Boyuan Announces Expected Delay in Filing Q1 Financial Statements
TORONTO, Nov. 8, 2012 /CNW/ - Boyuan Construction Group, Inc., (TSX: BOY, BOY.DB, BOY.DB.A), a fast-growing construction company in China of commercial, residential and municipal infrastructure projects, announced today that the filing of its interim financial statements, management's discussion and analysis, the related officer certifications for the first quarter ended September 30, 2012 (collectively, the "Q1 Filings") will be delayed beyond the filing deadline of November 15, 2012.
As previously disclosed on September 25, 2012, the Company is also delayed in the filing of its annual financial statements, management's discussion and analysis, the related officer certifications and the annual information form for the financial year ended June 30, 2012 (collectively, the "Annual Filings"). The Company has applied for and has obtained a management and insider cease trade order (the "Annual MCTO") in connection with the delay for the Annual Filings, which is expected to be in effect until December 2, 2012.
The delay in the Q1 filings is a result of the delay in the Annual Filings. The delay in the Annual Filings was caused by the Company's auditor's inability to provide an audit opinion by the filing deadline. The Company is working with the auditors to resolve any outstanding issues with respect to the Annual Filings as soon as possible.
As a result of this delay, the Company intends to make an application to the Ontario Securities Commission and other relevant securities regulatory authorities under applicable securities legislation for a management and insider cease trade order (the "Q1 MCTO") in connection with the anticipated filing delay for the Q1 Filings. If the Q1 MCTO is granted, it will prohibit the Chief Executive Officer and Chief Financial Officer, and likely the directors and other insiders of the Company, from trading in securities of the Company for so long as the Q1 Filings have not been completed. The issuance of the Q1 MCTO would generally not affect the ability of persons who are not, or who have not been, directors, officers or other insiders of the Company to trade in the Company's securities.
About Boyuan Construction Group, Inc.
Based in Jiaxing City, China, Boyuan Construction Group, Inc. is in the business of commercial building and residential construction, municipal infrastructure and engineering projects. In its last three fiscal years ending June 30, 2011, Boyuan completed more than 80 projects for a number of private and public sector clients. Boyuan's current project backlog includes residential, commercial, industrial and mixed-use developments. From its operating bases in Zhejiang Province and in Hainan Province, Boyuan focuses on construction projects in China's fast-growing regions of the Yangtze River Delta, Hainan Province and Shandong Province. For more information visit www.boyuangroup.com.
Caution Regarding Forward-Looking Information:
Certain information contained in this press release constitutes forward-looking information, which is information relating to future events or the Company's future performance and which is inherently uncertain. All information other than statements of historical fact may be forward-looking information. Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "budget", "plan", "continue", "estimate", "expect", "forecast", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar words or phrases (including negative variations) suggesting future outcomes or statements regarding an outlook. Forward-looking information contained in this press release includes, but is not limited to, the Company's intention to file the application for the Q1 MCTO, the Company's expectation on the effectiveness period of the Annual MCTO, the Company's expectation on whether the Q1 MCTO will be granted and the expected terms and effects of the Q1 MCTO if granted, and management's expectation to make the Annual Filings and the Q1 Filings and management's anticipated date for making the Annual Filings. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. The Company believes the expectations reflected in the forward-looking information are reasonable but no assurance can be given that these expectations will prove to be correct and readers are cautioned not to place undue reliance on forward-looking information contained in this press release. Some of the risks and other factors which could cause results to differ materially from those expressed in the forward-looking information contained in this press release include, but are not limited to: risk of regulatory authorities not granting the Q1 MCTO, risk of the terms of the Q1 MCTO being different from anticipated, risk of macro-economy cycle, risk from competition, risk from insufficient marketing to secure new projects, risk in obtaining additional financing, risk involving permits and licences, reliance on key management member, risk from supply of raw materials, risk of financial leverage, risk of bad debts in accounts receivables, risk involved in real estate development, foreign exchange fluctuations, political and economic conditions in China and other risks included in the Company's AIF for the fiscal year ended June 30, 2011 and in the Company's public disclosure documents filed with certain Canadian securities regulatory authorities and available at www.sedar.com. The forward-looking information contained in this press release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as otherwise required by law.
SOURCE: Boyuan Construction Group, Inc.For further information:
Boyuan Construction Group, Inc.
Mr. Paul Law, CFO
+(852) 9329 5088
(416) 815 0700 ext. 253