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TTCM - TTCM China, Inc. Updates the Company Status in Interview at Wallst.net
2006-12-13 09:22 ET - News Release
MOUNTAIN VIEW, CA -- (MARKET WIRE) -- 12/13/06
TTCM China, Inc. (PINKSHEETS: TTCH) announced today that the Company was featured in an interview with Wallst.net, a Financial Media Group, Inc. company, on December 7, 2006. Mr. Won-Gil Choe, president of TTCM China, Inc., gave an interview to update the current status of the company. Details of the interview are available at: www.wallst.net, and further details of TTCM China are available at the company profile on the InvestSource Communications website at: www.investsourceinc.com and at www.ttcmchina.com.
In the interview, Mr. Choe discussed the background of TTCM China's business and recent developments stemming from the company's strategic focus on not only Northern China but also the more rapidly growing Southern and Southeastern regions of the country. Founded in 1995 in Tianjin, China, TTCM's core business is manufacturing and installing glass-reinforced composite high pressure fiber plastic pipes, in diameters ranging of 4.6 feet to 11.8 feet, including fittings and related parts. The company has developed a proprietary manufacturing process based on micro-emulsification technology that was developed at Harbin Industrial University that produces products with strength to weight ratios at 1/4 the weight of equivalent metal products and 1/8 that of equivalent concrete products.
Mr. Choe explained that with the sustained economic growth and industrialization of the world's most populous country, tremendous strain has been placed on the country's infrastructure, especially in water delivery, sewers and flood control systems where the company's products are needed. He pointed out the growing demand for TTCM's products, and also highlighted some of the company's latest successes, such as the recently announced $12.9 million dollar order, adding to TTCM China's already impressive backlog of orders exceeding $24.5 million as of December 31, 2005. More information on the company is available at: www.ttcmchina.com.
Safe Harbor Statement:
Except for historical information contained herein, the matters set forth above may be forward-looking statements that involve certain risks and uncertainties that could cause actual results to differ from those in the forward-looking statements. Words such as "anticipate," "believe," "estimate," "expect," "intend" and similar expressions, as they relate to the Company or its management, identify forward-looking statements. Such forward-looking statements are based on the current beliefs of management, as well as assumptions made by and information currently available to management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors such as the level of business and consumer spending, the amount of sales of the Company's products, the competitive environment within the industry, the ability of the Company to continue to expand its operations, the level of costs incurred in connection with the Company's expansion efforts, economic conditions in the industry and the financial strength of the Company's customers and suppliers. The Company does not undertake any obligation to update such forward-looking statements. Investors are also directed to consider all other risks and uncertainties. The accuracy and timeliness of such data and information, including issues of translation and currency conversion, can be subject to further review and research in order to conform to the generally accepted financial practices in U.S. The Company's entire operation is in China where certain political and economic policies of the government and certain natural disasters might affect the outcome of the envisioned business.
Contact:
TTCM China, Inc.
2680 Bayshore Pkwy, Suite 307
Mountain View, CA 94043
Tel. 650 960 1155
Fax 650 960 1133
InvestSource, Inc.
Tel 866 427 2196
7451 Warner Ave. Suite E# 342
Huntington Beach, CA 92647
Email Contact
TTEN - Ten & 10, Inc. to Provide Value Added Services to China's Mobile Guangzhou Division
2006-12-13 09:00 ET - News Release
WASHINGTON, DC -- (MARKET WIRE) -- 12/13/06
Ten & 10, Inc. (PINKSHEETS: TTEN) announced today a key development which will enable them to provide Value Added Services to the 55 million wireless subscribers of China Mobile's Guangzhou Division through its joint venture with IEC. China Mobile is the largest telecommunications provider in China, and the largest among all the overseas listed Chinese companies on the Hong Kong and New York Stock Exchanges.
As of September 30, 2006, China Mobile reported more than 287 million subscribers and total revenue of $2,126.91 billion RMB Yuan (or approximately $272 billion USD). In the Guangdong Province, served by the Guangzhou Division, there is an estimated 90 million residences. China Mobile provides services to approximately 55 million subscribers within that Province alone.
"The wireless communications industry in China is the largest wireless consumer market in the world. China Mobile is estimated to have over 240 million customers, being the largest telecom carrier in Asia. Our ability to provide value added services to mobile users in this Province and hopefully expand to other markets has the potential to significantly increase revenue and improve shareholder value for both companies. As we are able to secure the financing needed to complete these transactions, it will allow us to seize similar opportunities in China," stated George Csatary, CFO of Ten & 10.
Value Added Services (VAS) includes services such as interactive gaming, video and ring tones, short message services and other convenient services that can be used and/or delivered via cell phones, PDAs and other mobile and wireless devices. VAS is provided over a basic landline or wireless telecommunications network.
This access to a retail relationship with China Mobile comes by way of the executed joint venture that Ten & 10 has with IEC and a relationship that IEC has with one of the world leading providers of telecommunications equipment and other services to mobile and fixed network operators globally. Last year IEC reported $2.3 million total sales and $256,948 in net profits according to its audited financial statements. Ten & 10 and IEC collectively intends on producing, gathering and supplying value added telecommunications services globally. This venture and opportunity is expected to significantly increase IEC's revenue and Ten & 10 is projecting that it can generate $100 million in net revenue over the next 10 years as it is able to secure financing.
"SAFE HARBOR" STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995:
The statements contained in this release which are not historical facts are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by forward-looking statements. These risks and uncertainties include the Company's entry into new commercial businesses, the risk of obtaining financing, recruiting and retaining qualified personnel, and other risks described in the Company's Securities and Exchange Commission filings.
Contact:
Jack Eversull
Investor Relations
The Eversull Group
Email Contact
972-991-1672 (office)
972-991-7359 (fax)
Barbara Manui
Investor Relations
Blue Future
P.O. Box 286392
New York, NY 10128
Email Contact
212-423-0407
Today's Fortune: "Beauty is in the heart of the beholder."
FEEC - Far East Energy Urges Vote for Board's Nominees to Help Assure Future of Stockholders' Investment
2006-12-12 17:16 ET - News Release
HOUSTON, Dec. 12 /PRNewswire-FirstCall/ -- Far East Energy Corporation said today that it has posted a letter to stockholders urging stockholders to vote for its Board nominees. In the letter, CEO and President Michael R. McElwrath said, "A vote for your Board of Director's nominees can help assure the future of your investment."
McElwrath also said that, "We need your vote to ensure that we move forward with no disruption to our drilling programs or to our critical relationships in China and the Chinese energy industry."
The full text of the letter follows:
December 12, 2006
Dear Valued Stockholder:
On behalf of your Board of Directors, we urge you to vote the WHITE proxy card today. With the Annual Meeting of Stockholders to be held on December 15, your vote is very important. A vote for your Board of Director's nominees can help assure the future of your investment. Drilling will be accelerated based upon what we believe is the strong potential of our high gas/high perm area. The complex engineering entailed demands the experience of our Board nominees who have actually delivered on hundreds of gas projects in their careers.
We need your vote to ensure that we move forward with no disruption to our drilling program or to our critical relationships in China and the Chinese energy industry.
Remember, your Board is aligned with you, the stockholder. The independent members of your Board of Directors do not receive any cash compensation. None. Their compensation consists only of options -- which were granted at a $2.00 strike price.
The Board and your management team have the interests of all stockholders at heart. Now contrast that with the nominees of the Sofaer Group. Three of their four nominees do not own a single share of common stock in their own name. The 14.2% ownership cited in their recent statements is tied directly to the ownership of the voting block represented by the Sofaer Group. Yet the Sofaer Group, owning only 14.2%, is seeking control of your entire company. That, to us, exposes the work of a self-interested hedge fund, looking out for their interests only.
Our nominees are overwhelmingly independent, unlike those of Sofaer.
The Sofaer Group has once again tried to mislead you. In fact, our total drilling expenditures over the last year were significantly higher than the previous year. In a desperate attempt to show we cut back on drilling, they ignored the costs that were capitalized in accordance with generally accepted accounting principles. Those costs increased 54.6% compared to similar costs in the previous year.
We are proud of our record and we are excited about our discovery of an area of high permeability coupled with high gas content. And as we continue to move forward in our drilling and the dewatering process, we believe that we will build both near and long-term stockholder value.
We urge you to vote TODAY.
You may be able to vote by Internet or telephone. Please review your WHITE proxy card to see if those means are available. If so, this is the best way to ensure that your vote is received in time to be counted at the meeting. Please follow the instructions to vote FOR your Board's nominees at the December 15, 2006 Annual Meeting of Stockholders.
Otherwise, please sign, date and return the WHITE proxy card FOR your Board's nominees as soon as possible.
If you have any questions, or would like assistance in voting your shares, please contact the company that is helping us with this most important election, Innisfree M&A Incorporated, at 1.877.456.3442 or for international calls + 412.232.3651.
Thank you for your support.
Sincerely,
Michael R. McElwrath
President and CEO
Far East Energy Corporation encourages all stockholders to visit their Web site www.VoteFarEastEnergy.com to learn more about Far East Energy Corporation's nominees and their plan to build stockholder value.
About Far East Energy
Based in Houston, Texas, with offices in Beijing, Kunming, and Taiyuan City, China, Far East Energy Corporation is focused on the acquisition of, and exploration for, coalbed methane in China through its agreements with ConocoPhillips and China United Coalbed Methane Corp. Ltd. (CUCBM).
Statements contained in this press release that state the intentions, hopes, beliefs, anticipations, expectations or predictions of the future of Far East Energy Corporation and its management are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. It is important to note that any such forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties. Actual results could differ materially from those projected in such forward-looking statements. Factors that could cause actual results to differ materially from those projected in such forward-looking statements include: the preliminary nature of well data, including permeability and gas content, and commercial viability of the wells; risk and uncertainties associated with exploration, development and production of oil and gas; drilling and production risks; our lack of operating history; limited and potentially inadequate cash resources; expropriation and other risks associated with foreign operations; anticipated pipeline construction and transportation of gas; matters affecting the oil and gas industry generally; lack of availability of oil and gas field goods and services; environmental risks; changes in laws or regulations affecting our operations, as well as other risks described in our Annual Report on Form 10- K, Quarterly Reports filed on Form 10-Q, and subsequent filings with the Securities and Exchange Commission.
Far East Energy Corporation
CONTACT: Bill Conboy, Vice President of CTA Integrated Communications,
Bill@ctaintegrated.com, +1-303-665-4200
Web site: http://www.VoteFarEastEnergy.com/
TTEN - Ten & 10, Inc. Updates Investment Community in All New Interview With WallSt.Net
2006-12-12 15:56 ET - News Release
WASHINGTON, DC -- (MARKET WIRE) -- 12/12/06
The Ten & 10, Inc. (PINKSHEETS: TTEN) Senior Management and Key Specialist team provided updates on their due diligence trip to China in an all new interview with http://wallst.net on December 11, 2006. The interview highlights Ten & 10's access to provide value added mobile services to 55 million subscribers of China Mobile's Guangzhou Division. The on demand interview will be available for download on December 13, 2006 at http://wallst.net.
"SAFE HARBOR" STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995:
The statements contained in this release which are not historical facts are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by forward-looking statements. These risks and uncertainties include the Company's entry into new commercial businesses, the risk of obtaining financing, recruiting and retaining qualified personnel, and other risks described in the Company's Securities and Exchange Commission filings.
Contact:
Jack Eversull
Investor Relations
The Eversull Group
Email Contact: Email Contact
972-991-1672 (office)
972-991-7359 (fax)
Barbara Manui
Investor Relations
Blue Future
P.O. Box 286392
New York, NY 10128
Email Contact: Email Contact
212-423-0407
JC4 must have had a fortune cookie.
http://www.investorshub.com/boards/read_msg.asp?message_id=15499805
EDLT - East Delta Continues Production Readiness Upgrade At Huaqiao Gold Property
2006-12-12 13:00 ET - News Release
MONTREAL, Dec. 12, 2006 (PRIME NEWSWIRE) -- East Delta Resources Corp. (OTCBB:EDLT) (Frankfurt:EJK) is pleased to announce an interim progress report for the upgrade of the production infrastructure at the Huaqiao (pronounced wha-chow) gold property. The property is located within the Hunan-Guizhou gold belt in Southwest China and covers an area of approximately 0.7km2. It presently has seven known gold-bearing quartz vein zones, specified as M1-M6 and Fx, all of which occur in different strata and have different type and characteristics of mineralization.
East Delta, through its Chinese subsidiary Guiyang High Tech Meiya Investment (Meiya), has committed to invest a minimum of US$500,000 to rehabilitate and upgrade existing onsite production facilities in preparation for bringing the Huaqiao property back into production at the daily throughput rate of 100 to 150 tons of ore per day.
To accomplish the work plan, Meiya has engaged an experienced local mining facility contractor, the Henan Metallurgical Group, to complete the necessary onsite rehabilitation and upgrades. In addition, Henan has been contracted to supply materials and equipment for the construction and outfitting of an assay laboratory allowing for on-site mineralization evaluation. East Delta estimates that all work required in bringing Huaqiao to a production ready level will be completed by late January 2007.
Mr. Victor Sun, CEO of East Delta stated, "We are extremely excited about completing the work program at Huaqiao and getting this historically proven gold property back into production. This mine has been in production for over ten years and once the current upgrade work is completed, we expect to see immediate cash flow which we will be utilizing to expand the resource base and continue to modernize mining operations."
The Company
East Delta Resources Corp. is a publicly traded Delaware corporation, headquartered in Montreal, Quebec, whose primary activity is in mine development and production of gold, and through various subsidiaries also participates in other mineral exploration and mining, specifically, silver, nickel, zinc and lead.
The geographic focus of the Company is China. With funding for current needs in place, majority interest in several highly-prospective properties, experienced personnel, and an extensive network of contacts in China, the Companies are on-track in implementing their business plans and objectives.
Safe Harbor
Certain statements contained herein are "forward-looking" statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements.
CONTACT: East Delta Resources Corp.
(450) 786-1296
www.eastdelta.ca
TNRO - Terra Nostra Announces Filing of Audited Financial Statements for Copper Joint Venture
2006-12-12 12:58 ET - News Release
LOS ANGELES, Dec. 12 /PRNewswire-FirstCall/ -- Terra Nostra Resources Corporation , www.tnr-corp.com, is pleased to announce the filing last week with the US Securities and Exchange Commission the audited financial statements for Shandong Terra-Nostra Jinpeng Metallurgical Co. Ltd., a Chinese copper processing company of which Terra Nostra is the 51% joint venture owner.
This milestone event marks the formal completion of the legal and accounting activities concerning the acquisition of Shandong Jinpeng, and provides a clear indication of the revenue and profit potential for Shandong Jinpeng, a well established company operating in the strategically important copper processing industry in the fast growing Shandong province in China.
In the fiscal year ending May 31 2006, Shandong Jinpeng earned revenues of US$101 million, with a comprehensive net income of $10.7 million, yielding a 10.6% net margin. The gross profit margin was 19.5% for the year.
These revenue figures were based on the plant operating at approximately half of its design capacity of 30,000 metric tonnes (MT) of electrolytic copper and 20,000 MT of low oxygen copper. Terra Nostra's Chief Operating Officer, George Chua, comments, "It is worth noting that the market price for electrolytic copper is presently nearly double the average price observed for the prior fiscal year, with last week's spot price on the Shanghai Futures Exchange being over US$8,300 per MT.
Mr. Chua adds, "With an additional 140,000 MT of cathode copper capacity expected to be added to the production capacity of Shandong Jinpeng in 2007, the prospects for a substantial growth in revenues are very promising."
About Terra Nostra Resources Corporation
Terra Nostra owns a 51% interest in Shandong Quanxin Stainless Steel Co. Ltd., a state-of-the-art stainless steel production facility that commenced operations in 2006 with the startup of a 180,000 MT casting mill. A 150,000 MT strip rolling line is presently undergoing trial production runs. The Company is also emerging as a leading copper producer in China through its 51% interest in Shandong Terra Nostra Jinpeng Metallurgical Co. Ltd., having existing and under construction production capacity of 170,000 MT of electrolytic copper, 20,000 MT of low-oxygen copper, and value-added copper rods and wire facilities. Both joint venture companies are located in the highly industrialized coastal province of Shandong, China. Terra Nostra is presently in the process of raising approximately $50 million in new equity, to be used to complete the remaining $25 million capital contribution to Shandong Jinpeng, and with the remainder to be used as operating capital. More information on the company can be found at www.tnr-corp.com.
