TORONTO, March 14, 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 it has
extended the maturity date of its 11.75% secured convertible debentures
due February 28, 2013 (the "Secured Debentures") to March 31, 2013.
Boyuan will continue its negotiation with major holders to further
extend the maturity and amend certain other terms of the Secured
Debentures held by the majority holders. The Secured Debentures held
by other holders that are not further extended will mature and be
repaid on March 31, 2013.
The proposed further extension and other amendments to the Secured
Debentures held by the majority holders are subject to the Company and
the majority holders reaching an agreement on the terms of the
amendments and the approval of the Toronto Stock Exchange.
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, 2012, 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 please 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 expected results of its negotiation with the
major Secured Debenture holders, the expected amendments to the terms
of the Secured Debentures held by the major holders, the expected
repayment of the Secured Debentures held by other holders.
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 the Company and the major
holders not reaching an agreement, risk of the Toronto Stock Exchange
not approving the proposed amendments, 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, 2012 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