/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/
TORONTO, June 5 /CNW/ - Boyuan Construction Group, Inc., (TSX-V: BOY &
BOY.DB) a leading builder of commercial, residential and municipal
infrastructure projects in China's fast-growing regions of the Yangtze River
Delta and the city of Sanya on Hainan Island, today announced that it has
received a notification from Haywood Securities Inc. to end its involvement in
a previously announced private placement.
Boyuan is currently negotiating the terms for a non-brokered private
placement for up to C$7 million with similar terms and conditions with the
previously announced private placement.
Boyuan is currently negotiating the terms of a non-brokered private
placement for up to CDN $7 million with terms and conditions substantially
similar to the previously announced private placement. The proposed private
placement remains subject to, among other things, regulatory approval and
there can be no assurance that the private placement will be completed or, if
completed, whether it will be on the terms and conditions currently
contemplated. Boyuan will apprise shareholders of the status of its financing
activites as soon as details are finalized.
About Boyuan Construction Group, Inc.
Based in Jiaxing City, China, Boyuan Construction Group, Inc. is in the
business of residential and commercial building construction, municipal
infrastructure and engineering projects. In its last three fiscal years ended
June 30, 2008, Boyuan completed more than 120 projects for a number of private
and public sector clients including Cargill and the Dalian Shide Group, a
billion dollar conglomerate whose partners include DuPont, Mitsubishi and GE.
Boyuan's current projects include residential, industrial and mixed-use
developments, including a five-star hotel and a project at the Qingshan
Nuclear Plant, China's first and largest nuclear facility. From its operating
bases in Zhejiang Province and on Hainan Island, Boyuan focuses on
construction projects in China's fast-growing regions of the Yangtze River
Delta and the city of Sanya.
Caution concerning forward-looking statements
Statements in this news release, which are not purely historical, are
forward-looking statements and include any statements regarding beliefs,
plans, expectations or intentions regarding the future.
It is important to note that actual outcomes and Boyuan's actual results
could differ materially from those in such forward-looking statements. Actual
results could differ from those projected in any forward-looking statements
due to numerous factors. Such factors include, among others: (1) the failure
of Boyuan to execute its business plan, (2) the risks arising from Boyuan's
operations generally (such as the ability to secure raw materials, arrange for
manufactured products on a timely basis, and maintain an adequate workforce),
(3) Boyuan's ability to remain competitive as other parties develop and
release competitive projects and services, (4) Boyuan's ability to retain the
employees necessary to continue research and development of current and new
projects and services, (5) the success by Boyuan of the sales of its projects
and services, (6) the impact of competitive products on the sales of Boyuan's
projects and services, (7) the impact of technology changes on Boyuan's
projects and services, (8) Boyuan's reliance on contractual rights such as
licenses and leases in the conduct of its business, (9) general economic
conditions as they affect Boyuan and its current and prospective customers,
(10) the ability of Boyuan to control costs operating, general administrative
and other expenses, and (11) insufficient investor interest in the Boyuan's
securities which may impact on Boyuan's ability to raise additional financing
Actual future results may differ from the anticipated results expressed
in the forward-looking statements contained in this press release and Boyuan
does not undertake to update this information. Investors are cautioned against
placing undue importance on forward-looking information contained herein and
should consult Boyuan's disclosure documents filed from time to time on SEDAR
and other public filings which contain a more exhaustive analysis of risks and
uncertainties connected to Boyuan's business.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
For further information:
For further information: Boyuan Construction Group, Inc., Mr. Paul Law,
Chief Financial Officer, + (852) 9329 5088, email@example.com; The
Equicom Group Inc., Joe Racanelli, (416) 815-0700 ext. 243,