Investor Relations: 1-866-626-0088
Forward Looking Statements
Except for the historical information contained herein, the matters set forth in this press release, including statements with respect to expectations concerning (i) projects underway or under consideration, including production capacity and completion schedules; (ii) business and future potential of Terra Nostra Resources Corporation ("TNR"); (iii) estimates or implications of future earnings, and the sensitivity of earnings to metals prices; (iv) estimates of future metals production and sales; (v) estimates of future cash flows, and the sensitivity of cash flows to the other metals and ore costs as well as, but not limited to, fluctuations in fuel prices, scrap prices, and the availability of both, are all forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995.. Further risks, uncertainties and other factors, which affect the forward-looking statements included herein, and could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements include, but are not limited to, completion of TNR's capital contributions to the joint venture companies, working capital financing, metals price volatility, competition for projects, reserve acquisition costs, currency fluctuations, international economic uncertainty, sovereign risk, force majeure, changes in tax law or concession law, project scheduling delays, labor disputes, increased production costs and variances in ore grade, scrap grade or recovery rates from those assumed in production plans, political and operational risks in the countries in which TNR may operate and governmental regulation and judicial outcomes, and other risks detailed from time to time in TNR's filings with the Securities and Exchange Commission, including its Quarterly Report on Form 10-Q for the quarter ended August, 2006. Copies of each filing may be obtained from TNR or the SEC. Furthermore, metals operation, by their very nature, entail cyclical, sectoral, and commodity risk and could expose an investor to the entire loss of all capital invested. TNR does not undertake any obligation to publicly release any revisions to any forward-looking statements to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.
Terra Nostra Resources Corporation
CONTACT: Investor Relations: 1-866-626-0088
Web site: http://www.tnr-corp.com/
PACT - PacificNet Games to Deliver Multi-Player Electronic Gaming Machines to Casino Lisboa - One of the Most Famous Casinos in Macau
2006-12-12 11:56 ET - News Release
BEIJING, Dec. 12 /Xinhua-PRNewswire/ -- PacificNet Inc. , a leading provider of Customer Relationship Management (CRM), mobile internet, e-commerce and gaming technology in China, announced today that its PacificNet Games Limited (PacGames) subsidiary has been selected by Casino Lisboa, one of Macau's leading and most historic casinos, to provide multi-player Electronic Gaming Machines (EGM). Phase one implementation includes 120 multi-player electronic gaming machines. Terms of the agreement were not disclosed for competitive reasons.
Casino Lisboa is one of the most famous casinos in Macau, People's Republic of China. The original Casino Lisboa main complex and 12 story round hotel tower were built in the late 1960s by Dr. Stanley Ho, Teddy Yip, Yip Hon and Dr. Henry Fok. Since then, Macau has grown considerably, often being called the "Monte Carlo of the Orient". Casino Lisboa has become an icon as one of the most famous landmark hotels of Macau. A 270 room extension was added in 1991 for a total of 927 rooms. Currently, another extension, called the Grand Lisboa, is under construction and is located next to the original Casino Lisboa and the Wynn Casino. Casino Lisboa is now operating under Macau's gaming concessions granted under Sociedade de Jogos de Macau (SJM), which is a leading gaming concessionaire in Macau controlled by Dr. Stanley Ho's Sociedade de Turismo e Diversoes de Macau (STDM).
"We are delighted to receive another significant order from one of the most famous casinos in Macau. The selection of PacificNet Game's electronic gaming machines by Casino Lisboa marks another huge win for PacGames and further enhances PacificNet's strong position in Macau's gaming market," said Tony Tong, Chairman and CEO of PacificNet. "With our new focus on the rapidly growing gaming market in greater China, Macau, and Asia, we will continue the pursuit of becoming a leading technology and service provider to the casino operators and gaming industry in Asia. We believe we have the right gaming products, research and development center with CMM Level 3 certification, local service staff, the right channels and partnerships, and the experience that is necessary to succeed in this market."
"As Macau's gaming market undergoes growing competition, casino operators in Macau have to adapt fast to the latest demands and trends by installing the most popular and profitable gaming machines catering to the Asian gamers. PacGames multi-play electronic gaming machines have quickly proven to be one of the best performing gaming machines designed for the Asian players," said Victor Tong, President of PacificNet. "Macau has become the fastest growing part of China and we are very excited to be moving forward in our pursuit of the Macau gaming technology business. We believe that the Asian gaming market has huge growth potential and we are well positioned to win more hotel-casino clients and capture a growing market share as a leading gaming technology provider in the region."
According to recent statistics provided by the Macau government, Macau is one of the fastest-growing gaming markets in the world and is predicted to surpass Las Vegas in total revenues by 2007. In 2005, Macau's gaming revenues reached US$5.8 billion, second only to Las Vegas gaming revenues of US$6 billion. Macao's casinos offer the largest variety of casino games anywhere in the world, combining both established western favorites with popular eastern games such as blackjack, baccarat, pai kao, roulette, boulette, boule, "Big and small" fantan and pacapio. A vast assortment of slot machines and a growing number of electronic table games are also available, often computer- linked for progressive jackpot payouts. The number of hotel-casinos in operation and in development in Macau continues to grow, including well-known Chinese names such as Galaxy and Melco, and famous Las Vegas names such as the Sands, the Venetian, and the newly opened Wynn Resort, which celebrated its grand opening on September 6. With the disposable income of the average Chinese on the rise, Macau's gaming and entertainment market is expected to grow for years to come. Macau is the only area in China where gambling is legal.
About Casino Lisboa
Casino Lisboa (http://www.hotelisboa.com) is one of the largest casinos in Macau located in the Hotel Lisboa. Casino Lisboa is open 24 hours daily and features 146 table games including Baccarat, Blackjack, Boule, Fan Tan, Roulette, and over 200 slot machines. Casino Lisboa features one of the largest banquet halls of 17,250-square feet of meeting and banquet space including 6 multi-purpose meeting/banquet rooms, six restaurants, and a hotel with 1,000 rooms and suites. Lisboa can accommodate as many as 590 guests for meetings, 1,000 for set menus, and 1,240 for cocktails. A bowling center, disco, show hall with nightly entertainment, beauty salon, health club, nightclub, sauna, cigar, cake, jewelry, and valet shops, travel agents, and a swimming pool are all located on the premises, making Casino Lisboa one of the most complete resort locations in Macau.
About PacificNet
PacificNet Inc. (http://www.PacificNet.com) is a leading provider of Customer Relationship Management (CRM), mobile internet, e-commerce and gaming technology in China. PacificNet's clients include the leading telecom companies, banks, insurance, travel, marketing and business services companies and telecom consumers in Greater China. PacificNet's corporate clients include China Telecom, China Mobile, Unicom, PCCW, Hutchison Telecom, Bell24, Motorola, Nokia, SONY, TCL, Huawei, American Express, Citibank, HSBC, Bank of China, Bank of East Asia, DBS, TNT, Hong Kong Government, and leading hotel- casinos in Macau and Asia. PacificNet employs over 1,400 staff in its various subsidiaries throughout China with offices in Hong Kong, Beijing, Shenzhen, Guangzhou, Macau, and branch offices in 28 provinces in China and is headquartered in Beijing and Hong Kong.
PacificNet Games Limited (PacGames), is a leading provider of Asian multi- player electronic gaming machines, gaming technology solutions, gaming related maintenance, IT and distribution services for the leading hotel, casino and slot hall operators based in Macau, China and other Asian gaming markets. PacGames is a leading developer of electronic versions of popular table games which are less expensive to run resulting in higher casino profits with great appeal to the mass market players. The growing market in Macau is for Asian table games such as Baccarat, Roulette, Fan Tan, Fish-Prawn-Crab and Sic-Bo Cussec as these games have wider acceptance in the Asian market than Western games such as poker or slots. The development, manufacturing, maintenance, and service of electronic Asian table games are underserved areas which are predicted to grow considerably as Macau's gaming market matures. PacGames products include multi-play electronic gaming machines such as Baccarat, Fish- Prawn-Crab, Sib-Bo Cussec, Roulette, and Video Lottery Terminals (VLT) such as Keno and Bingo, as well as other traditional slot machines.
Safe Harbor Statement
This Company's announcement contains forward-looking statements. We may also make written or oral forward-looking statements in our periodic reports to the SEC on Forms 10-K, 10-Q, 8-K, etc., in our annual report to shareholders, in our proxy statements, in press releases and other written materials and in oral statements made by our officers, directors or employees to third parties. Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. These statements are based on current plans, estimates and projections, and therefore you should not place undue reliance on them. Forward-looking statements involve inherent risks and uncertainties. We caution you that a number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, PacificNet's historical and possible future losses, limited operating history, uncertain regulatory landscape in China, and fluctuations in quarterly and annual operating results. Further information regarding these and other risks is included in PacificNet's Form 10K and other filings with the SEC.
Contact:
PacificNet USA office: Jacob Lakhany, Tel: +1-605-229-6678
PacificNet Beijing office: Ada Yu, Tel: +86 (10) 59225000
PacificNet Inc.
CONTACT: PacificNet USA office - Jacob Lakhany, +1-605-229-6678; or
PacificNet Beijing office - Ada Yu, +86-(10)-59225000
Web site: http://www.PacificNet.com/
http://www.hotelisboa.com/
PUDC - Puda Coal, Inc. Significantly Increases Capacity Utilization
2006-12-12 10:34 ET - News Release
TAIYUAN CITY, CHINA -- (MARKET WIRE) -- 12/12/06
Puda Coal, Inc. ("Puda" or the "Company") (OTCBB: PUDC), a leading supplier of China's highest grade metallurgical coking coal -- which is used to make coke for steel manufacturing, announced today that it has significantly increased its coal cleaning capacity utilization since bringing online its newest processing plant. The Zhongyang Plant began formal production in Q2 '06, bringing Puda's total annual capacity to 2.7 million metric tons (MT), or 675,000 MT per quarter. Puda processed and sold approximately 396,000 MT of cleaned coking coal in Q2 '06, utilizing 59% of available capacity.
As a result of successful marketing efforts yielding four new customers, Puda anticipates Q4 '06 sales of approximately 547,000 MT. Puda would thus utilize 81% of available capacity, a 38% improvement in just two quarters' time.
"By acquiring new customers and growing existing relationships, we intend to continue increasing tonnage sold during 2007," stated Puda Chairman and Chief Executive Officer Zhao Ming. "It is clear that our goal of nearly 100% capacity utilization is now well within reach." Puda's existing facilities have a combined total capacity of 2.7 million MT. Based on an average sale price of $78 per MT, 100% capacity utilization would generate approximately $211 million in revenue.
About Puda Coal, Inc.
Puda Coal, through its affiliates and controlled entities, supplies premium grade coking coal to the steel making industry for use in making coke. The Company currently possesses 2.7 million metric tons of annual coking coal cleaning capacity, and management believes it is the largest coking coal cleaning company in terms of capacity in Shanxi Province, China. Shanxi Province provides 20-25% of China's coal output and supplies nearly 50% of China's coke.
FORWARD-LOOKING STATEMENTS
The information contained herein includes forward-looking statements. These statements relate to future events or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. The safe harbor for forward-looking statements contained in the Securities Litigation Reform Act of 1995 protects companies from liability for their forward-looking statements if they comply with the requirements of the Act.
CONTACTS:
Justin K. Davis
After Market Support, LLC
Toll Free: +1 (888) 850-PUDC (7832)
jd@aftermarketsupport.com
FEEC - Sofaer Capital Urges Stockholders to Vote GOLD Proxy Card for Election of Directors Dedicated to Maximizing Stockholder Value
2006-12-12 10:15 ET - News Release
LONDON, Dec. 12 /PRNewswire-FirstCall/ -- Sofaer Capital, Inc. today issued the following open letter to stockholders of Far East Energy Corporation :
December 12, 2006
Dear Fellow Far East Energy Stockholder:
The Annual Meeting of Far East Energy Corporation is only days away. We urge you to send the Board of Far East a message that the Company's performance has not been satisfactory by voting the GOLD proxy card for the election of directors dedicated to maximizing stockholder value. We believe that now is the time for change at Far East for the following reasons:
* The current Board has offered no explanation for Far East's poor share
price performance. According to Far East's own proxy statement, a $100
investment in the Company's common stock on January 31, 2002 would have
been worth $54.50 as of December 31, 2005. By comparison, a similar
investment in the S&P 500 Index would have resulted in a return of
$118.34, and a similar investment in the Dow Jones U.S. Exploration &
Production Index would have resulted in a return of $332.25, according
to the Company's own proxy statement. Far East's stock price has
dropped a further 30% since December 31, 2005.
* Far East's nominees do not have enough skin in the game. The current
Board's nominees currently own only 96,650 shares of Common Stock
between them and Michael R. McElwrath, the Company's CEO, owns only 100
shares. By contrast, we have joined with stockholders that together own
17,574,349 shares, or 14.2%, of the Company's Common Stock. We believe
that our nominees' interests will be better aligned with those of all
stockholders.
* We believe the Company needs better oversight of budgetary control.
Operational costs at Far East have at times been 35% over budget. For
the last reported period covering the first 9 months of 2006, the
Company's own figures show compensation and general and administrative
costs have increased to 48.9% of total expenses versus only 32.2% for
the first 9 months of 2005. At the same time money spent on the
critical area of exploration and engineering actually fell from 29.6% to
11.1% of total expenses. We believe that the presence of our nominees
on the Board will result in better oversight of management.
* The current Board has not provided an adequate explanation for
operational delays. Since the end of 2004, Far East has changed the
expected time for completion of its first horizontal well 3 times and
the expected time for obtaining confirmation of commercial gas from any
well no less than 6 times. The Company has not yet provided any
verified commercial gas results.
* We believe Far East has diluted the interests of its stockholders
unnecessarily. After we nominated four director nominees, the Board
proceeded to sell 18,862,221 shares of Common Stock while the stock
price traded near an historic low, just days before the record date for
the Annual Meeting. We believe this was an attempt to entrench the
current Board and senior management. If we do not act now, the Board
could have the power to push through further dilutive share sales in the
future. Our nominees will recognize the true cost of capital and the
impact of fundraising on existing stockholders by tying financing events
to the achievement of operational milestones.
* Our nominees will bring added experience to the Board in areas that we
believe are desperately needed at this stage of Far East's development.
In addition to lending their expertise with coalbed methane companies
and Chinese natural gas markets, we believe that our nominees will
improve the current Board in critical areas such as corporate
governance, investor relations, business strategy and finance.
Furthermore, we believe that the presence of our nominees on the Board
will create a culture that challenges senior management to perform,
unleashing the potential of the Company's current operational team.
Send the Board a message that now is the time to change the performance of Far East. Please join with us by voting the GOLD proxy card for the election of directors committed to stockholder value.
We encourage you to vote the GOLD proxy card as soon as possible. You may be able to vote the GOLD proxy card by Internet or telephone, but if not, please sign, date and return the GOLD proxy card as soon as possible before the December 15, 2006 Annual Meeting. Remember, even if you have already voted the current Board's proxy card, you have every right to change your vote by returning the GOLD proxy card.
If you have any questions or would like assistance in voting your shares, please contact our proxy solicitors, MacKenzie Partners, Inc., by telephone at 800-322-2885 or 44-207-170-4155 or by e-mail at proxy@mackenziepartners.com.
Thank you for your support.
Sincerely,
Tim Whyte
Investment Manager
Sofaer Capital, Inc.
Sofaer Capital, Inc.
CONTACT: Dan Sullivan of MacKenzie Partners, Inc., +1-800-322-2885 or
+44-207-170-4155, proxy@mackenziepartners.com
CVDT - China VoIP & Digital Telecom's Subsidiary Adds 30 New Retail Telephone Calling Facilities
2006-12-12 09:56 ET - News Release
Company Anticipates Additional “Telephone Cafés” To Add Nearly $1 Million in Revenue For 2007
HENDERSON, Nev. -- (Business Wire)
China VoIP & Digital Telecom Inc. (OTCBB:CVDT) through its new wholly owned subsidiary, Jinan Yinquan Technology Co., Ltd., today announced it has added 30 new retail telephone calling facilities or “telephone cafés” in and around Shandong Province. This brings to 50 the total number of facilities the Company currently has in operation. Similar to “Internet cafés” these retail telephone calling facilities are a growing trend in China. They are extremely popular with rural citizens who are flocking to the cities in search of job opportunities.
“With our economy growing at such a rapid pace, more and more Chinese people from rural towns and provinces are migrating to the more popular cities in search of employment and a better way of life,” said Li Kunwu, President and CEO of China VoIP & Digital Telecom Inc. “These “telephone cafés” provide an ideal place for them to economically make long-distance calls to their families in a quiet, friendly atmosphere.”
Kunwu said the Company anticipates the 30 new centers will add approximately one million dollars in revenue in 2007. He also said the Company intends to continue to expand the “telephone café” concept as it expands its VoIP service throughout the country.
Jinan Yinquan, a technology company offering VoIP services in the People’s Republic of China, has been developing telecommunications solutions for China’s burgeoning Internet industry for more than half a decade.
The Company’s proprietary NP Soft Switch IP telephone system, which enables users to access Voice over the Internet Protocol (VoIP) services allowing customers to use the system to make telephone calls to anyone in the world at a much lower cost than standard telephone rates, is currently available in 19 cities and 3 provinces in the Peoples Republic of China. The Company plans on expanding into all of China with its current and future products and services.
