Monthly Archives: July 2010

Fuqi International entered into amendment to IP Transfer Agreement

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.

CIC Energy Corp. reported three and six month financial results

CIC Energy Corp., a British Virgin Islands corporation operating coal properties located in South Africa, reported financial results for the three and six month periods ended May 31, 2010. For the second quarter of 2010, the company reported net loss of $2.2 million, or $0.04 per share (basic and diluted), compared to a net loss of $2.12 million reported in the second quarter of 2009.

For the six month period ended May 31, 2010, the BVI corporation reported net loss of $5.47 million, or $0.10 per share (basic and diluted). For the same period of 2009, net loss was $1.96 million. According to the company’s report, the increase of net loss for the three and six month periods of 2010 is mainly attributable to the reduced interest  received on cash and cash equivalents and the reduction of profit on foreign exchange.

At May 31, 2010, capital expenditure on exploration properties of CIC Energy amounted to $167 million, capital exploration costs totaling $6 million.

China Cablecom announced Q1 2010 financial results

BVI-registered company China Cablecom Holdings Ltd. announced its unaudited financial results for the first quarter of the year ended March 31, 2010. In the reported period, consolidated revenues of the company were US$13.4 million, compared to US$10 million in the first quarter of the previous year. Consolidated operating expenses were US$5.6 million, compared to US$5.8 million in the first quarter of 2009.

Net loss attributable to ordinary shareholders for the first quarter of 2010 was US$2.3 million, or $0.48 per share (basic and diluted) – compared to net loss attributable to ordinary shareholders of US$5.6 million, or $1.74 per share in the same period of 2009. The net loss in Q1 2010 was impacted by non-cash amortization of intangible assets which were acquired in connection with company’s acquisition of Binzhou Broadcasting and Hubei.

It is estimated by the BVI company that its total consolidated revenues for the full year of 2010 would be between US$50-55 million.

The Founder and Executive Chairman of China Cablecom, Clive Ng, said that they are pleased with reporting a strong quarter. He added that the performance of both operations in Binzhou and Hubei have exceeded the expectations and delivered significant growth in company’s results.

AOL sells ICQ to BVI company

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.