Mr. Li Feilie, the Chairman of China Natural Resources, commented on the results of the company: “Identifying undervalued assets and pursuing growth through acquisition and consolidation of small to medium sized coal mines in Guizhou province of mainland China are our competitive edges. We intend to take advantage of the coal mine consolidation opportunity in Guizhou province this year and the year ahead. In view of the continuing economic growth in mainland China, we believe that demand for coal will continue to be robust in the foreseeable future. We are positive about the prospects of the coal mining industry in mainland China.”

For the reported period, company’s net sales were US$44.2 million, an increase of approximately 81% – compared to US$24.4 million for the same quarter in fiscal 2011. Net income for the third quarter of fiscal 2012 was US$3.3 million, or US$1.09 per share, as compared to a net loss of US$1.5 million, or US$0.48 per share, in the third quarter of fiscal 2011.

For the nine months ended December 31 2011, net sales of the BVI company were US$103.1 million, up approximately 37% when compared to US$75.2 million in the corresponding nine-month period in fiscal 2011. In the first nine months of fiscal 2012, net sales of home appliances, electronic components and EMS revenues increased approximately 60%, 25% and 5%, respectively, compared to the corresponding period in fiscal 2011. Net income for the first nine months of fiscal 2012 was US$2.9 million, or US$0.97 per share, compared to a net loss of US$1.5 million, or US$0.51 per share, for the same period of fiscal 2011.

In 2011, Orca Exploration’s revenues were US$45.9 million – an increase by 18% as compared to US$38.8 million in 2010. The 2011 revenue increase was limited by the fact that brought forward costs had been recovered in the first half of 2011. This reduced the percentage of net revenue. BVI company’s total cost recovery share will rise in 2012 as the funds were invested by Orca in the current drilling programme.

The company finished the year with cash of US$34.7 million and no debt. The revenue growth was fuelled by Additional Gas sales in 2011 which were made possible by an infrastructure system re-rating.

Capitalized project costs are US$165,601,367 , with capitalized project costs for the quarter ended February 29, 2012 totaling US$779,162. CIC Energy has a current treasury of approximately CDN$17.3 million and has 58,012,127 shares outstanding and 75,958,575 shares fully diluted including 13,061,448 warrants which have not vested.

West Face is entitled to receive maintenance fee equal to 1 per cent of the outstanding principal amount of the Loan Notes 180 days from issue date and at maturity. The company has paid a US$1 million fee to a third party in connection with the transaction.

The funds raised by the issue of these Loan Notes strengthen the company’s balance sheet and provide additional contingency funding during the important Phase 1A work programme on the Bentley field. The funds will be used for the Company’s working capital requirements and general corporate purposes.

Following completion of the private placement, Vitol holds 9.1% of the issued common shares of the BVI company.

Additionally, agreement has also been entered into whereby CIC Energy Corp. will use Vitol’s extensive coal marketing expertise. The terms of this agreement give the Vitol Group the right to market 60% of any future export coal from the Mmamabula Coal Field in Botswana.

The Vitol Group is the largest independent energy trader in the world, having six regional centres and 23 additional offices in different countries, working in the business of extracting, buying, selling, transporting and shipping products such as coal, gasoline, diesel, LPG, LNG, fuel oil and biofuels. In January 2012, the Vitol Group acquired 35% interest in the company which holds the concession for the de Carvão da Matola Terminal from Grindrod Limited, the Johannesburg Stock Exchange listed logistics company.

Greg Kinross, President of CIC Energy, said in his comments to this deal: “This financing strengthens our ability to continue development of our key projects well into the future… Furthermore, Vitol’s ownership interest in the Matola Coal Terminal in Mozambique and their experience in trading and logistics is strategically attractive to us, especially given the positive developments we are seeing in South Africa by Transnet to increase export rail capacity from the Waterberg coal field, which is contiguous with and adjoins the Mmamabula Coal Field on the Botswana side of the border. This could provide CIC Energy with the opportunity to export coal sooner than we had anticipated.”

The net asset value, reported by the BVI company, was 4.23 pence per share as of 31 December 2011. Also, in this period Polo Resources made new investment of US$16.5 million to acquire 100 per cent interest in Sierra Leone gold project – Nimini Holdings Limited. By the end of February 2012, Polo Resources had invested a further US$1 million to fund further drilling and exploration bringing the total investment to US$19 million. The company also made new investment in the amount of US$12 million in Signet Petroleum Ltd. – the company exploring oil and gas concessions in Africa.

Net profit of the BVI company made US$8.74, compared to net profit of US$63.45 million in the comparative period – resulted from the disposal of Polo’s interest in Extract Resources Limited.

Gross profit for the three-months period ended December 31, 2011 was US$1.7 million, compared to US$1.3 million in the three months ended December 31, 2010. Gross margins for the first quarter of 2011 were 40 per cent, as compared to 50 per cent for the first quarter of the previous year.

For the reported period, total operating expenses of the BVI company were US$7.1 million, compared with US$5.9 million reported for the first quarter of 2010. Selling and marketing expenses were US$2.9 million, – this is 70.8% increase from US$1.6 million for the same period of the last year. In the first quartere ended December 31, 2011, general and administrative expenses were US$3.1 million, decreased by 4.4% from US$3.1 million for the three months ended December 31, 2010. The reasearch and development expenses decreased to US$1.2 million this quarter, from US$1.9 million for the same quarter last year.

Operating loss for the first quarter of fiscal year 2012 was US$5.3 million, compared with an operating loss of US$4.6 million for the same period in fiscal 2011. Net loss for the first quarter of fiscal year 2012 was US$5.5 million, or US$0.23 per share, as compared to a net loss of US$3.3 million, or US$0.14 per share in the same period last year.

The engagement of the new independent auditors will commence with the review of BVI company’s financial results for the fiscal year ending March 31, 2012. The company anticipates that the transition from BDO Limited to Mazars will not result in any delays in its periodic filings with SEC.

Global-Tech President and Chief Executive Officer John C.K. Sham said in his comments: “We are grateful to BDO Limited for their hard work and professionalism and have truly enjoyed working with them” … “After a careful review process, we are pleased to have selected Mazars to serve as the Company’s new independent auditors and look forward to our new relationship with them.”

Also, net loss for the three months and net income for the twelve months period included interest income of US$0.6 million and US$2.7 million, respectively, and exchange gain of US$4.8 million and US$8.2 million, respectively. Net loss for the three months and net income for the twelve months included a deferred tax expense of US$1.7 million and a deferred tax credit of US$0.4 million.

Net sales in the fourth quarter of 2011 were US$145.3 million, down 12.7% from net sales of US$166.5 million in the same quarter of 2010. Gross profit of US$2.3 million decreased by 83.8% from US$14.2 million in the same quarter of that year. Gross profit margin in the fourth quarter of 2011 decreased to 1.6%, down from 8.5% in the same quarter of 2010.

For the year ended December 31, 2011, net sales of Nam Tai Electronics were US$602.3 million. The company’s gross profit margin was 4.7% as compared to 9.6% for the year 2010. Gross profit was US$28.1 million, down 45.2% as compared to US$51.3 million last year. Operating loss for 2011 was US$11.5 million, compared to operating income of US$14.8 million last year. Company’s net income for 2011 was US$0.5 million, or $0.01 per share (diluted), as compared to net income of US$15 million, or US$0.33 per share in the year 2010.