“To understand the potential for VoIP technology in China you have to only look at the numbers,” said Kunwu. “There are 1.3 billion people in the country and only 25 percent are landline subscribers. While less than 10 percent of the total population have access to the Internet that number is growing exponentially. Put the growing demand for quality, affordable telephone service with ever increasing Internet availability and it adds up to VoIP as the most viable means to satisfy that demand.”
More information on the Company and its wholly owned subsidiary can be found in the Company’s 8K filing of November 13, 2006 on the Securities and Exchange Commission official website at www.sec.gov.
About China VoIP & Digital Telecom Inc.
China VoIP & Digital Telecom Inc. offers Voice over the Internet Protocol service in the People’s Republic of China through its wholly owned subsidiary Jinan Yinquan Technology Co. Ltd. Through Jinan Yinquan, China VoIP is well positioned to take full advantage of the tremendous economic growth currently being experienced in China. The Company is currently marketing its NP Soft Switch system in China and is currently in the testing stage of other Information Technology products. The Company currently has 30 employees and is located in the Shandong Province, People’s Republic of China.
More information can be found at www.chinavoip-telecom.com.
Notice Regarding Forward-Looking Statements
Statements regarding the Company's business which are not historical facts are “forward-looking statements” that involve risks and uncertainties that could cause actual results to differ materially from the potential results discussed in the forward-looking statements. Forward looking statements in this press release include that the retail calling facilities are a growing trend; that rural citizens are flocking to the cities in search for employment and a better way of life; that the addition of 30 more retail calling facilities will generate an additional one million dollars in revenue; and that our future plans call for the expansion into all of China with our current and future products and services. Actual results may differ materially from those currently anticipated due to a number of factors as we may find that our products must compete with cheaper or better products; we may not be able to retain key employees; a bigger market may not develop for our products and we may not be able to continue to attract new customers; we may face litigation if our technology fails to work when required; our intellectual property may be attacked and defeated in court proceedings; our patent filings may be rejected by the patent offices; other companies may discover and develop better or cheaper technologies that would render our products obsolete; we may not have sufficient funding to further develop and/or market our technology; and we may face regulatory issues in trying to expand throughout China. There are also country risks associated with investing in China, including currency fluctuation, repatriation of capital, and potential regulatory hurdles. Readers are directed to the China VoIP & Digital Telecom Inc. reports as filed with the U.S. Securities and Exchange Commission from time to time, including but not limited to its 8-K filed November 13, 2006 under our prior name Crawford Lake Mining Inc. which outlined the company’s current business for further information and factors that may affect China VoIP & Digital Telecom Inc.’s business and results of operations. China VoIP & Digital Telecom Inc. undertakes no obligations to publicly update any forward-looking statements to reflect future events or circumstances.
Contacts:
Peter Nasca Associates, Inc.
Peter Nasca, 954-473-0677
pnasca@pnapr.com
Source: China VoIP & Digital Telecom Inc.
SEIH - S3 Investment Company Announces Plan to File for Reinstatement to the OTCBB
2006-12-12 09:22 ET - News Release
TEMECULA, CA -- (MARKET WIRE) -- 12/12/06
S3 Investment Company, Inc.(PINKSHEETS: SEIH), a holding company with two subsidiaries doing business in the China market, today announced its intention to pursue a re-listing of its stock on the Over-the-Counter Bulletin Board (OTCBB) by filing a 15c2-11 exemption with the National Association of Securities Dealers (NASD). The filing will be made by one of the company's market makers. An exemption is available to market makers when they are moving from another quotation medium into the OTCBB.
"As we consider a variety of potential strategies to upgrade S3's position as a public company and further develop its subsidiary businesses operating in the China market, management believes that pursuing a reinstatement to the OTCBB would be in the company's best interests at this time," stated Jim Bickel, chief executive officer of S3 Investment Company.
To sign up to receive information by email directly from S3 Investment Company when new press releases, investor newsletters, SEC filings or other information is disclosed, please visit http://www.s3investments.com/ealert.php.
About S3 Investment Company
S3 Investment Company, Inc. (http://www.s3investments.com) is a holding company with two subsidiaries doing business in the China market. S3 holds a 100% equity interest in Redwood Capital (http://www.redwoodcapinc.com), which assists private Chinese companies in accessing U.S. capital markets by utilizing a network of investment banking relationships, and a 51% equity interest in SINO UJE (http://www.sinouje.com), a non-stocking distributor of medical and industrial high-tech products to markets throughout China. SINO UJE has been granted exclusive distribution rights in China to medical and industrial products manufactured by leading companies in Europe, North America and Japan. These products are marketed to end-users, including major Chinese hospitals and private companies in a variety of fields, as well as original equipment manufacturers (OEMs), such as Phillips, Siemens and GE, that package the products with their technologies.
Any statements contained herein related to future events are forward-looking statements and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on forward-looking statements. S3 Investment Company, Inc. undertakes no obligation to update any such statements to reflect actual events.
Contact:
Gemini Financial Communications
Andrew Beyer
(951) 587-8072
Email Contact
ASIA - AsiaInfo Announces Strategic Sale of Non-Core Business
2006-12-12 06:00 ET - News Release
BEIJING and SANTA CLARA, Calif., Dec. 12 /Xinhua-PRNewswire/ -- AsiaInfo Holdings, Inc. , a leading provider of telecom software solutions and IT security products and services, today announced it will sell its financial services IT solutions business to Fidelity National Information Services, Inc. a major US-based provider of IT services and information products to financial institutions.
(Logo: http://www.newscom.com/cgi-bin/prnh/20040312/CNF002LOGO )
The divestment is part of AsiaInfo's on-going strategy to focus on its core telecommunications software solutions and IT security products and services business.
''The sale of the financial services business will allow us to concentrate on delivering our leading telecom software solutions and IT security products and services to a growing client base,'' said Steve Zhang, AsiaInfo's President and CEO. ''We are confident that the benefits of this strategic focus on core business lines will be reflected in our performance in the coming quarters.''
According to the terms of the agreement, Fidelity has agreed to purchase the financial services IT solutions business in exchange for a maximum cash payment in the amount of approximately RMB25 million (approximately USD3.25 million) and to assume certain liabilities. The purchase price will be paid based on an installment plan with an initial RMB12 million (approximately USD1.5 million) to be paid upon closing. The remaining payments will be subject to adjustment based upon an earn-out calculation and certain other contingencies.
Further details regarding this arrangement can be found in the Company's 8-K filing with the SEC made earlier today, available at http://www.sec.gov .
About AsiaInfo Holdings, Inc.
AsiaInfo Holdings, Inc. is a leading provider of high- quality telecom software solutions and security products and services to some of China's largest enterprises as well as many small and medium sized companies in China. An established leader in the Chinese telecommunications industry, AsiaInfo became a prominent supplier of security products and services in China with the acquisition of Lenovo's non-telecom related IT services business in 2004.
Organized as a Delaware corporation, AsiaInfo began operations in the United States in 1993. The Company moved major operations to China in 1995 and played a significant role in the construction of the national backbones and provincial access networks for all of China's major national telecom carriers, including China Telecom, China Mobile, China Unicom and China Netcom. Since 1998, AsiaInfo has continued diversifying its product offerings and is now a major provider of telecom software solutions in China.
For more information about AsiaInfo, please visit http://www.asiainfo.com .
The information contained in this document is as of December 12, 2006. AsiaInfo assumes no obligation to update any forward-looking statements contained in this document as a result of new information or future events or developments.
This document contains forward-looking information about AsiaInfo's operating results and business prospects that involve substantial risks and uncertainties. You can identify these statements by the fact that they use words such as "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," and other words and terms of similar meaning in connection with any discussion of future operating or financial performance. Among the factors that could cause actual results to differ materially are the following: government telecommunications infrastructure and budgetary policy in China; our ability to maintain our concentrated customer base; the long and variable cycles for our products and services that can cause our revenues and operating results to vary significantly from period to period; our ability to meet our working capital requirements; our ability to retain our executive officers; our ability to attract and retain skilled personnel; potential liabilities we are exposed to because we extend warranties to our customers; risks associated with cost overruns and delays; our ability to develop or acquire new products or enhancements to our software products that are marketable on a timely and cost-effective basis; our ability to adequately protect our proprietary rights; the competitive nature of the markets we operate in; political and economic policies of the Chinese government. A further list and description of these risks, uncertainties, and other matters can be found in our Annual Report on Form 10-K for the fiscal year ended December 31, 2004, and in our periodic reports on Forms 10-Q and 8-K (if any) filed with the United States Securities and Exchange Commission and available at http://www.sec.gov .
For more information, please contact:
For Investors:
Eileen Chu
AsiaInfo Technologies (China), Inc.
Tel: +86-10-8216-6017
Email: ir@asiainfo.com
For Media:
Rory Macpherson
Ogilvy Public Relations Worldwide
Tel: +86-10-8520-6553
Email: rory.macpherson@ogilvy.com
AsiaInfo Holdings, Inc.
CONTACT: Eileen Chu of AsiaInfo Technologies (China), Inc.,
+86-10-8216-6017, or ir@asiainfo.com; Rory Macpherson of Ogilvy Public
Relations Worldwide, +86-10-8520-6553, or rory.macpherson@ogilvy.com, for
AsiaInfo
Web site: http://www.asiainfo.com/
http://www.sec.gov/
CEO - New Deepwater Contracts Are Signed Between CNOOC and Its Partner
2006-12-12 05:30 ET - News Release
Also News Release (U-DVN) DEVON ENERGY CP
HONG KONG, Dec. 12 /Xinhua-PRNewswire-FirstCall/ -- CNOOC Limited (the "Company" or "CNOOC Ltd."; NYSE "CEO", SEHK "883") announced today that its parent company, China National Offshore Oil Corporation ("CNOOC") has signed two production sharing contracts (PSC) with Devon Energy Corporation for deepwater blocks 64/18 and 53/30.
Block 64/18, located in Qiong Dong Nan Basin in the Western South China Sea, covers a total area of 7,712 square kilometers. The other block 53/30 covers approximately 6,313 square kilometers in the Pearl River Mouth Basin. Water depth of the two blocks ranges from 300 to 2000 meters.
Under the terms of the contracts, Devon is committed to conduct 2-D seismic survey and wildcat drilling during the 8-year exploration period in the two blocks.
All expenditures incurred during exploration period will be borne by Devon. CNOOC Ltd. has the right to participate in up to 51% interests in the event of any commercial discovery in the two blocks.
Mr. Zhu Weilin, Vice President of the Company and General Manager of exploration department commented, "With the breakthrough in Liwan 3-1, we are very confident in the resource potential of deepwater area offshore China. We hope Devon will continue its success story in pursing offshore China's opportunities."
In December 2005, CNOOC and Devon inked a PSC on deepwater block 42/05. Up to now, CNOOC has signed ten deepwater contracts with foreign companies.
Notes to Editors:
More information about the Company is available at http://www.cnoocltd.com .
This press release contains statements that are not historical facts, including statements about beliefs and expectations of the directors of the Company on the Company and its development and future plans. These forward- looking statements reflect the directors' current views with respect to future events and are not a guarantee of future performance, and therefore shareholders and potential investors should not place undue reliance on them. The directors of the Company undertake no obligation to update or revise publicly any of these forward-looking statements, whether in light of new information, future events or otherwise. Forward-looking statements involve inherent risks and uncertainties. Shareholders and potential investors are cautioned that a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. Such factors include, but are not limited to, changes in the Chinese economic, political and social conditions and government policies and in the oil and gas industry.
For further enquiries, please contact:
Mr. Xiao Zongwei
General Manager of Investor Relations
CNOOC Limited
Tel: +86-10-8452-1646
Fax: +86-10-8452-1441
Email: xiaozw@cnooc.com.cn
Ms. Carol Wong
Ketchum Newscan Public Relations Ltd
Tel: +852-3141-8098
Fax: +852-2510-8199
Email: carol.wong@knprhk.com
CNOOC Limited
CONTACT: Mr. Xiao Zongwei, General Manager of Investor Relations of CNOOC
Limited, +86-10-8452-1646, or fax, +86-10-8452-1441, or
xiaozw@cnooc.com.cn; or Ms. Carol Wong of Ketchum Newscan Public Relations
Ltd, +852-3141-8098, or fax, +852-2510-8199, or carol.wong@knprhk.com
Web site: http://www.cnoocltd.com/
HNP - Huaneng Power International, Inc. Unit 5 of Luohuang Power Plant Completed Trial Run
2006-12-12 05:13 ET - News Release
BEIJING, Dec. 12 /Xinhua-PRNewswire-FirstCall/ -- Huaneng Power International, Inc. (the "Company") announces that a 600MW coal-fired generating unit of Huaneng Chongqing Luohuang Power Generation Limited Liability Company (Unit 5 at Phase III of Huaneng Luohuang Power Plant), in which the Company owns 60% interests, completed the 168 hours trial run on December 8, 2006. Consequently, the Company's total generation capacity on an equity basis has increased from 26,552MW to 26,912MW.
Huaneng Power International, Inc. develops, constructs, operates and manages power plants in China nationwide, with a total generation capacity of 26,912MW on an equity basis. The Company wholly owns seventeen operating power plants, and has controlling interests in thirteen operating power companies and minority interests in four operating power companies. Currently, it is the largest listed power producer in China.
For enquiries, please contact:
Ms. Meng Jing / Ms. Zhao Lin Ms. Sally Wong / Ms. Jane Kun
Huaneng Power International, Inc. Rikes Communications Limited
Tel: +86-10-6649-1856 / 1866 Tel: +852-2520-2201
Fax: +86-10-6649-1860 Fax: +852-2520-2241
Email: ir@hpi.com.cn
Huaneng Power International, Inc.
CONTACT: Ms. Meng Jing or Ms. Zhao Lin, both of Huaneng Power
International, Inc., +86-10-6649-1856 or +86-10-6649-1866, or fax,
+86-10-6649-1860, or ir@hpi.com.cn; or Ms. Sally Wong or Ms. Jane Kun, both
of Rikes Communications Limited, +852-2520-2201, or fax, +852-2520-2241
GSOL - Mainland China Exports of Air Conditioners Top US$2.9 Billion -- China Sourcing Report
2006-12-12 04:15 ET - News Release
HONG KONG, Dec. 12 /Xinhua-PRNewswire-FirstCall/ -- Mainland China exported 23 million air conditioners worth US$2.9 billion from January to August 2006, up 15 percent from the same period in 2005, according to Global Sources' China Sourcing Report: Air Conditioners ( http://www.chinasourcingreports.com ).
(Logo: http://www.newscom.com/cgi-bin/prnh/20030303/LNM011LOGO-b )
The China Sourcing Report indicates buyers sourcing air conditioners from mainland China can expect slightly higher prices and models with more value- added features in the next 12 months. Findings are based on in-depth manufacturer interviews, factory visits and supplier surveys.
"Despite fierce competition for orders, two-thirds of suppliers plan to raise prices in the next 12 months. This is mainly due to the rising costs of compressors, refrigerant, copper and aluminum," said Global Sources general manager of Content Development, Michael Kleist.
Among surveyed air conditioner manufacturers:
-- 66 percent plan to increase prices;
-- 32 percent expect to hold prices; and
-- 2 percent plan to lower prices.
Mainland China Air Conditioner Manufacturers Focus on Energy-Efficient, Environmentally-Friendly Models
Kleist said: "Higher energy prices and environmental concerns are driving research and development -- notably for models exported to the US and EU markets." Among surveyed manufacturers:
-- 45 percent plan to focus on developing energy-efficient models;
-- 35 percent -- environmentally-friendly models;
-- 10 percent -- air-purifying features; and
-- 10 percent -- more stylish housings or extra automated features.
In-Factory Interviews, Detailed Supplier Profiles and New Air Conditioner Models
Global Sources' 86-page China Sourcing Report: Air Conditioners provides proprietary market information from in-person factory visits to 14 manufacturers, and interviews with 27 more suppliers. The surveys, price trends and supply forecasts aim to help buyers make better-informed purchasing decisions.
China Sourcing Reports ( http://www.chinasourcingreports.com ) are part of Global Sources' sourcing and product information services. These include Global Sources trade magazines, Global Sources Online (http://www.globalsources.com), Global Sources Direct ( http://www.globalsourcesdirect.com ) and the China Sourcing Fairs (http://www.chinasourcingfair.com). For more information, visit http://www.corporate.globalsources.com .
China Sourcing Report: Air Conditioners is available at http://www.chinasourcingreports.com/air-conditioners .
Information about China air conditioner suppliers and products can be found at http://www.globalsources.com/manufacturers/air_conditioners.html .
About Global Sources
Global Sources is a leading business-to-business (B2B) media company and a primary facilitator of two-way trade with Greater China. The core business is facilitating trade from Greater China to the world, using a wide range of English-language media. The other key business segment facilitates trade from the world to Greater China using Chinese-language media.
The company provides sourcing information to volume buyers and integrated marketing services to suppliers. It helps a community of over 544,000 active buyers source more profitably from complex, overseas supply markets. With the goal of providing the most effective ways possible to advertise, market and sell, Global Sources enables suppliers to sell to hard-to-reach buyers in 230 countries.
