ZHUHAI, China and NEW YORK, Sept.
8 /PRNewswire-Asia-FirstCall/ -- China Architectural
Engineering, Inc. ("CAE" or the "Company") (Nasdaq: CAEI), a
provider of design, engineering, fabrication and installation
services of high-end building envelope systems, today announced it
has been awarded a new contract valued at approximately
US$3.2 million and provided business
updates on previous contract wins announced on August 16, 2010.
CAE has been awarded a new contract by the Overseas Chinese Town
("OCT") Group for their Joy Coast project, with a total value of
approximately US$3.2 million. The Joy
Coast project is the first large-scale, high-end integrated urban
ecotourism project in China. CAE
had previously been contracted to provide design and consulting
services to this project and will now be responsible for
implementing their design and construction of the Innovation
Exhibition Center, one of the regional landmarks within Joy Coast.
The structure uses the highly advanced technique of space
arbitrarily curved surfaces with stainless steel plates. The
contract is estimated to be completed within five months.
Mr. Jun Tang, Chairman of the
Board of China Architectural Engineering, commented, "We are very
excited about this new Joy Coast contract with OCT. We feel this
contract win highlights OCT's confidence and satisfaction with our
previous work with them as consultants as well as with our
technical expertise, a high level of which is required to complete
such a complex project. We welcome the challenge as an opportunity
to further demonstrate our advanced capabilities within a lasting,
publicly viewed structure."
The Company has also provided the following business updates
contract wins previously announced by the Company on August 16, 2010:
The Terrace Garden Project in Beijing, awarded by COSCO Real Estate and
Swire Group and valued at approximately $10.4 million, is expected to be completed by the
end of the first quarter of 2011. CAE is responsible for the entire
process of design, manufacturing and construction of the structural
steel and building envelope of the exhibition hall within the
terrace garden of Jiangtai Commercial Center. The glass roof uses
irregular-shaped and free curved surfaces that add to the
difficulties in design and construction of the glass roof.
The two projects in Liuzhou, the capital of Guangxi province, were awarded by the Guangxi
Municipal Government, with a total value of approximately
US$3.3 million. CAE is responsible
for the metal roofs and wall construction of both Li Ning Sports
Stadium and Li Ning Aquatics Center. These have been named two of
the top ten construction projects of Liuzhou City that together
cover an area of over 30,000 square meters and are set to become
major landmarks within the town.
The Xinhai Revolution Museum project is a government contract in
Wuhan, the capital of Hubei, and is valued at approximately
US$5.2 million. CAE is responsible
for the construction of the full curtain wall, including a GRC
exterior panel roof system, glass curtain wall system, and stone
cladding curtain wall system. The overall building scheme of this
memorial museum fuses traditional Chinese and modern architectural
technologies.
Mr. Tang concluded, "We're greatly pleased with the variety of
important contracts we have recently won, most of which rely on our
state-of-the-art design capabilities and technological expertise.
The Terrace Garden Project, for example, is the first project of
its kind in the world with a notable level of technical difficulty
due to the hybrid structure of space single-layer rectangle bar
shells with single-layer cable-net of vertical glass curtain walls.
Furthermore, several of these contract wins were from local
governments, which we believe once again demonstrates their trust
in our solid industry experience and successful execution record
completing other important public landmark projects. In the future,
we aim to further drive our business growth by pushing our
technical capabilities and focusing on more large-scale design
projects that ultimately create more shareholder value."
About China Architectural Engineering
China Architectural Engineering, Inc. (NASDAQ: CAEI) is a
provider of design, engineering, fabrication and installation
services of high-end curtain wall systems, roofing systems, steel
construction systems, and eco-energy systems. Founded in 1992, CAEI
has maintained its market leadership by providing timely,
high-quality, reliable, fully integrated, and cost-effective
solutions. Collaborating with world-renowned architects and
building engineers, the Company has successfully completed over one
hundred large, complex and unique projects worldwide, including
numerous award-winning landmarks across Asia's major cities.
For further information on China Architectural Engineering,
Inc., please visit http://www.caebuilding.com
Forward-Looking Statements
In addition to historical information, the statements set forth
above may 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. Actual
results could differ materially from the expectations contained in
forward-looking statements as a result of risks and uncertainties,
including, but not limited to, difficulties in moving into the
online gaming market; the Company's ability to accurately estimate
and control contract costs and timelines; the Company's ability to
timely complete and meet performance standards; the Company's
ability to integrate the management, personnel and operations of
the Company and ConnGame; required Company payments under the
waiver agreement and ability to maintain the conditions of the
bondholder waiver and dilution from the potential adjustment to the
conversion price of the bonds for non-compliance with the waiver;
identification and remediation of the Company's deficiencies and
weaknesses in its internal controls over financial reporting,
potential claims or litigation that may result from the occurrence
of restatements, ability to identify and secure debt, equity,
and/or other financing required to continue the operations of the
Company; reduction or reversal of the Company's recorded revenue or
profits due to "percentage of completion" method of accounting and
expenses; increasing provisions for bad debt related to the
Company's accounts receivable; fluctuation and unpredictability of
costs related to our products and services; adverse capital and
credit market conditions; expenses and costs associated with its
convertible bonds, regulatory approval requirements and competitive
conditions; and various other matters, many of which are beyond our
control. 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.
For more information, please contact:
Investor Contact:
ICR:
Michael Tieu
Tel: +86-10-6599-7960
Email: michael.tieu@icrinc.com
Bill Zima
Tel: +1-203-682-8200
Email: bill.zima@icrinc.com
SOURCE China Architectural Engineering, Inc.
Copyright t. 8 PR Newswire