TORONTO, Sept. 15 /CNW/ - Boyuan Construction Group, Inc., (TSX-V: BOY & BOY.DB) a fast-growing construction company in China of commercial, residential and municipal infrastructure projects, announced today that it has signed two new agreements to construct two separate buildings. The combined aggregate value of the contracts is US $26.3 million.
"China's ongoing economic development is fueling considerable demand for our design, engineering and construction services," said Mr. Cai Liang Shou, Chairman of Boyuan Construction Group. "Our core markets in the Yangtze River Delta and Hainan Island provide significant potential for continued growth, new opportunities are also emerging in neighboring regions, enabling us to bid on more projects, grow our customer base and expand our operations."
Under the terms of the agreements, Boyuan will construct a 23-storey hotel in Sanya, one of China's most popular tourist destinations. The project, which is valued at US $11.7 million, is expected to be completed by the end of 2010.
Boyuan will also develop a commercial building in Shandong, one of China's most economically diversified provinces with high concentrations of manufacturing and oil and gas production activities. The project, valued at US $14.6 million, is expected to be completed October 1, 2011. Shandong represents a new market opportunity for Boyuan, particularly for commercial projects.
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 as required.
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.
SOURCE Boyuan Construction Group, Inc.
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