The company offers the most extensive range of media and export marketing services in the industries it serves. It delivers information on 1.8 million products and more than 130,000 suppliers annually through 11 online marketplaces, 10 monthly magazines, over 100 sourcing research reports and 14 trade shows, including six China Sourcing Fairs. Suppliers receive more than 8 million sales leads annually from buyers through Global Sources Online ( http://www.globalsources.com ) alone.
Global Sources has been facilitating global trade for 35 years. In mainland China it has over 1,500 team members in 44 locations, and a community of over 1 million registered online users and magazine readers for Chinese-language media.
Global Sources Press Contact in Asia:
Camellia So
Tel: +852-2555-5042
Email: cso@globalsources.com
Global Sources Investor Contact in Asia:
Eddie Heng
Tel: +65-6547-2850
Email: eheng@globalsources.com
Global Sources Press Contact in U.S.:
James W.W. Strachan
Tel: +1-602-978-7504
Email: strachan@globalsources.com
Global Sources Investor Contact in U.S.:
Moriah Shilton & Cathy Mattison
Lippert/Heilshorn & Associates, Inc.
Tel: +1-415-433-3777
Email: cmattison@lhai.com
Global Sources
CONTACT: For media in Asia, Camellia So, +852-2555-5042 or
cso@globalsources.com, or in U.S., James W.W. Strachan, +1-602-978-7504, or
strachan@globalsources.com, both of Global Sources; for investors in Asia,
Eddie Heng of Global Sources, +65-6547-2850, or eheng@globalsources.com; or
in U.S, Kirsten Chapman & Moriah Shilton, +1-415-433-3777, or fax,
+1-415-433-5577, or kchapman@lhai.com, both of Lippert/Heilshorn &
Associates, Inc., for Global Sources
Web site: http://www.globalsources.com/
http://www.chinasourcingreports.com/
http://www.globalsourcesdirect.com/
http://www.corporate.globalsources.com/
http://www.chinasourcingreports.com/air-conditioners/
MGNU - Magnus International Resources Inc.: Huidong Exploration Update
2006-12-12 01:00 ET - News Release
LAS VEGAS, NEVADA -- (MARKET WIRE) -- 12/12/06
Magnus International Resources, Inc. ("Magnus" or the "Company") (OTCBB: MGNU) is pleased to provide a progress update at the Company's Huidong property.
A comprehensive report including diagrams can be accessed by clicking on the "Latest Exploration Update" button in the "Huidong Gold Project" section of the www.magnusresources.com homepage or by going to the following URL, http://magnusresources.com/hui_dong_recent_updates.php.
Magnus International Resources, Inc. specializes in identifying, acquiring and developing precious and base metal properties. Magnus' objective is to develop a balanced global portfolio of early-to-advanced stage projects. Magnus is currently focused on gold projects in China and Africa. Magnus retains a 90 percent interest in two Sino-foreign joint venture exploration projects, Huidong and Mangshi. The Huidong property is on trend with Southwestern Resources' Boka project.
Through the acquisition of newly-established subsidiary, African Mineral Fields, Magnus is acquiring an exclusive option to acquire 100% interests in four gold projects in Uganda. An update on the fourth quarter progress at the Ugandan projects is expected to be released in the near-term.
Huidong Property
The Huidong property is located approximately 14 kilometres directly north of the Southwestern Resources Boka gold discovery. Various geological indicators point to Huidong being on trend (in alignment) with the north-south oriented fault system that controls the multi-zone Boka Trend. Investors are cautioned that mineral deposits on adjacent properties are not necessarily indicative of mineral deposits on Magnus' properties. In July 2005, Southwestern Resources reported a combined indicated and inferred resource at the Boka project of 5.4 million ounces of gold. This significant resource is expected to increase in size and grade as Southwestern continues with expansion and infill drilling. A preliminary assessment and engineering scoping study was completed on the first two zones of the Boka gold system by Hatch Limited, a worldwide engineering firm with extensive experience in China. The study adopted a conservative approach to ore estimation using protocols and procedures in compliance with National Instrument 43-101 reporting in Canada. The Hatch study considers the Boka Project to be one of the significant gold discoveries of recent years.
A highly detailed soil geochemical survey (more than 17,000 samples taken), conducted over the last two years, has identified several significant prospective areas for gold. Preliminary drilling has been conducted in parts of two of the areas - at Dingjiaping and Huidong East.
Drilling Update - Huidong East and Dingjiaping Target Areas
This report details the current progress of drilling at Magnus' Huidong property. The first-phase drill program at Dingjiaping and Huidong East has been completed. A total of 7 holes have been drilled in Dingjiaping and 5 in Huidong East (Laoshuijing). This drilling is summarized in the table below:
-------------------------------------------
Meters Drilled Holes Completed
-------------------------------------------
DINGJIAPING 2931.4 7
-------------------------------------------
HUIDONG EAST 847.08 5
-------------------------------------------
TOTAL 3778.48 12
-------------------------------------------
The locations of holes drilled in Huidong as well as the main geochemical anomalies are shown in Figure 2 of the full report.
Due to the peak in the China field season significant delays in obtaining drilling results from SGS laboratories have occurred.
With the completion of the first pass drill program, the Huidong Project program is now in a period of review prior to deciding on the components of the next phase of the exploration program. This review includes:
- detailed assessment of the Dingjiaping drilling program
- detailed assessment of the Huidong East drilling program
- review and targeting of the significant Huidong South (Laowangshan) geochemical anomaly (including Ganhai)
Dingjiaping Target Area
Drilling at the Dingjiaping target area began on the 25(th) July, 2006 utilizing a Longyear LF-90 drill rig. A total of 7 holes for 2,931.4 meters were drilled in Dingjiaping. Progress of this drill program was excellent averaging 25 to 30 meters per day for the duration of the program.
Targeting
The drill holes drilled at Dingjiaping are shown on Figures 3 and 4. Targets are based on careful geologic mapping, proximity to known gold-bearing artisan tunnels, very strong surface soil gold geochemistry in this target area, and high concentrations of gold in rock samples.
The first phase Dingjiaping drilling has been planned to test targets F1 to F6 and Z1 to Z3 -- see Figure 3. These drilling targets are proposed based on geology, soil geochemical anomaly and assay results of rocks exposed on road-cuts and abandoned mining tunnels.
Mineralised structures have been exposed by the tunnels with results including:
Table 1. Gold grade of samples from Tunnel 3
Sample # Length (m) Au g/t
XDLD3-10 1.00 1.19
XDLD3-11 1.00 0.97
XDLD3-12 1.00 2.09
XDLD3-13 1.00 1.58
XDLD3-14 1.00 2.24
XDLD3-15 1.00 2.18
XDLD3-16 1.00 2.18
XDLD3-17 1.00 1.82
XDLD3-18 1.00 0.90
XDLD3-19 1.00 0.42
XDLD3-20 1.00 0.73
XDLD3-21 1.00 1.23
XDLD3-22 1.00 0.21
XDLD3-23 1.00 0.00
XDLD3-24 1.00 0.31
XDLD3-25 1.00 0.92
XDLD3-26 1.00 0.40
XDLD3-27 1.00 6.18
Table 2. Gold grade of samples from Tunnel 7
Sample # Length (m) Au g/t
XDLD7-13 1.0 1.26
XDLD7-14 1.0 2.44
XDLD7-15 1.0 2.35
XDLD7-16 1.0 3.5
XDLD7-17 1.0 1.18
XDLD7-18 1.0 0.83
XDLD7-19 1.0 2.2
XDLD7-20 1.0 0.66
XDLD7-21 1.0 1.54
XDLD7-22 1.0 0.73
XDLD7-23 1.0 1.13
XDLD7-24 1.0 1.11
XDLD7-25 1.0 3.92
XDLD7-26 1.0 1.68
XDLD7-27 1.0 3.32
XDLD7-28 0.9 2.43
Figure 3 of the full report shows the Dingjiaping Prospect area with mineralized structures and drill hole locations.
Test drilling was designed based on the initial understanding:
- Gold mineralization was mainly controlled by and hosted in E-W to WNW structures, i.e. those with strike (sub)parallel to stratigraphy. It also tried to recognize strata hosting gold mineralization. This understanding took reference to the Boka situation (gold mineralization controlled collectively by stratigraphy and stratigraphic-parallel structures).
- Even though recognized gold-bearing structures and veins are narrow and thin (less than 1m and mostly less than 0.5m in width), it was hoped that the individual veins exposed in tunnels or road-cuts may guide us to closely spaced veins and wider mineralized structures at depth.
In general, a series of North-South and East-West fault zones and shear zones traverse the Dingjiaping area. Sites where these two sets of mineralized structural zones intersect or are met by other mapped faults and shears are considered especially favorable for large gold deposit systems, and were tested in the drilling program.
Results
The initial drill program has intersected:
- zones of strong alteration, bleaching and quartz-carbonate veining
- zones of well developed sulphides mineralisation -- mainly pyrite but with some chalcopyrite and arsenopyrite
- thin gold-mineralized structures
The results of the current program include:
Hole Intersection Interval Gold
Number From (m) To(m) (meter) (g/t)
DJP-1-06 79.36 80.2 0.84 2.36
DJP-2-06 51.62 53.55 1.93 0.63
DJP-3-06 183.75 184.95 1.2 1.03
DJP-6-06 100.3 107.7 7.4 0.45
including 100.3 104.4 4.1 0.60
Figure 4 of the full report shows completed drill holes, road access, soil gold geochemistry, and artisan tunnel locations at Dingjiaping.
The initial drilling at Dingjiaping was planned and targets selected based on both secondary (soil geochemical) and primary (outcrops, road-cut and artisinal mining tunnels) gold anomalies. Most of the anomalies are located at elevations between 2300m and 2700m.
The first seven holes at Dingjiaping were planned based on primary gold anomalies exposed either on surface or tunnels, as well as taking into consideration secondary gold anomalies in soil, and it was hoped that these (near) surface gold anomalies would serve as a guide for larger and wider gold mineralization at depth. Drilling, however, did not verify this, though in two holes (DJP-1-06 and DJP-3-06) a thin (less than 1m) mineralized (2-3g/t) vein (structures) were intersected.
Several thin NWW to NW striking veins and structures with gold values ranging from 1 to 19g/t, defining a greater than 20m wide mineralized zone, were identified from road-cuts, but were not intercepted in the drilling of DJP-4-06.
Most sites of known mineralization so far identified at Dingjiaping are located in carbonaceous phyllite. In DJP-6-06, quartz-carbonate veins spatially associated with mafic dyke are slightly mineralized (up to 1g/t). It is not yet clear what role mafic intrusion has played in gold mineralization at Huidong. Mafic intrusions may have acted as a heat engine for the hydrothermal system, or these intrusions may have little to do with the mineralization.
The Dingjiaping drilling results are currently being reviewed in the context of the other exploration results from this surface gold anomalous area.
Huidong East
A 4500 in-fill soil sampling program was commenced across all three Huidong target zones in late 2005 (guided by results from the high and low density surveys conducted earlier in 2005), and analysis from 1227 soils taken from the eastern portion of the concession over an area referred to as Huidong East were received at the end of the year. A strong gold-in soil anomaly was defined that confirms the previous anomaly feature observed in pulverized soils, and sharpened it significantly due to the higher density 80m x 40m sample spacing employed in the infill soil sampling program. Soil Au analysis results over the Huidong East anomaly include strong Au in soil concentrations up to 438 ppb Au in a well-constrained area of approximately 1.6 km, which compare extremely well with the 20 ppb Au soil concentration levels used to define significant Au mineralization at the Boka deposit.
Drilling at the Huidong East Target commenced in late June and was completed by two Chinese built XY-2 drill rigs. These drill rigs proved to be slow in their progress during the program. A total of 5 holes for 847.08 meters were drilled in Huidong East.
Hole targeting is based on integrated geophysical and structural (from surface mapping) targets within a coherent and significant soil geochemical anomaly. Holes completed are shown relative to this anomaly in Figure 5.
The aims of the initial drill program were to:
- understand the structural and stratigraphic controls to the mineralisation
- test structures in anomalous soil geochemical zones
The initial drill program has intersected zones of alteration, bleaching and quartz-carbonate veining and silicification and zones of sulphide mineralisation - mainly pyrite. However, no zones of significant gold mineralization were intersected to depth extent that was tested.
Figure 5 of the full report shows Huidong East drill hole collars LSJ-1-06, LSJ-6-06, LSJ-7-06 and LSJ-8-06 with surface soil gold geochemistry.
Huidong South (including Laowangshan and Ganhai)
1612 infill soil sample results were received from the 2005 infill sampling program for the Huidong South area of the Huidong Concession. These soil analysis results provided the highest concentrations of gold and copper in soils observed to date on the Huidong Concession, with one single sample containing 3014 ppb Au (over 3 g/tonne Au) and over 1% copper. This very high concentration of gold in soil occurred in a cluster of other very high Au-in-soil concentrations. Of the 1612 samples analyzed from Huidong South, 577 contained greater than or equal to 20 ppb Au, 160 contained greater than or equal to 50 ppb Au, and 45 contained greater than or equal to 100 ppb Au.
At the Laowangshan area within the Huidong South target, reconnaissance geophysics has identified targets which coincide spatially with previously known zones of elevated gold and copper concentrations in soil. Drill testing of geophysical anomaly features is planned to test depth extent of the surface mineralization. Geophysical characteristics of each target to be tested are shown in figures 6 and 7 of the full report, and each target resides within a well-expressed surface feature of anomalous gold in soils.
The Huidong South geochemical anomaly represents the largest geochemical anomaly in the Huidong Project area. Large multi-element anomalies cover an area of some 5 to 6 km(2), as shown on Figure 6 of the full report.
Detailed targeting has commenced in the Laowangshan area. To date this has involved mapping and rock chip sampling in the areas denoted as anomalies 4 and 6 in Figure 6 of the full report.
The results of road cut sampling as well as the more recent channel sampling are shown on Figure 7 of the full report. Significant results can be seen in two locations labeled Anomaly 4 and Anomaly 6 on Figure 7. Comments on these follow:
Anomaly 4 - Located of the North of the figure. Sampling was aimed at following up of interesting mineralized structures in road cut samples with assays of 1.08 and 1.37 g/t gold.
Results of this follow-up to date have identified several broad zones (10 to 30m wide) of deformed and sericite altered phyllite with quartz veining. Sample results to date include assays of 2.18, 3.89 and 2.61g/t Au over sample lengths of 1.0, 1.4 and 1.1m respectively. More assay results are awaited.
Anomaly 6 - located to the south and aimed at following up on the Copper-Gold mineralisation located at an old mine. Samples collected from the old copper-gold workings include 29.4 and 40.1 g/t gold (along with greater than 2% Copper). Follow-up of the copper-gold mineralisation on the eastern side of the river has led to the discovery of new copper-gold mineralisation, which includes gold assays of 1.4, 1.02 and 1.43 g/t gold (no copper assays have been returned yet).
Further results are awaited. We are encouraged by these initial results in what represents a small portion of the Huidong South geochemical anomaly.
In Figure 8 of the full report, gold geochemical anomalies in the Huidong South area are shown comprising of Laowangshan and Ganhai. Gold is associated with multi-element anomalies including Cu, As, Ni, Co, Sb, Mn, Bi.
Figure 9 of the full report, the road cut and channel sample results form the Laowangshan Prospect Area are shown.
Quality Control
The drill core (HQ and NQ size) has split by diamond saw, with half sent to SGS Laboratory in Tianjin, China for analyses. All samples were analyzed using the 50 gram fire assay method with atomic absorption spectrometry finish. All samples were also analyzed for 32-element multi-element geochemistry by ICP. The Company maintains an archive of half core samples and a photographic record of all core for future reference.
The Quality Control program (QAQC) includes:
- the submission of blanks and standards with all sample dispatches
- the submission of check samples to a second laboratory (1 in 20 samples) -- in this case
Intertek Laboratories in Beijing
To date the results of the QAQC program have been satisfactory with no problems having been detected.
Rock chip samples are collected as continuous samples over intervals ranging up to 2.5 meters. All samples were analyzed using the 50 gram fire assay method with atomic absorption spectrometry finish. All samples were also analyzed for 32-element multi-element geochemistry by ICP.
The program is being carried under the technical supervision of Dr. Kai Yang as Chief Geologist and Genesio Circosta as the Vice President of Exploration, China.
Huidong Summary
As of December 2006, Magnus has completed just under 3,800 meters of drilling in 12 holes, spanning only a small portion of the target zones at Huidong containing known gold anomalies. With the results from these drill holes, combined with further information derived from ongoing geological and geophysical survey interpretations and mapping, Magnus is in the process of designing the next phase of the Huidong exploration program. The new drilling results are being interpreted and used to guide the modeling of the potential gold mineralization in the three major Huidong target zones as the Company advances from early stage exploration towards potential discovery.
For further information please refer to the Company's filings with the SEC on EDGAR or refer to Magnus' website at www.magnusresources.com.
