ZHUHAI, China and NEW YORK, Sept.
15 /PRNewswire-Asia-FirstCall/ -- China Architectural
Engineering, Inc. ("CAE" or the "Company") (Nasdaq: CAEI), a
self-developer of online MMORPGs games and a provider of design,
engineering, fabrication and installation services of high-end
building envelope systems, today announced that it met several
business milestones related to its games.
CAEI, through its subsidiary Shanghai ConnGame Network Ltd.
("ConnGame"), successfully completed two closed beta tests for its
upcoming online game titled "The Warring States", a realistic
MMORPG based on China's Warring
States historical periods. In the most recent test, hundreds of
players explored the game for a week and offered high regards to
the experience and performance of the game. A third beta test round
is scheduled to take place this month, with a fourth to occur in
October 2010. "Warring States Online"
is expected to be launched during the fourth quarter of this year
to the public.
ConnGame has also recently completed a contract with the China
Ministry of Public Security to develop a Safe Driving Game project
based on its proprietary "Apocalypse" game engine. ConnGame
self-developed the "Apocalypse" game engine and received copyrights
from the China Bureau of Copyright in the first quarter of this
year. ConnGame owns two self-developed game engines, "Turbo" and
"Apocalypse", and Warring States Online is developed based on the
Turbo engine. The Company expects to recognize revenues from this
project during the third quarter of this year.
Mr. Jun Tang, Chairman of the
Board of China Architectural Engineering, commented, "We are very
excited about the successful beta tests of Warring States Online.
We look forward to the eventual launch of this ambitious game,
which we expect will drive significant recurring revenues for CAE.
Meanwhile, applying our sophisticated game engine, Apocalypse, to
another project for the China Ministry of Public Security was also
an important opportunity that will enable us to generate additional
revenue from the our core technology. We expect that we will be
able to generate another stream of revenue source by licensing the
game engine to produce more emerging game products."
In addition, ConnGame has signed a strategic cooperation with
PlayerG.com ("PlayerG"), a comprehensive, user-based community
platform dedicated to the interaction between players across
different games, ages and geographic locations. PlayerG's platform
will be directly integrated with our two ConnGame's games, Warring
States Online and Revolution, enabling players to interact with
other community members from within or outside of the game itself.
PlayerG expects to start closed beta testing in September 2010, and to allow open registration in
early October.
Mr. Tang concluded, "We're also very excited about our
newly-formed strategic alliance with PlayerG.com. PlayerG.com is
the first Website of its kind in China, and we expect this alliance to be of
significant mutual benefit, driving revenues for both companies. We
see these developments as positive steps towards CAE's overall
growth, with respect to our innovative technology, future outlook,
and 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. 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.
Through its subsidiary Shanghai ConnGame, CAEI is also a
self-developer of MMORPGs games, leveraging its innovative game
engines, scalable development platforms, and accomplished
production teams to develop online games for operation in
China based on China's iconic characters and nostalgic
epochs.
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 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; the Company's ability to accurately
estimate and control contract costs and timelines; the Company's
ability to timely complete and meet performance standards;
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 . 15 PR Newswire