, which made US$2.99 million against US$2.62 million for the three months ended December 31, 2008. The company noted that differences in operating expenses just represent small variations year over year, and the expenses are expected to be relatively flat annually, across all operating expenses and within each separate category.
Operating loss for the first quarter period was US$2.69 million, compared with an operating loss of US$3.59 million for the same period of 2008. Net loss for the first quarter was US$1.98 million, or US$0.09 per diluted share, while in the first quarter of the last year it was US$2.87 million, or US$0.13 per diluted share.
Motorola, Inc., through its global, strategic equity investment arm Motorola Ventures, announced a strategic investment in TuneWiki Ltd., the British Virgin Islands-incorporated provider of next generation social media music players and related applications. Motorola as leading investor was joined by new investors Intellect Capital Ventures, which is a venture fund initiative of the leading Nordic Telecommunications operator TeliaSonera, as well as HillsVen Capital, LLC and Novel TMT. TuneWiki’s previous venture capital investor, Benchmark Israel, also took part.
TuneWiki plans to use the investment to expand and enhance its product offerings for developing Internet and mobile platforms. The company will take advantage of platform capabilities and new features found in recently released smartphones, – including stronger CPUs, always-connected capabilities, larger displays and high-resolution screens.
Rani Cohen, CEO of TuneWiki, has commented on the investment, saying: “Teaming up with a global company like Motorola is very exciting for us, … we are passionate about connecting people through music, and having our applications running in many countries with different languages will allow our users to explore the world of music and better understand its meaning as part of a vibrant and engaged community.”
Motorola Ventures focuses on “new-idea” companies and opportunities that complement the business strategy of Motorola, the company known around the world for innovation in communications and focused on advancing the way the world connects. TuneWiki, incorporated under the law of the British Virgin Islands, is an internationally award-winning social media music player. The company was founded in 2007 and has offices in LA, California, Bellbrook, Ohio, and Tel Aviv, Israel.