If you would like to receive regular updates on Magnus please send your email request to info@magnusresources.com.
FORWARD LOOKING STATEMENTS This news release may include "forward-looking statements" regarding Magnus International Resources, Inc., and its subsidiaries, business and project plans. Such forward looking statements are within the meaning of Section 27A of the Securities Act of 1933, as amended, and section 21E of the United States Securities and Exchange Act of 1934, as amended, and are intended to be covered by the safe harbor created by such sections. Where Magnus expresses or implies an expectation or belief as to future events or results, such expectation or belief is believed to have a reasonable basis. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Such risks include, but are not limited to price volatility of gold and other metals; currency fluctuations; political, operational, and governmental approval and regulation risks in China and certain African countries. For a more detailed discussion of such risks and other factors, please see "Risk Factors" in our Form 10-K for our most recently completed fiscal year, on file with the SEC at www.sec.gov. This document also contains information about adjacent properties on which Magnus has no rights to explore or mine. Investors are cautioned that mineral deposits on adjacent properties are not necessarily indicative of mineral deposits on Magnus' properties.
Contacts:
Magnus International Resources Inc.
Investor Relations
1-888-888-1494
Email: info@magnusresources.com
Website: www.magnusresources.com
Daily Fortune: "Every new beginning comes from some other beginning's end. Get started."
Buddha's Daily Wisdom: "In the Heart Sutra, it says that, "Form is not other than emptiness." If you wish to discover the true nature of yourself and all that surrounds you, seek out qualified teachings on this topic. It holds the answer to every question that can be asked, and realizing it is the ultimate source of liberation."
Excellent website!
A memory from the past. Made a small profit on its initial run this year. Lost interest in the stock quickly due to constant selling pressure.
Nice volume on the stock too. Gotta love when the promo is good.
:)
But feel sorry for the company if they need to clear comments by the SEC to complete the merger.
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Post #137 is a good read.
TFC - The Taiwan Greater China Fund Monthly Update
2006-12-11 15:49 ET - News Release
Market Environment — November 2006
NEW YORK -- (Business Wire)
The Taiwan Greater China Fund’s net asset value (NAV) in November lagged both its primary benchmarks, the Taiwan China Strategy Index (TCS Index) as computed by MSCI, and the Taiwan Stock Exchange Index (TAIEX). The Fund’s share price, however, outperformed the TCS Index although it lagged the TAIEX in US$ terms. The Fund’s NAV increased 8.3% and its share price grew 10.0% compared to a 9.3% increase of the TCS Index and a 10.7% growth in US$ terms of the TAIEX. The Fund’s discount to net asset value averaged 8.4% during October, with a low of 6.2%, a high of 9.8%, and a closing value of 7.2%. During the month, the Taiwan dollar appreciated 2.6% against the U.S. dollar.
November was an excellent month for the Taiwan market, with market rising steadily during the month and ending at its monthly high. Financials outperformed the overall market as did the steel and cement sectors. Tech performance slightly lagged the overall market, although it picked up in the 2nd half of the month. In particular, the display segment turned in a slightly negative performance while semiconductors outperformed the overall market. Semiconductor strength may be partially attributable to the offer by Carlyle Group, US-based private equity group, to buy out the existing shareholders of Advanced Semiconductor Engineering (ASE), the global leader in semiconductor packaging and test. ASE’s financial performance during 2006 has been very strong but its share price has not reflected that performance. The company believes that Carlyle, given its participation in the recent acquisition of Freescale Semiconductor, can boost ASE’s market access. The acquisition also may provide ASE more flexibility in expanding into China.
Total Return*
1 Month 3 Months 6 Months 12 Months Since 2/27/04
Fund (NAV) **
8.3% 15.6% 12.7% 28.2% 25.2%
Fund (US$ Share Price) 10.0 18.3 9.2 29.5 31.1
Taiwan China Strategy Index 9.3 15.3 11.7 27.4 25.7
TAIEX 10.7 16.4 14.3 31.6 26.9
NT$/US$ 2.6 1.5 -1.3 3.4 2.9
*Past results are not necessarily indicative of future performance of the Fund. Rates of return and principal value will fluctuate and you may have a gain or a loss when you sell shares. Performance figures reflect reinvested dividends and capital gains. Dividends and capital gains reinvested are on a net basis, after the deduction of applicable taxes. The returns shown above for the TCS Index are also calculated on a net basis but the TAIEX is measured on a gross return basis, with the full reinvestment of all dividends received. February 27, 2004 is a significant date for measurement as it is when the Fund fully implemented its China-focused investment strategy. Returns for the Fund, TCS Index and TAIEX in US Dollars. Source: Bloomberg except MSCI for TCS Index. For more information and important disclosures on the TCS Index please see the Fund’s website at http://www.taiwangreaterchinafund.com/. Returns, except 12-month period, are not annualized.
** Total returns reflect changes in NAV per share during each period and assume that dividends and capital gains distributions, if any, were reinvested. These percentages are not an indication of the performance of a shareholder’s investment in the Fund based on market price.
Portfolio Management
The Fund holds about 100% of its assets in equities. Such holdings are well diversified among top quality stocks, with investment decisions based on a fundamental approach to securities and economic analysis. Portfolio holdings and sector composition are subject to change.
Top Ten Holdings as of November 30, 2006
Industry Diversification as of November 30, 2006
Company
% of Net Assets
Ten Largest Sectors
% of Net Assets
Hon Hai Precision Ind. Co. 13.6% Computer Systems & Hardware 21.5 %
Taiwan Semiconductor Mfg. Co. 7.1 Semiconductors 15.2
China Steel Corp. 5.3 Electronic Components 13.3
Asustek Computer Inc. 5.0 Plastics & Petrochemicals 8.6
Foxconn Technology Corp. 4.9 Computer Peripherals/ODM 8.3
AU Optronics Corp. 4.7 Flat-Panel Displays 7.1
Formosa Chemicals & Fiber Corp. 4.1 Steel 5.3
Lite-On Technology Corp. 3.2 Cement 3.5
United Microelectronics Corp. 3.1 Foods 2.2
Nan Ya Plastic Corp. 2.4 Transportation 1.9
Per Share Standing at November 30, 2006:
NAVNYSE
$6.91 $6.41
The opinions and forecasts expressed are those of the portfolio manager and may not actually come to pass. The information presented is subject to change at any time, based on market and other conditions and should not be construed as a recommendation of a particular security. Fund shares are not FDIC insured and are not deposits or other obligations of, or guaranteed by, any bank. Fund shares involve investment risk, including possible loss of principal.
Contacts:
Portfolio Management:
The Taiwan Greater China Fund
Steven R. Champion, 886-2-2715-2988
President
or
Shareholder Services:
The Altman Group
Patricia Baronowski, 1-212-681-9600
Source: The Taiwan Greater China Fund
GRVY - Gravity's Minority Shareholders Respond to Company's Proxy Statement and Reiterate Concerns about Mismanagement
2006-12-11 13:49 ET - News Release
Committee Urges All Shareholders to Vote to Remove Ryu and Baik as Directors
NEW YORK & SEOUL, Korea -- (Business Wire)
The Gravity Committee for Fair Treatment of Minority Shareholders (the "Committee") today responded to claims made in a proxy statement from Gravity Co., Ltd. (“Gravity” or the “Company”) (NASDAQ: GRVY) and outlined its concerns about mismanagement at the Company. Gravity shareholders will vote on the removal of Mr. Il Young Ryu, Chairman and Chief Executive Officer of Gravity, and Mr. Seung Taik Baik, Senior Executive Vice President and Chief Operating Officer of Gravity, as directors of the Company at an Extraordinary General Meeting of Shareholders on December 26, 2006.
In a letter that was mailed to Gravity’s ADS holders, the Committee reiterated its view that if the influences of Messrs. Ryu and Baik were removed from the Board, then the independent directors would be free to install new management to repair the damage that has been done and to insure that the Company is run for the benefit of all shareholders, rather than for the benefit of the majority shareholder and its related parties.
The Committee believes that Messrs. Ryu and Baik have mismanaged Gravity and are responsible for recommending to the Gravity Board a host of potentially improper related-party transactions since the Japanese firm EZER Inc., an entity with links to Taizo Son, GungHo Online Entertainment (JP: 3765) and SOFTBANK Corp. (JP: 9984), purchased a controlling stake in Gravity in August 2005.
About The Gravity Committee for Fair Treatment of Minority Shareholders
The Committee was formed in March 2006 by Moon Capital Management LP and Ramius Capital Group, L.L.C. to protect the rights of minority shareholders of Gravity and to maximize shareholder value.
About Ramius Capital Group, L.L.C.
Ramius Capital Group, L.L.C. is a registered investment advisor that manages assets of approximately $7.4 billion in a variety of alternative investment strategies. Ramius Capital Group is headquartered in New York with offices located in London, Tokyo, Hong Kong, Munich, and Vienna.
About Moon Capital Management LP
Moon Capital Management LP, on behalf of its affiliated investment funds, manages more than $1 billion, investing primarily in equity securities in markets around the world. Headquartered in New York, Moon Capital also has offices in Singapore.
CERTAIN INFORMATION CONCERNING THE COMMITTEE
The Gravity Committee for Fair Treatment of Minority Shareholders (the “Committee”) has prepared and mailed a proxy statement to solicit votes from the holders of American Depositary Shares (“ADSs”) of Gravity Co., Ltd. (the “Company”) for the purpose of removing two current directors of the Company.
THE COMMITTEE STRONGLY ADVISES ALL ADS HOLDERS OF THE COMPANY TO READ ITS PROXY STATEMENT BECAUSE IT CONTAINS IMPORTANT INFORMATION. THE PROXY STATEMENT IS AVAILABLE AT NO CHARGE UPON REQUEST. REQUESTS FOR COPIES SHOULD BE DIRECTED TO THE COMMITTEE’S PROXY SOLICITOR, INNISFREE M&A INCORPORATED AT ITS TOLL-FREE NUMBER: (888) 750-5834.
The participants in the solicitation are Ramius Capital Group, L.L.C., Starboard Value and Opportunity Master Fund Ltd., Parche, LLC, RCG Ambrose Master Fund, Ltd., RCG Halifax Fund, Ltd., Ramius Master Fund, Ltd., Admiral Advisors, LLC, Ramius Advisors, LLC, Safe Harbor Master Fund, L.P., Safe Harbor Investment Ltd., C4S & Co., L.L.C., Peter A. Cohen, Morgan B. Stark, Thomas W. Strauss and Jeffrey M. Solomon (collectively, the “Ramius Entities”) and Moon Capital Management LP, Moon Capital Master Fund Ltd., Moon Capital Leveraged Master Fund Ltd., JWM Capital LLC and John W. Moon (collectively, the “Moon Entities”).
INFORMATION REGARDING THE DIRECT OR INDIRECT INTERESTS, BY SECURITY HOLDINGS OR OTHERWISE, OF ALL THE COMMITTEE MEMBERS IN THE COMPANY IS AVAILABLE IN THE SCHEDULES 13D FILED BY EACH OF THE RAMIUS ENTITIES AND THE MOON ENTITIES WITH THE SEC ON MARCH 29, 2006, AS SUBSEQUENTLY AMENDED, COPIES OF WHICH ARE AVAILABLE AT NO CHARGE ON THE SEC’S WEB SITE AT HTTP://WWW.SEC.GOV.
The full text of the letter follows:
A CRITICAL MESSAGE FROM THE GRAVITY COMMITTEE FOR
FAIR TREATMENT OF MINORITY SHAREHOLDERS
Let Gravity's Independent Directors Know That Your Company
Should Be Run for the Benefit of ALL Shareholders
Vote to Remove Messrs. Il Young Ryu and Seung Taik Baik from the Gravity Board by Voting the Enclosed GOLD Proxy Card Today!
December 11, 2006
Dear Fellow Gravity Investor:
After months of delays deliberately caused by Gravity’s current management team, the shareholders of Gravity Co., Ltd. (“Gravity” or the “Company”) will finally be able to vote in a referendum on the management and direction of the Company. We urge you to take this opportunity to send a message that you will not accept Gravity’s disregard of your interests.
Please support our proposal to remove Mr. Il Young Ryu and Mr. Seung Taik Baik from the Board of Directors of Gravity.
GRAVITY’S MANAGEMENT TEAM – NOT THE COMMITTEE – IS RESPONSIBLE FOR THE COMPANY’S POOR PERFORMANCE
In a poorly disguised effort to hide from the real issues, Gravity’s management recently sent to shareholders a letter that failed to address the Company’s poor performance and attempted to blame the Company’s shortcomings on the Gravity Committee for Fair Treatment of Minority Shareholders (the “Committee”). Gravity also made a number of ludicrous and unfair claims about Ramius Capital Group, L.L.C. (“Ramius”) and Moon Capital Management LP (“Moon”), the Company’s two largest minority shareholders, including falsely stating that our interests are somehow not aligned with yours and that we have “harassed other shareholders.”
Gravity’s controlling shareholder, EZER, a shell corporation with ties to GungHo Online Entertainment (“GungHo”), Taizo Son and SOFTBANK, is the only shareholder who may feel “harassed” by the Committee’s efforts to investigate its conduct. After all, EZER installed Messrs. Ryu and Baik, whom the Committee believe have mismanaged Gravity and are responsible for recommending to the Gravity Board a host of potentially improper related-party transactions.
Unfortunately for EZER and its related parties – GungHo, Taizo Son and SOFTBANK – their actions have also attracted the attention of other long-term minority shareholders who have expressed to us their support for our efforts to set Gravity back on course and to insure that the Company is run for the benefit of all the shareholders.
MESSRS. RYU AND BAIK MUST BE HELD ACCOUNTABLE -- GRAVITY’S SHAREHOLDERS DESERVE ANSWERS
The Committee would like to point out a number of significant topics about which Gravity has provided incomplete or misleading information in its letter to shareholders:
The re-license of “Ragnarok Online” to GungHo in Japan. It is hardly a surprise that Messrs. Ryu and Baik feel that GungHo must continue as the service provider for Ragnarok Online in Japan. After all, this decision was a fait accompli, as indicated by EZER’s disclosure at the time of its acquisition of the controlling stake that the primary purpose of the acquisition was “to secure for the benefit of GungHo a continuing license for ‘Ragnarok’.” However, the Gravity Board is obligated to work for the benefit of Gravity– not GungHo – and any statement to the contrary reveals this management team’s lack of even a basic understanding of good corporate governance.
To this day, rather than face these issues directly, Gravity has simply opted not to answer the obvious questions, such as:
What are the financial terms of the new license? How do those terms compare to the terms which were struck in 2002, before EZER (GungHo’s related party) acquired control of Gravity?
What process, if any, was undertaken by the Board to insure that the terms of this deal were fair and in the best interests of all shareholders?
What independent analysis or advice, if any, was sought by the Board to insure that the financial terms of the new license were consistent with what could have been obtained in the marketplace from an unaffiliated third party?
What special committee of the Gravity Board, if any, was formed to review the terms of this re-licensing to insure that the deal was carried out at arms length?
As Gravity points out in its proxy materials, Ragnarok Online is “one of the most successful online games in history.” Given such high stakes, the answers to these and other questions are of paramount importance and cannot be brushed under the table.
The decision to license “Ragnarok Online 2” to GungHo. Given the web of relationships among EZER, Mr. Ryu, Taizo Son, GungHo and SOFTBANK, the Committee is not surprised that GungHo was chosen as the “winner” from the purported field of ten potential licensees for Ragnarok Online 2. Unfortunately, all the same questions regarding the terms, valuation and governance of this obviously related party transaction remain unanswered.
Other related party transactions. Gravity makes only a brief reference in its proxy materials to Emil Chronicle Online (ECO), which Gravity acquired from GungHo for approximately $6 million, just before the end of GungHo’s 2005 fiscal year. Almost one year after this acquisition, the minority shareholders have heard virtually nothing about this game. Other than a reference in Gravity’s proxy materials to an agreement with Infocomm Asia Holdings Pte Ltd. to distribute the game in nine countries, the Company has been silent about ECO. The Committee wonders how the $6 million price paid for ECO was justified and how the interests of the minority shareholders were protected in this transaction.
In addition, Gravity’s letter to shareholders does not respond to the questions raised by the Committee relating to the purchase of Neo-Cyon or the investment of approximately $8.5 million in the Online Game Revolution Fund No. 1 (another entity with links to SOFTBANK). Further, it appears that the details and benefits of Gravity’s $9 million investment alongside SOFTBANK in Perpetual Entertainment, Inc. will remain a perpetual mystery to the shareholders as well.
Lack of Disclosure and Secretive Settlement with ex-Chairman Kim. Once again, Gravity has declined to address the negative publicity and unanswered questions regarding the Company’s settlement with ex-Chairman Kim, the former controlling shareholder. The murky disclosure regarding the embezzlement itself and Mr. Kim’s provocative public statements earlier this year raise serious questions about whether all of Gravity’s shareholders have been adequately compensated for possible wrongdoings by the former and current majority shareholder and their related parties. Gravity has failed to publicly address this issue.
