CAEI China Architectural Engineering Announces New Contract to Build Resort Near Shanghai
China Architectural Engineering, Inc. (CAE) (NASDAQ: CAEI China Stock News), a leader in
the design, engineering, fabrication and installation of high-end
building envelope systems, today announced that it has entered into a
new agreement with Shanghai Nine Dragon Co., Ltd. (http://www.ninedragon.com.cn)
to undertake the major projects located in the Nine Dragon Resort,
Zhejiang, including a seven star hotel, a marine park and luxurious
villas. The total project value is expected to exceed $500 million. The
projects are expected to commence in the second half of 2009 and be
completed within three years.
The Latest Update on the Current Projects
CAE’s work on the Dubai Metro System is expected to be completed in the
third quarter as well as the projects in US and Doha, which will be
completed within this year. CAE expects the project completions to
provide more resources to build the aforesaid new projects. Meanwhile,
due to the global financial crisis and other various factors, the
company cannot utilize sufficient resources to continue the Singapore
project. Given the uncertain global economic outlook and the limited
company resources, CAE has decided to give up the project and reallocate
resources towards other projects.
China Architectural Engineering Chairman and CEO Ken Yi Luo commented,
“Our latest project update shows the effects of an uncertain global
economic outlook. The termination of our Singapore project is a
disappointment, of course, but it is also noteworthy that we continue to
gain new business in our core domestic market of China. Here, our track
record and extensive network of contacts in the public and private
sectors are enabling us to take advantage of the Chinese government’s
aggressive stimulus spending. In the future, we will gradually develop
some good business that will produce steady revenues for the company to
offset the impacts from the volatile construction industry.”
About CAEI Stock Profile China Architectural Engineering
China Architectural Engineering, Inc. (NASDAQ: CAEI), which began
operations in 1992, has maintained a leading position in the global
commercial construction industry by providing timely, high-quality,
reliable, fully integrated and cost-effective service solutions to our
clients utilizing specialized technical expertise in the design,
engineering, fabrication and construction of structural exterior
cladding systems. It specializes in high-end curtain wall systems
(including glass, stone and metal curtain walls), roofing systems, steel
construction systems, eco-energy saving building conservation systems
and related products, for public works and commercial real estate
projects.
CAEI has worked with world-renowned architects and building engineers
from China and other countries and has completed over one-hundred large,
complex and unique projects throughout China, Hong Kong, Macau,
Australia and Southeast Asia, including numerous award-winning landmark
buildings in many of Asia’s major cities. CAE has also expanded beyond
China into some of the growing construction markets in the world, such
as Middle East, Central Asia and Eastern Europe.
For further information on China Architectural Engineering, please visit www.caebuilding.com.
Forward-Looking Statements: In addition to historical
information, the statements set forth above include forward-looking
statements that may involve risk and uncertainties that could cause
actual results to differ materially from those in the forward-looking
statements. Such risks and uncertainties include, but are not limited
to, adverse capital and credit market conditions; the vulnerability of
the Company's business to a general economic downturn in China and
globally; uncertainty of contract negotiations and payments under
existing contracts, the Company’s dependence on government contracts,
changes in the laws of the PRC that affect the Company’s operations,
fluctuation and unpredictability of costs related to the Company’s
products and services, the Company’s dependence on the steel and
aluminum markets, reduction or reversal of the Company’s recorded
revenue or profits due to “percentage of completion” method of
accounting and expenses and costs associated with the issuance of
convertible bonds. The forward-looking statements are also identified
through use of the words “believe,” “enable,” “may,” “will,” “could,”
“intends,” “estimate,” “anticipate,” “plan,” “predict,” “probable,”
“potential,” “possible,” “should,” “continue,” and other words of
similar meaning. Actual results could differ materially from the
expectations contained in forward-looking statements as a result of
several factors, including regulatory approval requirements and
competitive conditions. These and other factors that may result in
differences are discussed in greater detail in the Company’s reports and
other filings with the Securities and Exchange Commission.
Investor Relations International Brian Chen, 818-382-9700 bchen@irintl.com
