Cancellation of Stock Options
TORONTO, Dec. 31, 2013 /CNW/ - Boyuan Construction Group, Inc., (TSX: BOY, BOY.DB.A), a growing construction company in China of commercial, residential and municipal infrastructure projects, announced today that several of its employees and directors have voluntarily surrendered options that entitled them to purchase up to an aggregate of 2,125,000 common shares of the Company. The exercise prices associated with the surrendered options ranged from $0.50 to $2.63 with a weighted average exercise price of $1.47 and were significantly in excess of the current trading price of the Company's common shares.
Boyuan's Board of Directors approved the cancellation of options on December 31, 2013, and the options surrendered by holders were cancelled effective December 31, 2013. The surrender of the affected options was entirely voluntary and no agreements or commitments have been made to holders with respect to the receipt of new options. Of the cancelled options, 1,515,000 were surrendered by directors, senior officers and insiders. Following the option cancellation, the Company has no stock options outstanding.
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, 2013, Boyuan completed more than 46 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.
SOURCE Boyuan Construction Group, Inc.For further information:
Boyuan Construction Group, Inc.
Mr. Paul Law, CFO
+(852) 9329 5088
(416) 815 0700 ext. 233