Given the overwhelming amount of unanswered questions, it is all the more baffling how Gravity can claim in its letter to shareholders that “the Company has improved its disclosure.” The fact is that all of the transactions involving the entities related to the majority shareholder remain shrouded in secrecy. Such inadequate disclosure is improper for a publicly-traded company.
SINCE EZER TOOK CONTROL IN AUGUST 2005, GRAVITY’S PERFORMANCE HAS DECLINED DRAMATICALLY
Deteriorating operating and financial performance. In its letter to shareholders,Gravity glosses over the Company’s poor operating and financial performance since EZER took control in August 2005. Instead, Gravity’s management simply and vaguely states that it is “executing a clear long-term strategy” and that it has “delivered a number of positive operational developments.” Management’s optimistic assessment, however, flies in the face of the facts, including specifically the following:
Gravity’s financial metrics have deteriorated significantly since EZER acquired control of the Company. Gravity’s first half 2006 revenues declined nearly 27% year over year. The Company reported an operating loss of approximately $3.6 million for the first half of 2006 and the Committee estimates that EBITDA margin was zero or negative in the same period, compared to Gravity’s first half 2005 estimated EBITDA margin of positive 45%.
As Gravity points out in its proxy statement, revenues for Ragnarok Online have declined dramatically in the first half of 2006 in Korea and certain overseas markets, due in the Committee’s view to a lack of new features and updates.
The Committee believes Gravity’s game pipeline is substantially weaker than it was one year ago. Ragnarok Online 2 has been delayed several times and other previously touted games such as Time & Tales, Stylia and R.O.S.E. Online are no longer even mentioned by name in Gravity’s public statements.
At the recently completed GSTAR Game Show, the most important annual game show held in Korea, Gravity missed a valuable marketing opportunity and did not publicly demonstrate any of its games, heightening the Committee’s concerns about the readiness of the Company’s game pipeline.
Serial restructuring of management and high turnover of key employees have led to a loss of business momentum and, the Committee believes, have seriously damaged employee morale.
Given this set of facts, what evidence is there that Gravity is “now poised to improve its financial performance” as the Company’s management would like you to believe?
GRAVITY’S MANAGEMENT TEAM HAS NOT ADEQUATELY ADDRESSED THE COMMITTEE’S CONCERNS
Finally, we would like to address just a few of Gravity’s colorful but preposterous claims regarding Ramius and Moon. Whereas Gravity accuses the members of the Committee of “predatory tactics”, the real predator is EZER and its web of well-financed related parties and persons: Taizo Son, GungHo and SOFTBANK. Since EZER took control of Gravity, the minority shareholders – including Ramius and Moon – have been their prey.
Gravity claims to have made “every effort” to meet and work with the Committee, but this simply is untrue. Numerous attempts by the Committee to meet and have constructive dialogue with Gravity and its majority shareholder have failed. We believe that Gravity, EZER, Mr. Ryu and Taizo Son simply have no justification for their actions and therefore no intention of fully explaining these flawed and self-interested business decisions, as demonstrated by their consistent lack of disclosure since August 2005 and their continued failure to provide any answers in their proxy materials. The fruitlessness of our few meetings with Gravity has had nothing to do with any sort of “time tested strategy of causing disruption” and is in fact the product of Gravity management’s unwillingness to come clean about their actions and be held accountable for them.
THE STAKES ARE HIGH AND THE CHOICE IS CLEAR – SEND A MESSAGE TO THE INDEPENDENT DIRECTORS BY VOTING THE GOLD PROXY CARD
In sum, the Committee has no confidence in Messrs. Ryu and Baik. We believe they have mismanaged Gravity and that they are not representing your interests. We reiterate our view that if the influences of Messrs. Ryu and Baik were removed from the Board, the independent directors would be set free to install new management, repair the damage that has been done and insure that the Company is run for the benefit of all shareholders, rather than for the benefit of the majority shareholder and its related parties.
The Committee urges you to support our efforts by signing, dating and returning the enclosed GOLD proxy card today. If you have already voted against our proposal, you have every right to change your vote. Simply sign, date and return the enclosed GOLD proxy card today or follow the instructions to vote by telephone or Internet if available.
TIME IS SHORT - PLEASE VOTE NOW
Please note that your voting instructions must be received no later than 5:00 P.M.
New York City time on December 20, 2006 in order to be voted at the Meeting.
If you have any questions or require any assistance with your vote, please contact Innisfree M&A Incorporated, which is assisting us, at their address and toll-free numbers listed on the following page.
Thank you for your support,
The Gravity Committee for Fair Treatment
of Minority Shareholders
If you have any questions, require assistance in voting your GOLD proxy card, or need additional copies of the Committee’s Statement, please call Innisfree M&A Incorporated at the phone numbers listed below.
501 Madison Avenue, 20th Floor
New York, New York 10022
CALL TOLL FREE: (888) 750-5834
BANKS AND BROKERS CALL COLLECT: (212) 750-5833
Contacts:
Korean Media & Shareholders
Hannuri Law Offices
Mr. Joo Young Kim, Esq., (82) 2-537-9506
or
U.S. Media & Shareholders:
Citigate Sard Verbinnen
Dan Gagnier or Renée Soto, 212-687-8080
Source: Ramius Capital Group, L.L.C.and Moon Capital Management LP
PACT - PacificNet Gains Majority Ownership Interest in PacificNet Games to Enhance Gaming Technology Focus
2006-12-11 13:33 ET - News Release
BEIJING, Dec. 11 /Xinhua-PRNewswire/ -- PacificNet Inc. , a leading provider of Customer Relationship Management (CRM), mobile internet, e-commerce and gaming technology in China, today announced it has acquired an additional 6% interest in PacificNet Games Limited (PacGames). Prior to this, in connection with the acquisition of Able Entertainment previously announced during the Q3 earnings conference call, PacificNet owned 45% of PacGames. PacificNet now owns 51% of PacGames.
"This additional investment in PacGames enhances PacificNet's entry into the new high-margin gaming technology business," said Tony Tong, Chairman and CEO of PacificNet. "In recent board and management meetings, we evaluated the early success of our gaming technology operation and were very satisfied with the rapid progress and financial performance of the gaming operation. The board of directors and management team has approved our new strategy to focus on the rapidly growing gaming market in greater China, Macau, and Asia."
In September 2006, PacificNet opened an office in Macau to focus on the rapidly expanding gaming and entertainment industries in that region. The Macau office is located in First International Commercial Centre, Macau Special Administrative Region, China, and is adjacent to the new Galaxy StarWorld Hotel and is minutes from both the Wynn and Sands Casinos.
"We are happy with the progress of our gaming technology business. The recent selection of PacificNet Game's electronic gaming machines by the Holiday Inn Macau Casino marks our successful entry in the Asian hotel-casino market," said Victor Tong, President of PacificNet. "Macau has become the fastest growing part of China and we are very excited to be moving forward in our pursuit of the Macau gaming technology business. We recognize Macau's remarkable growth potential and plan to aggressively pursue this mass market with the goal of being the leading provider of electronic gaming machines for the Asian gaming market."
Macau is one of the fastest-growing gaming markets in the world and is predicted to surpass Las Vegas in total revenues by 2007. According to recent statistics provided by Macau government, in 2005, Macau's gaming revenues reached US$5.8 billion, second only to Las Vegas gaming revenues of US$6 billion. Macau borders Zhuhai City of Guangdong Province of China, one of the country's wealthiest and most developed regions and is an hour away from Hong Kong via ferry. The number of tourists visiting Macau reached 18.7 million in 2005, of which 56% or 10.5 million visitors were from mainland China. By 2010, the number of tourists is expected to double to nearly 30 million visitors per year. Approximately one billion people live within a three-hour flight of Macau. Numerous hotel, gaming, and other projects are in the works in Macau which are expected to add over 10,000 guest rooms and over 20,000 live entertainment seats in eight separate venues. The number of hotel-casinos in operation and in development in Macau continues to grow, including well-known Chinese names such as Galaxy and Melco, and famous Las Vegas names such as the Sands, the Venetian, and the newly opened Wynn Resort, which celebrated its grand opening on September 6. With the disposable income of the average Chinese on the rise, Macau's gaming and entertainment market is expected to grow for years to come. Macau is the only area in China where gambling is legal.
About PacificNet
PacificNet, Inc. (http://www.PacificNet.com) is a leading provider of Customer Relationship Management (CRM), mobile internet, e-commerce and gaming technology in China. PacificNet's clients include the leading telecom companies, banks, insurance, travel, marketing, business services companies, and telecom consumers in Greater China. PacificNet's corporate clients include China Telecom, China Mobile, Unicom, PCCW, Hutchison Telecom, Bell24, Motorola, Nokia, SONY, TCL, Huawei, American Express, Citibank, HSBC, Bank of China, Bank of East Asia, DBS, TNT, and Hong Kong Government. PacificNet employs over 1,400 staff in its various subsidiaries throughout China with offices in Hong Kong, Beijing, Shenzhen, Guangzhou, Macau, and branch offices in 28 provinces in China and is headquartered in Beijing and Hong Kong.
PacificNet Games Limited (PacGames), is a leading provider of Asian multi- player electronic gaming machines, gaming technology solutions, gaming related maintenance, IT and distribution services for the leading hotel, casino and slot hall operators based in Macau, China and other Asian gaming markets. PacGames is a leading developer of electronic versions of popular table games which are less expensive to run resulting in higher casino profits with great appeal to the mass market players. The growing market in Macau is for Asian table games such as Baccarat, Roulette, Fan Tan, Fish-Prawn-Crab and Sic-Bo Cussec as these games have wider acceptance in the Asian market than Western games such as poker or slots. We believe that the development, manufacturing, maintenance, and service of electronic Asian table games are underserved areas which are predicted to grow considerably as Macau's gaming market matures. PacGames products include multi-play electronic gaming machines such as Baccarat, Fish-Prawn-Crab, Sib-Bo Cussec, Roulette, and Video Lottery Terminals (VLT) such as Keno and Bingo, as well as other traditional slot machines.
PacificNet's operations can be classified into the following four main business units:
(1) Outsourcing Services - involves human voice services such as Business
Process Outsourcing, CRM, call center, IT Outsourcing and software
development services. These types of services are conducted through
our subsidiaries EPRO, Smartime/Soluteck and PacificNet Solution Ltd.
(2) Telecom Value-Added Services (VAS) - primarily involves machine voice
services such as Interactive Voice Response, SMS and related VAS,
which are conducted through our subsidiaries such as Linkhead,
Clickcom, MOABC and Guangzhou 3G.
(3) Products (Telecom & Gaming) - primarily involves communication and
gaming products, GSM/CDMA/3G Products, Multimedia Communication
Kiosks. This Group includes the following subsidiaries: PacificNet
Communications Limited, iMobile, Take1 and PacificNet Games.
(4) Other Business - other administrative, financial and investment
services and non-core businesses such as PacificNet Power Limited
(PacPower), Pacific Financial Services Limited, etc.
Safe Harbor Statement
This Company's announcement contains forward-looking statements. We may also make written or oral forward-looking statements in our periodic reports to the SEC on Forms 10-K, 10-Q, 8-K, etc., in our annual report to shareholders, in our proxy statements, in press releases and other written materials and in oral statements made by our officers, directors or employees to third parties. Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. These statements are based on current plans, estimates and projections, and therefore you should not place undue reliance on them. Forward-looking statements involve inherent risks and uncertainties. We caution you that a number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, PacificNet's historical and possible future losses, limited operating history, uncertain regulatory landscape in China, and fluctuations in quarterly and annual operating results. Further information regarding these and other risks is included in PacificNet's Form 10K and other filings with the SEC.
Contact:
PacificNet USA office: Jacob Lakhany, Tel: +1-605-229-6678
PacificNet Beijing office: Ada Yu, Tel: +86 (10) 59225000
23/F, Tower A, TimeCourt, No.6 Shuguang Xili, Chaoyang District, Beijing,
China 100028
PacificNet Inc.
CONTACT: PacificNet USA office: Jacob Lakhany, +1-605-229-6678; or
PacificNet Beijing office: Ada Yu, Tel: +86-10-59225000
Web site: http://www.PacificNet.com/
CDC.TSX-V - China Diamond suspended by OSC
2006-12-11 11:59 ET - Cease Trade/Suspend Company
A temporary cease trade order has been issued by the Ontario Securities Commission on Dec. 11, 2006, against China Diamond Corp. for failing to file the documents indicated within the required time period: interim financial statement (Sept. 30, 2006), and management discussion and analysis (Sept. 30, 2006).
Upon revocation of the temporary cease trade order, the company's shares will remain suspended until the company meets TSX Venture Exchange requirements. Members are prohibited from trading in the securities of the company during the period of the suspension or until further notice.
GRVY - Gravity Commences Mailing of Proxy Material
2006-12-11 12:39 ET - News Release
SEOUL, South Korea, Dec. 11 /PRNewswire-FirstCall/ -- Gravity, Co., Ltd. , an online game developer and publisher, announced today that it issued a letter to its shareholders. The Company has scheduled an Extraordinary General Meeting of Shareholders (the "Meeting") on Tuesday, December 26, 2006 at the request of two dissident U.S. hedge funds, Ramius Capital Group (Ramius) and Moon Capital Management (Moon), who are calling for the removal of Mr. Il Young Ryu, the Chief Executive Officer, and Mr. Seung Taik Baik, the Chief Operating Officer, from Gravity's Board of Directors.
The letter states that the current management is executing on its clear strategy to create value for its shareholders. It also addresses a number of significant and difficult challenges, mostly inherited from the former controlling shareholder and management team, which is contrary to the public misstatements and predatory initiatives undertaken by the two short-term focused hedge funds.
The following are the key actions the Company has taken:
* Appointment of qualified independent directors and members of management
* Restatement of its financial statements for the years 2002, 2003 and
2004
* Improvement of its disclosure practices
* Development and execution of its strategy to deliver sustainable and
profitable growth
* Decision to re-license "Ragnarok Online(TM) and to license "Ragnarok
Online2"(TM) with GungHo in Japan
* Embarked on game development and publishing initiatives
* Undertaken key initiatives to retain the best talent in the industry
The Seoul District Prosecutor's Office found in favor of the Company for the actions brought against Messrs. Ryu and Baik and concluded that such transactions were within the purview of the Company's discretion, in effect concluding that Ramius and Moon's claims were unsubstantiated under applicable laws. The Company is strongly urging its shareholders to vote against the hedge funds' proposal.
The following is the entire text of the letter:
Company's Position
December 11, 2006
Dear shareholders,
In less than 15 months, the Gravity management team has addressed a number of significant and difficult challenges, many of which were inherited from the former controlling shareholder and management team. The current management team is executing on its clear strategy to create value for its shareholders, by extracting further value from existing content, building on brand strength to develop sequels to its existing games, developing and publishing new titles, and broadening distribution channels, as well as by improving corporate governance and internal control standards.
Management's progress is contrary to the public misstatements and predatory initiatives undertaken by two short-term focused hedge funds Ramius Capital Group ("Ramius") and Moon Capital Management ("Moon"), the management team has made significant progress in enhancing shareholder value for all shareholders. Moon and Ramius, however, are merely causing significant disruption for the Company and management and hampering the management's ability to enhance shareholder value for all shareholders while not providing any concrete proposals or initiatives of their own. Given these hedge funds lack of any experience in Asia and in online gaming, it stands to reason that they have resorted to their time tested strategy of causing disruption in order to extract short term gains for themselves.
The Company has made every effort to meet and work with these short-term focused hedge funds, but it has become increasingly clear that their interests are not aligned with our shareholders' long-term goals. These hedge funds are needlessly diverting corporate resources from opportunities in the online gaming arena and are merely attempting to disrupt the management team's ability to advance its strategy in order to reap short-term gains for themselves.
Since EZER purchased the controlling stake in Gravity on August 30, 2005, Gravity has taken many steps to fix the residual issues from the former controlling shareholder and former management team. Further, Gravity has sought to improve performance and drive sustainable growth in the very competitive gaming environment.
Earlier this year, Gravity provided a business and financial update that articulated current management's progress to date and detailed the Company's strategy, tactics and operational priorities. The Company would like to reiterate the key points of this update and highlight the current management team's accomplishments.
First, the Company has improved its disclosure, governance and accountability practices and continues to seek ways to improve these practices in order to meet best practice standards and create a strong and stable foundation for future growth and shareholder value. These initiatives have included the following:
* Appointment of qualified independent directors and members of
management. The Company has appointed 3 independent directors,
including Messrs. James Jinho Chang, Jungil Lee and Yongho Park. These
newly appointed Board members demonstrate the requisite objectivity,
independence, experience and background to provide the Company with
valuable input and advice, particularly with respect to corporate
governance and potential conflicts of interest. The Company has also
appointed a Chief Compliance Officer, Mr. Kyu Hyeong Lee, who is
responsible for ensuring compliance with all applicable rules and
regulations of the Company, including the Korean Commercial Code, SEC
rules and regulations, internal control systems, internal audit, risk
management and the application of the Company's code of ethics.
