Archive for March, 2010

BVI-registered holding company announced financial results for the third quarter of 2010

Monday, March 8th, 2010
The British Virgin Islands-registered holding company Global-Tech Advanced Innovations Inc. (http://bvi-companies.blogspot.com/2009/03/global-tech-advanced-innovations-inc.html) reported its financial results for the fiscal quarter ended December 31, 2009, which is the company’s third quarter of fiscal 2010.
In the third quarter of the year, company’s net sales made $25.7 million – a 68.1% increase when compared to $15.3 million for the third quarter of 2009 (http://bvi-company-financials.bviincorporation.com/103/bvi-registered-holding-global-tech-advanced-innovations-reports-fiscal-results-for-q3-2009/). Net sales of electronic components increased approximately 37% in the third quarter of fiscal 2010, compared to the same quarter of the previous year. Also, in this period net revenues from telecommunication manufacturing services exceeded 10% of total revenues, compared to less than 3% of total revenues in the third quarter of the previous year.
Net income for the third quarter of the year was $0.7 million, or $0.24 per share, compared to a net loss of $1.8 million, or $0.57 per share, for the third quarter of fiscal 2009. Net sales for the nine months ended December 31, 2009 were $80.4 million, that is 13.7% more than in the same period of fiscal 2009. Net income for the first nine months of fiscal 2010 was $3.4 million, or $1.13 per share, compared to a net loss of $1.7 million, or $0.54 per share, for the first nine months of 2009.
By words of Global-Tech’s President and CEO John C.K. Sham, it is essential for the company “to continue to focus on the development of new products with higher profit margins and the further expansion of business.”

The British Virgin Islands-registered holding company Global-Tech Advanced Innovations Inc. reported its financial results for the fiscal quarter ended December 31, 2009, which is the company’s third quarter of fiscal 2010.

In the third quarter of the year, company’s net sales made $25.7 million – a 68.1% increase when compared to $15.3 million for the third quarter of 2009. Net sales of electronic components increased approximately 37% in the third quarter of fiscal 2010, compared to the same quarter of the previous year. Also, in this period net revenues from telecommunication manufacturing services exceeded 10% of total revenues, compared to less than 3% of total revenues in the third quarter of the previous year.

Net income for the third quarter of the year was $0.7 million, or $0.24 per share, compared to a net loss of $1.8 million, or $0.57 per share, for the third quarter of fiscal 2009. Net sales for the nine months ended December 31, 2009 were $80.4 million, that is 13.7% more than in the same period of fiscal 2009. Net income for the first nine months of fiscal 2010 was $3.4 million, or $1.13 per share, compared to a net loss of $1.7 million, or $0.54 per share, for the first nine months of 2009.

By words of Global-Tech’s President and CEO John C.K. Sham, it is essential for the company “to continue to focus on the development of new products with higher profit margins and the further expansion of business.”

OpenTV announced redemption of outstanding Class A ordinary shares

Monday, March 1st, 2010
In connection with the redemption, shareholders of OpenTV (http://finance.yahoo.com/q?s=optv) will be entitled to statutory dissent rights in accordance with the British Virgin Islands law.
A month ago, OpenTV was notified by the major shareholder and its subsidiaries of the intent to give written instructions directing the BVI company to redeem all of the Class A ordinary shares (http://bvi-company-financials.bviincorporation.com/216/opentv-to-receive-instructions-from-its-shareholder-on-sale-of-shares/) not owned by Kudelski SA. On February 19, 2010, the written instructions were delivered.
Also, in connection with the redemption, OpenTV has submitted a notice to the Nasdaq Stock Market informing of its intent to voluntarily delist its Class A ordinary shares from NASDAQ (http://www.nasdaq.com/) upon completion of the redemption.

OpenTV Corporation, British Virgin Islands-registered software and technology provider of advanced digital television solutions, made an announcement on February 24, 2010 about redeeming of all of its outstanding Class A ordinary shares, other than any such shares held by Kudelski SA and two of its affiliates, collectively holding more than 90 per cent of the company.

The BVI corporation is redeeming its Class A ordinary shares for $1.55 per share, without interest and less applicable withholding taxes. The redemption was completed on March 26, 2010.

In connection with the redemption, shareholders of OpenTV will be entitled to statutory dissent rights in accordance with the British Virgin Islands law.

A month ago, OpenTV was notified by the major shareholder and its subsidiaries of the intent to give written instructions directing the BVI company to redeem all of the Class A ordinary shares not owned by Kudelski SA. On February 19, 2010, the written instructions were delivered.

Also, in connection with the redemption, OpenTV has submitted a notice to the Nasdaq Stock Market informing of its intent to voluntarily delist its Class A ordinary shares from NASDAQ upon completion of the redemption.