* Financial Restatements. Upon discovery of certain illegal activities by
the former controlling shareholder and former management, Gravity's
current controlling shareholder and senior management immediately hired
legal and financial advisors to investigate these activities. Upon the
recommendation of its advisors, the Company restated its financial
statements for the years 2002, 2003 and 2004. The financial restatements
were not only required by law and GAAP, but were also necessary to
ensure that shareholders receive full and credible financial statements
for the Company and to set a foundation for the future so that the
Company's shareholders receive accurate and timely financial results.
Given the value that the management place on ensuring that its
shareholders receive accurate and complete financial information, the
management expended significant time and resources to "get the job done
right" and are very proud of having rectified past mistakes.
* Improved Disclosure. Working with a highly regarded international
accounting firm, the Company has improved its disclosure controls and
internal financial reporting processes to ensure that financial
transactions are properly recorded in a timely manner and to eliminate
the likelihood of fraud and other dishonest acts going forward. This
process is ongoing and the Company expects to be able to meet all
regulatory requirements with regard to its internal controls over its
financial reporting. The Company remains dedicated to ensuring the
highest standards of internal control and will continue to work with its
advisors to improve these processes.
Simultaneous with these efforts, the current management team has also developed, and begun to execute, its strategy to deliver sustainable or profitable growth by positioning Gravity as the leading global developer and publisher of online games. The building blocks of this strategy are as follows:
* Extracting further value from existing content, especially Ragnarok
Online(TM) ("RO"), one of the most successful online games in history;
* Building on brand strength to develop sequels and new titles;
* Broadening distribution channels into mobile, publishing, animation and
character merchandizing; and
* Leveraging and expanding the strong global distribution network of
direct operations, which currently reaches 21 markets worldwide, to
increase incremental users via subsidiaries and business alliances with
local partners.
The current management team, in accordance with the strengthened practices and corporate governance controls, has advanced this strategy during its tenure through a number of initiatives, including, but not limited to, the following:
* The decision to re-license "Ragnarok Online"(TM) with GungHo in Japan.
The Management team believes that GungHo is one of the leading and most
experienced publishers in the Japanese online gaming market. The Company
believes that the success of RO can be directly attributed to GungHo's
strong marketing, technical and customer service support. GungHo has
been publishing RO in Japan since 2002 and has made RO the most popular
MMORPG (Massively Multi-player Online Role Playing Game) in its market,
with over 75,000 peak concurrent users as of the end of November, 2006.
The management team believes that a new service provider could not
easily replicate this kind of success. GungHo's ongoing support and in-
depth knowledge of publishing RO, gained over four years of experience,
is reflected in the growth in revenues from Ragnarok Online in the first
half of 2006 in Japan, in spite of decreases in revenues from RO in most
other jurisdictions. For these reasons, and the Company believes that
the license to GungHo will deliver long-term value to all of Gravity's
shareholders.
* The decision to license "Ragnarok Online2"(TM) to Gungho. With regards
to the licensing of Ragnarok Online2(TM) ("RO2"), the Company conducted
an open and transparent bidding process, soliciting more than 10
requests for proposals for the license in Japan. Upon review of all of
the proposals received, and taking into account various factors,
including price, technical know-how and customer support, the Company
chose GungHo as its licensee for RO2.
* Game development and publishing initiatives. The Company is conducting
the final stages of development of RO2, as disclosed in the form 6-K on
November 8, 2006, which it intends to start beta testing by the end of
this year or early next year with a view to launch in selected markets
sometime thereafter. As is common in the game industry, Gravity has
experienced some delays of product launches in the past. This has
occurred because the Company constantly strives to ensure the best
quality of its products, in order to satisfy its customers' rapidly
changing needs and in order to remain competitive within the market,
which we compete. The Company also believes that it has built a strong
pipeline of in-house online games, including "Requiem"(TM), "Pucca
Racing: Bike World Tour"(TM), and others, and it continues to develop
new games, both casual and MMORPG. Additionally, on November 25, 2006,
the Company entered into an agreement with Infocomm Asia Holdings Pte
Ltd. (IAH), an online game publisher based in Singapore, regarding the
publishing right for ECO in Southeast Asia and Oceania. Under the
agreement, IAH will be the sole distributor of ECO in Singapore,
Malaysia, Brunei, Thailand, Philippines, Indonesia, Vietnam, Australia
and New Zealand. The online game industry is extremely competitive and
therefore the Company will have to continue to adjust its strategy and
develop games that gain market acceptance. That said, the Company
believes that it has established the building blocks for success.
* Qualified staff. We have taken initiatives to retain the best talent in
the industry by improving pay scales and bonus payments to ensure
continuity of game development and deployment.
Messrs. Ryu and Baik have played a critical role in stabilizing Gravity following the legacy left from the former controlling shareholder and former management team. They strengthened Gravity's corporate governance practices, developed and are executing a clear long-term strategy and have delivered a number of positive operational developments. While costs related to the development of new games will increase in the near-term, the Company believes that it is now poised to improve its financial performance and create sustainable or profitable growth over the long-term.
Certain minority shareholders brought actions against Messrs. Ryu and Baik in April, 2006, on charges of the improper behaviour relating the following:
* Stock manipulation;
* Acquisition of Neo-Cyon;
* Purchase of ECO; and
* Investment in the Online Game Revolution Fund No. 1.
In November 2006, the Seoul District Prosecutor's Office found in favor of the Company and concluded that such transactions were within purview of the Company's strategic decision, in effect concluding, that Ramius and Moon's claims were unsubstantiated under applicable laws.
The Company strongly believes that Ramius and Moon are interested in their own short-term benefit, with no regard for the long-term success of Gravity or the long-term interests of other shareholders in spite of their publicly stated intent. The Company believes that Ramius and Moon have been shortsighted, harassed other shareholders, including EZER, and used their "activist" and predatory tactics to try to coerce other parties to purchase their shares at a price above the market prices.
To date, neither Ramius nor Moon has put forth any alternative propositions for the improvement of the Company, concrete or otherwise. Instead, they have filed frivolous lawsuits in Korea and embarked on fishing expeditions searching through the Company's books and records. The Company believes that these hedge funds do not fundamentally understand Asian markets, the industry, nor our business. They are purely focused on their short-term profit goals. More importantly, their actions are solely a distraction from management spending its time, and resources on implementing the Company's long-term strategy.
In conclusion, the Company strongly recommends that its shareholders support the current management team in executing its long term strategic plan by voting against the hedge funds' proposal to remove Messrs. Il Young Ryu and Seung Taik Baik as Directors of the Board at the Meeting on December 26, 2006.
About GRAVITY Co., Ltd.
Based in South Korea, Gravity is a developer and publisher of online games. Gravity's principal product, Ragnarok Online(TM), is a popular online game in many markets, including Japan, Taiwan and Thailand, and is currently commercially offered in 21 markets. For more information about Gravity, please visit http://www.gravity.co.kr.
Forward-Looking Statements:
Certain statements in this press release may include, in addition to historical information, "forward-looking statements" within the meaning of the "safe-harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can generally be identified by the use of forward-looking terminology, such as "may," "will," "expect," "intend," "estimate," "anticipate," "believe" "project," or "continue" or the negative thereof or other similar words, although not all forward-looking statements will contain these words. These forward-looking statements are based on our current assumptions, expectations and projections about future events. All forward-looking statements involve risks and uncertainties that may cause our actual performance, financial condition or results of operations to be materially different from those suggested by the forward-looking statements, including, but not limited to, our ability to diversify revenue; our ability to collect, and in a timely manner, license fees and royalty payments from overseas licensees; our ability to acquire, develop, license, launch, market or operate commercially successful online games; our ability to compete effectively in a highly competitive industry; our ability to anticipate and access technological developments in our industry; our ability to recruit and retain quality employees as we grow; our ability to implement our growth strategies; and economic and political conditions globally. Investors should consider the information contained in our submissions and filings with the United States Securities and Exchange Commission (the "SEC"), including our registration statement on Form F-1, as amended, and our annual report on Form 20-F, together with such other documents and we may submit to or file with the SEC from time to time, including on Form 6-K. The forward-looking statements speak only as of this press release and we assume no duty to update them to reflect new, changing or unanticipated events or circumstances.
Contact:
Mr. Tae Sung Hwang
Chief Financial Officer
Gravity Co., Ltd.
Tel: +82 (0)2 2019 6141
Email: thwang@gravity.co.kr
OR
Brunswick Group:
Ellen Gonda/Erin Becker at +1 212 333 3810 or
Tim Payne at +1 852 (2166) 8363
Email: gravity@brunswickgroup.com
Gravity, Co., Ltd.
CONTACT: Mr. Tae Sung Hwang, Chief Financial Officer of Gravity Co., Ltd.,
+82-0-2-2019-6141, thwang@gravity.co.kr, or Ellen Gonda/Erin Becker,
+1-212-333-3810, or Tim Payne, +1-852-2166-8363, gravity@brunswickgroup.com
Web site: http://www.gravity.co.kr/
PACT - PacificNet Announces S-1 Registration Statement Declared Effective by SEC
2006-12-11 10:49 ET - News Release
BEIJING, Dec. 11 /Xinhua-PRNewswire/ -- PacificNet Inc. , a leading provider of CRM, ecommerce and gaming technology in China, announced today that its Registration Statement on Form S-1 has been cleared by the Securities and Exchange Commission (the "SEC") and declared effective at 3PM on December 8, 2006, File Number 333-134127. The initial Form S-1 Registration Statement was filed with the SEC on May 15, 2006.
Tony Tong, Chairman and CEO of PacificNet stated: "We are very happy that the S-1 Registration is now effective. Our CFO, Joe Levinson, has led our accounting team in getting the S-1 Registration Statement cleared by the SEC, which was no small undertaking. We can now fully focus our energies on building the company, executing our strategic plans, and capturing business opportunities in China, Macau and Asia where the market growth and the demand for our products are strong."
Joseph Levinson, CFO of PacificNet, stated, "Upon coming on board with PacificNet, my first order of business was to get our S-1 registration statement cleared by the SEC as soon as possible to avoid further liquidated damages that were accruing. As part of the registration review process, we amended the 10-KSB for the fiscal year ended 2005, 10-Qs for the first and second quarter of 2006, and the S-1 has been amended and filed several times to address several rounds of comments by the SEC. This was a tremendous task for our accounting team and I am proud to say that our S-1 is now effective."
About PacificNet
PacificNet Inc. (http://www.PacificNet.com) is a leading provider of Customer Relationship Management (CRM), mobile internet, e-commerce and gaming technology in China. PacificNet's clients include the leading telecom companies, banks, insurance, travel, marketing, and business services companies, and telecom consumers, in Greater China. PacificNet's corporate clients include China Telecom, China Mobile, Unicom, PCCW, Hutchison Telecom, Bell24, Motorola, Nokia, SONY, TCL, Huawei, American Express, Citibank, HSBC, Bank of China, Bank of East Asia, DBS, TNT, Hong Kong Government, and the leading hotel-casinos in Macau. PacificNet employs over 1400 staff in its various subsidiaries throughout China with offices in Hong Kong, Beijing, Shenzhen, Guangzhou, Macau, and branch offices in 28 provinces in China and is headquartered in Beijing and Hong Kong.
Contact:
PacificNet USA office: Jacob Lakhany, Tel: +1-605-229-6678
PacificNet Beijing office: Ada Yu, Tel: +86 (10) 59225000
PacificNet Inc.
CONTACT: PacificNet USA office: Jacob Lakhany, Tel: +1-605-229-6678, or
PacificNet Beijing office: Ada Yu, Tel: +86 (10) 59225000
Web site: http://www.PacificNet.com/
Daily Buddha's Wisdom: "When feeling down, or when seeking happiness through external means try to think, "Since the beginning of my life I have sought for the source of happiness outside my own mind, and I have not been able to stay happy. I know that to be happy I must try to understand my own mind long before that of others." Then make the solid determination that you will be happy despite whatever conditions you encounter as this is the only way anyone can achieve a permanently, and independently happy mind."
Today's Fortune: "Turn your face to the sun and the shadows fall behind you."
I don't like this at all. This is clearly a RTO with a reporting issuer. A new Form 10 would need to be cleared by the SEC before the merger is deemed effective. There is no indication of this. The 8-K is not good enough anymore.
The structure looks legal and valid according to PRC law.
" STOCK PURCHASE AGREEMENT
THIS STOCK PURCHASE AGREEMENT (the "Agreement") is dated the 11th day
of August, 2006, by and among CRAWFORD LAKE MINING, INC., a Nevada corporation
(the "Buyer"), JINAN YINQUAN TECHNOLOGY COMPANY, LTD. an equity joint venture
registered under the laws of the Republic of China (the "Company"), the Equity
Holders of the Company, more particularly described on Exhibit A attached hereto
and incorporated herein (collectively the "Shareholders") and Apollo Corporation
("Apollo"), the Majority Shareholder of the Buyer.
WHEREAS, Equity Holders desire to exchange with Buyer, and Buyer
desires to exchange with Equity Holders, all of the issued and outstanding
shares of capital stock of the Company from Equity Holders for the consideration
and upon the terms and subject to the conditions hereinafter set forth.
"
Looks like a good solid business.
Going to do some DD. It is now added to my stock list.
CVDT - Rapid Acceptance of China VoIP & Digital Telecom's Proprietary Telecommunications Technology Prompts Company to Expand Marketing Efforts
2006-12-06 09:45 ET - News Release
Company Introduces High-Quality Broadband Telephone Services in Shan Xi Province and Liao Ning Province
HENDERSON, Nev. -- (Business Wire)
As the result of rapid acceptance of its proprietary NP Soft Switch IP telephone system, China VoIP & Digital Telecom Inc. (OTCBB:CVDT) through its new wholly owned subsidiary, Jinan Yinquan Technology Co., Ltd., has added two additional cities in two new provinces to the ongoing marketing of the system. NP Soft Switch IP telephone system enables users to access Voice over the Internet Protocol (VoIP) services allowing customers to use the system to make telephone calls to anyone in the world at a much lower cost than standard telephone rates.
Jinan Yinquan, a technology company offering VoIP services in the People’s Republic of China, has been developing telecommunications solutions for China’s burgeoning Internet industry for more than half a decade.
The Company said the system, which provides users to access high-quality broadband telephone services in China by converting a customers’ cable/dsl router into a VoIP device, is now available in TaiYuan, in Shan Xi Province and ShenYeng in Liao Ning Province. There are 33 million people in Shan Xi province and 42 million in Liao Ning. The population of Shandong is 90 million with approximately 10 million Internet users.
“This will bring to 19 the number of cities and our first outside of Shandong Province where our system is available,” said Li Kunwu, President and CEO of China VoIP & Digital Telecom Inc. “We are extremely encouraged by the acceptance of the NP Soft Switch IP telephone system which has prompted us to accelerate our marketing efforts to areas outside of our core Shandong Province core market.
“The estimated number of Internet users in China is less than 10 percent of the total population of 1.3 billion people,” said Kunwu. “However, that number continues to grow exponentially as the economy booms and affordable access becomes more readily available. Combine this with the growing demand for quality, affordable phone service and it squarely places our Company in the enviable position to become a provider of telecommunications solutions using the Internet.”
Jinan Yinquan’s proprietary NP Soft Switch IP phone system is based on real-time Internet communications technology and related applications. It uses software to simulate circuit switching and as a result, provides networks call control and connection control networks.
“Less than 25 percent of China’s total population is landline subscribers,” Kunwu added. “This is due in part to availability and cost. But the convergence of accessible, economical high-speed Internet service and an affordable VoIP service such as our NP Soft Switch System creates a very exciting scenario for the growth of our company.”
Kunwu said the Company’s future plans call for the expansion into all of China with its current and future products and services.
More information on the Company and its wholly owned subsidiary can be found in the Company’s 8K filing of November 13, 2006 on the Securities and Exchange Commission official website at www.sec.gov.
About China VoIP & Digital Telecom Inc.
China VoIP & Digital Telecom Inc. offers Voice over the Internet Protocol service in the People’s Republic of China through its wholly owned subsidiary Jinan Yinquan Technology Co. Ltd. Through Jinan Yinquan, China VoIP is well positioned to take full advantage of the tremendous economic growth currently being experienced in China. The Company is currently marketing its NP Soft Switch system in China and is currently in the testing stage of other Information Technology products. The Company currently has 30 employees and is located in the Shandong Province, People’s Republic of China.
More information can be found at www.chinavoip-telecom.com.
Notice Regarding Forward Looking Statements
Statements regarding the Company's business which are not historical facts are “forward-looking statements” that involve risks and uncertainties that could cause actual results to differ materially from the potential results discussed in the forward-looking statements. Forward looking statements in this press release include that our system allows customers to make telephone calls to anyone in the world at a much lower cost than standard telephone rates; that internet usage in China will continue to exponentially and that there will be growing demand for quality, affordable phone service; that current conditions will result in a very exciting scenario for the growth of our company; and that our future plans call for the expansion into all of China with our current and future products and services. .Actual results may differ materially from those currently anticipated due to a number of factors as we may find that our products must compete with cheaper or better products; we may not be able to retain key employees; a bigger market may not develop for our products and we may not be able to continue to attract new customers; we may face litigation if our technology fails to work when required; our intellectual property may be attacked and defeated in court proceedings; our patent filings may be rejected by the patent offices; other companies may discover and develop better or cheaper technologies that would render our products obsolete; we may not have sufficient funding to further develop and/or market our technology; and we may face regulatory issues in trying to expand throughout China. There are also country risks associated with investing in China, including currency fluctuation, repatriation of capital, and potential regulatory hurdles. Readers are directed to the China VoIP & Digital Telecom Inc. reports as filed with the U.S. Securities and Exchange Commission from time to time, including but not limited to its 8-K filed November 13, 2006 under our prior name Crawford Lake Mining Inc. which outlined the company’s current business for further information and factors that may affect China VoIP & Digital Telecom Inc.’s business and results of operations. China VoIP & Digital Telecom Inc. undertakes no obligations to publicly update any forward-looking statements to reflect future events or circumstances.
Contacts:
Peter Nasca Associates, Inc.
Peter Nasca, 954-473-0677
pnasca@pnapr.com
Source: China VoIP & Digital Telecom Inc.
Sure looks like it: Jinpan International Limited Announces Third Quarter Results for 2006
2006-11-16 16:01 ET - News Release
ENGLEWOOD CLIFFS, N.J., Nov. 16 /PRNewswire-FirstCall/ -- JINPAN INTERNATIONAL LIMITED announced its consolidated financial results for the third quarter ended September 30, 2006 today. Comparison data with prior periods is not available as the company has not announced its quarterly results prior to this year.
Total Sales for the third quarter were RMB 185.0 million ($23.4 million) and Cost of Goods Sold accounted for 72.5% of sales at RMB 133.8 million ($16.9 Million), generating a gross profit margin of 27.5% or a Gross Profit of RMB 50.9 million ($ 6.4 million). Raw material costs were stable in the third quarter, but still remain at the high end of historical prices.
Selling and administrative expenses for the third quarter were RMB 27.1 million ($3.4 Million), or approximately 15% of sales. Net Income for the same period was RMB 16.7 million ($2.1 million).
Basic earnings per share were RMB 2.54 ($0.32) and diluted earning per shares were RMB 2.51 ($0.32) for the third quarter.
The company had cash and cash equivalents of RMB 24.1 million ($3.0 Million) on the balance sheet with working capital of RMB 252.5 million ($31.9 million). The company does not currently hold any long-term debt and has Total Shareholders Equity of RMB 286.6 million ($36.3 million).
Jinpan International Limited and Subsidiaries
Consolidated Balance Sheets (Unaudited)
As of September 30, 2006
September 30,
(In thousands, except number of shares 2006 2006
and per share data) US$ RMB
Assets
Current assets:
Cash and cash equivalents 3,047 24,086
Accounts receivable, net 28,001 221,324
Inventories 18,319 144,795
Prepaid expenses 4,186 33,089
Other receivables 2,227 17,600
Total current assets 55,780 440,894
Property, plant and equipment, net 4,121 32,570
Construction in progress 1,124 8,886
Deferred tax assets 106 834
Total assets 61,131 483,184
Liabilities and Shareholders' Equity
Current liabilities:
Short term bank loans 4,328 34,207
Accounts payable 4,203 33,222
Advance from customers 5,453 43,101
Other Payable 9,855 77,895
Total current liabilities 23,839 188,425
Minority interest 1,030 8,145
Commitments - -
Shareholders' equity:
Authorized shares - 20,000,000 Issued and
outstanding shares - 6,825,246 in 2006 61 515
Convertible preferred stock, US$0.009
par value: Authorized shares - 1,000,000
Issued and outstanding shares - 6,111
in 2006, 6% p.a. - 2
Additional paid-in capital 10,881 89,979
Reserves 2,652 21,908
Retained earnings 22,822 181,386
Accumulated other comprehensive income 669 (397)
37,085 293,393
Less: Treasure shares at cost, common stock-
208,470 shares (823) (6,779)
Total shareholders' equity 36,262 286,614
Total liabilities and shareholders'
equity 61,131 483,184
Jinpan International Limited and Subsidiaries
Consolidated Statements of Income (Unaudited)
For the three months ended September 30, 2006
Three months ended Nine months ended
September 30 September 30
2006 2006 2006 2006
(In thousands, except US$ RMB US$ RMB
per share data)
Net sales 23,324 184,722 57,905 462,514
Other income 33 262 41 331
23,357 184,984 57,946 462,845
Costs and expenses:
Cost of products sold (16,899) (133,843) (41,780) (333,715)
Selling and administrative (3,424) (27,085) (9,128) (72,914)
Interest expenses (86) (679) (242) (1,933)
(20,409) (161,607) (51,150) (408,562)
Income before income taxes 2,948 23,377 6,796 54,283
Income taxes (455) (3,609) (1,075) (8,587)
Income before minority
interest 2,493 19,768 5,721 45,696
Minority interest (387) (3,070) (923) (7,375)
Net income 2,106 16,698 4,798 38,321
Earnings per share
- Basic US$0.32 RMB2.54 US$0.73 RMB5.84
- Diluted US$0.32 RMB2.51 US$0.72 RMB5.76
Weighted average number
of shares
- Basic 6,570,755 6,570,755 6,570,755 6,570,755
- Diluted 6,662,141 6,662,141 6,662,141 6,662,141
STATEMENTS IN THIS PRESS RELEASE WHICH ARE NOT HISTORICAL DATA ARE FORWARD-LOOKING STATEMENTS WHICH INVOLVE KNOWN AND UNKNOWN RISKS, UNCERTAINTIES OR OTHER FACTORS NOT UNDER THE COMPANY'S CONTROL, WHICH MAY CAUSE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS OF THE COMPANY TO BE MATERIALLY DIFFERENT FROM THE RESULTS, PERFORMANCE OR OTHER EXPECTATIONS IMPLIED BY THESE FORWARD-LOOKING STATEMENTS. THESE FACTORS INCLUDE, BUT ARE NOT LIMITED TO, THOSE DETAILED IN THE COMPANY'S PERIODIC FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION.
Jinpan International Limited
CONTACT: Mr. Mark Du, +1-201-227-0680
Web site: http://www.jstusa.net/
TFC - Webcast Alert: The Taiwan Greater China Fund Announces Its Closed End Funds/Distribution Trusts Forum Webcast
2006-12-11 08:30 ET - News Release
NEW YORK -- (Business Wire)
The Taiwan Greater China Fund (NYSE:TFC) announces the following Webcast:
What: The Taiwan Greater China Fund Closed End Funds / Distribution Trusts Forum Webcast
When: December 12, 2006 @ 10:00 AM Eastern
Where: http://www.vcall.com/EventPage.asp?ID=108388
How: Live over the Internet -- Simply log on to the web at the address above.
Contact: Jason Simmonds, (212)889-4350 or jason.simmonds@taylor-rafferty.com
If you are unable to participate during the live webcast, the call will be available for replay at http://www.vcall.com/ClientPage.asp?ID=108388 or http://www.investorcalendar.com/
Business Summary
Profile
The Taiwan Greater China Fund is a diversified, closed-end investment company which trades on the NYSE under the ticker symbol “TFC”. The investment strategy of the Fund is to capitalize on growth in China through investments in Taiwan Stock Exchange-traded companies which derive or are expected to derive a substantial portion of their revenues from exports to or operations in mainland China.
Presenter
Steve Champion is CEO, President and Portfolio Manager for the Taiwan Greater China Fund. His experience encompasses over 16 years as a resident in Greater China, 14 of which were spent in Taiwan. His time in Taiwan included 6 years as President and CEO of International Investment Trust Company, the country’s oldest mutual fund management company. He also directly managed The R.O.C. Taiwan Fund (established in 1983 and the predecessor to the Taiwan Greater China Fund). In 2004, Champion returned to the re-structured Taiwan Greater China Fund with the objective of investing primarily in Taiwan-listed companies that have a significant business presence in China.
Champion is the author of “The Great Taiwan Bubble” (Pacific View Press, 1998) and “Un-cooking the books in Taiwan,” published in the Op-Ed pages of The Asian Wall Street Journal.
Contacts:
For The Taiwan Greater China Fund
Jason Simmonds, 212-889-4350 or
jason.simmonds@taylor-rafferty.com
Source: The Taiwan Greater China Fund
BJBP - Beijing Med-Pharm Corporation Enters Into an Agreement to Develop and Register Products for Cephalon, Inc. in China
2006-12-11 08:00 ET - News Release
PLYMOUTH MEETING, Pa. -- (Business Wire)
Beijing Med-Pharm Corporation (Nasdaq: BJGP) announced today that it has entered into a master services agreement with Cephalon, Inc. (Nasdaq: CEPH) under which Beijing Med-Pharm will complete the clinical development and registration process for certain Cephalon products in the People’s Republic of China.
The initial focus of the agreement will be FENTORA™ (fentanyl buccal tablet), which received U.S. Food and Drug Administration approval in September 2006, for the management of breakthrough pain in patients with cancer who are already receiving and are tolerant to opioid therapy. The Chinese State Food and Drug Administration (SFDA) usually accepts registration of pharmaceuticals previously approved in the United States on the basis of a single clinical trial conducted in China. Beijing Med-Pharm will design and conduct a Chinese registration trial for Fentora, with the application process beginning in 2007.
“We are very pleased that Cephalon has selected Beijing Med-Pharm to be their strategic partner as they seek to introduce their portfolio of medicines in China,” said David Gao, Chief Executive Officer of Beijing Med-Pharm. “FENTORA would be a welcome addition to options available to cancer patients in China for managing pain and is an excellent fit with our therapeutic expertise both clinically and commercially.”
Robert P. Roche, Jr., Executive Vice President, Worldwide Pharmaceutical Operations at Cephalon, said, “Beijing Med-Pharm has developed contacts in the oncology community in China and a full suite of capabilities for investigating and registering Western medicines in this significant and rapidly growing market. We intend for our collaboration on FENTORA to be the first in a successful partnership with Beijing Med-Pharm that will facilitate the incorporation of Cephalon products into medical care in China.”
About Beijing Med-Pharm Corporation
Beijing Med-Pharm is a pharmaceutical marketing and distribution company that offers the following services in China: pre-market entry analysis; clinical trial management; product registration; market research; pharmaceutical distribution to hospitals; and pharmaceutical marketing to physicians, hospitals and other healthcare providers.
About FENTORA™
FENTORA is the first tablet formulation of the opioid fentanyl and the first new medication approved for the management of breakthrough pain in opioid-tolerant patients with cancer since 1998. Its proprietary OraVescent® drug delivery system was developed by Cephalon subsidiary CIMA LABS.
In clinical trials, FENTORA was generally well tolerated. Most adverse events occurring with FENTORA are typical opioid side effects. The most serious adverse events associated with all opioids are respiratory depression (potentially leading to apnea or respiratory arrest), circulatory depression, hypotension, and shock. All patients should be followed for symptoms of respiratory depression. Opioid side effects should be expected and managed accordingly. The most common (≥ 10%) adverse events observed in clinical trials of FENTORA were nausea, vomiting, application site abnormalities, fatigue, anemia, dizziness, constipation, edema, asthenia, dehydration, and headache. Most side effects were mild to moderate in severity. No attempt was made to correct for concomitant use of around-the-clock opioids or cancer-related symptoms.
Forward Looking Statements
In addition to historical facts or statements of current condition, this press release contains forward-looking statements within the meaning of the "Safe Harbor" provisions of The Private Securities Litigation Reform Act of 1995, including statements regarding our expectations to complete the clinical development and registration process for FENTORA in China, our expectations to design and conduct a Chinese registration trial for FENTORA, with the application process beginning in 2007, our expectation that FENTORA will be a welcome addition to options available to cancer patients in China for managing pain, and our collaboration with Cephalon.Forward-looking statements provide Beijing Med-Pharm's current expectations or forecasts of future events. Actual results could differ materially from those reflected in these forward-looking statements due to general financial, economic, regulatory and political conditions affecting the biotechnology and pharmaceutical industries and the Chinese pharmaceutical market, and due to risks and uncertainties associated with the clinical development, registration and potential for market acceptance of FENTORA in China.Given these risks and uncertainties, any or all of these forward-looking statements may prove to be incorrect. Therefore, you should not rely on any such factors or forward-looking statements. Beijing Med-Pharm undertakes no obligation to update publicly any forward-looking statement.
Contacts:
Beijing Med-Pharm
Fred M. Powell, CFO, 610-940-1675
or
Media:
Sam Brown Inc.
Mike Beyer, 773-463-4211
beyer@sambrown.com
Source: Beijing Med-Pharm Corporation
FEEC - Far East Energy Urges Stockholders to Vote for Board's Director Nominees
2006-12-11 07:00 ET - News Release
HOUSTON, Dec. 11 /PRNewswire-FirstCall/ -- Far East Energy Corporation said today that it has distributed a letter to stockholders noting that the Annual Meeting of Stockholders is now just days away. In the letter, CEO and President Michael R. McElwrath said, "We are now embarked upon a critical drilling program involving complex reservoir engineering. Your Board intends to ramp up that drilling pace."
McElwrath also said that, "Turning over the Board to the Sofaer Group will be harmful to your Company's program to build stockholder value." He urged stockholders to vote today.
The full text of the letter follows:
ATTENTION FAR EAST ENERGY STOCKHOLDERS:
THE ANNUAL MEETING OF STOCKHOLDERS IS NOW JUST DAYS AWAY!
YOUR VOTE FOR YOUR BOARD'S NOMINEES IS CRITICAL!
NOW IS NOT THE TIME TO CHANGE THE FAR EAST ENERGY TEAM.
-- We are now embarked upon a critical drilling program involving complex
reservoir engineering and calling upon every bit of the 170 years of
combined energy experience of our six nominees.
-- In the past three years, we have drilled ten wells, or an average of
one well every 3.6 months. Your Board intends to substantially ramp up
that drilling pace.
-- The four horizontal wells we have drilled so far are roughly 25% of all
horizontal CBM wells ever drilled in China.
-- We expect to move the Company toward the use of debt-type financing as
soon as our results allow.
-- We have rigorous approval controls in place for both capital and
overhead costs and are lowering our drilling costs with each new well.
-- Turning over the Board to the Sofaer Group will be harmful to your
Company's program to build stockholder value.
-- If elected, the Sofaer nominees could disrupt the carefully cultivated
relationships with the Chinese government and the Chinese energy
industry that are critical to our success.
We need you, our valued stockholder, to help keep our momentum going. Here is what you can do TODAY:
You may be able to vote by Internet or telephone. Please review your WHITE proxy card to see if those means are available. If so, this is the best way to ensure that your vote is received in time to be counted at the meeting. Please follow the instructions to vote FOR your Board's nominees at the December 15, 2006 Annual Meeting of Stockholders.
Otherwise, please sign, date and return the WHITE proxy card FOR your Board's nominees as soon as possible.
If you have any questions, or would like assistance in voting your shares, please contact the company that is helping us with this most important election, Innisfree M&A Incorporated, at 1.877.456.3442 or for international calls + 412.232.3651.
Thank you for your support.
Sincerely,
Michael R. McElwrath
President and CEO
Far East Energy Corporation encourages all stockholders to visit their Web site http://www.VoteFarEastEnergy.com to learn more about Far East Energy Corporation's nominees and their plan to build stockholder value.
About Far East Energy
Based in Houston, Texas, with offices in Beijing, Kunming, and Taiyuan City, China, Far East Energy Corporation is focused on the acquisition of, and exploration for, coalbed methane in China through its agreements with ConocoPhillips and China United Coalbed Methane Corp. Ltd. (CUCBM).
Statements contained in this press release that state the intentions, hopes, beliefs, anticipations, expectations or predictions of the future of Far East Energy Corporation and its management are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. It is important to note that any such forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties. Actual results could differ materially from those projected in such forward-looking statements. Factors that could cause actual results to differ materially from those projected in such forward-looking statements include: the preliminary nature of well data, including permeability and gas content, and commercial viability of the wells; risk and uncertainties associated with exploration, development and production of oil and gas; drilling and production risks; our lack of operating history; limited and potentially inadequate cash resources; expropriation and other risks associated with foreign operations; anticipated pipeline construction and transportation of gas; matters affecting the oil and gas industry generally; lack of availability of oil and gas field goods and services; environmental risks; changes in laws or regulations affecting our operations, as well as other risks described in our Annual Report on Form 10- K, Quarterly Reports filed on Form 10-Q, and subsequent filings with the Securities and Exchange Commission.
Far East Energy Corporation
CONTACT: Bill Conboy, Vice President of CTA Integrated Communications,
+1-303-665-4200, Bill@ctaintegrated.com
Web site: http://www.VoteFarEastEnergy.com/