Boyuan Announces Change of Auditor

TORONTO, June 19, 2015 /CNW/ - Boyuan Construction Group, Inc., ("Boyuan" or the "Company") (TSX: BOY, BOY.DB.A), a growing construction company in China of commercial, residential and municipal infrastructure projects, announced today that it has changed its auditor.  Manning Elliott LLP (the "Former Auditor") has resigned effective as of June 5, 2015 and Deloitte Touche Tohmatsu (the "Successor Auditor") has been appointed as auditor effective as of June 13, 2015.  The change of auditor has been approved by the members of the audit committee of the Company and the Board of Directors.

The Former Auditor did not have any reservation in their auditor's reports for the consolidated financial statements of the Corporation for the two most recently completed fiscal years or for any period subsequent thereto for which an audit report was issued and preceding the resignation of the Former Auditor.

The Former Auditor has advised the Company that there has been no disagreement or consultation, as defined in National Instrument 51-102 - Continuous Disclosure Obligations ("NI 51-102"), with respect to the two most recently completed fiscal years.  However, the Former Auditor believes that there may be a reportable event as defined by NI 51-102 as a result of the ongoing continuous disclosure review by the Ontario Securities Commission ("OSC") on the Company and the inspection by the Canadian Public Accountability Board ("CPAB") on the Former Auditor that have not been finalized at the date of this press release.

Members of the Audit Committee and the Company's management have discussed these issues with the Former Auditor.  The Audit Committee and the Company are of the opinion that there have been no reportable events, as defined in NI 51-102, with respect to the two most recently completed fiscal years. 

All procedures have been followed under NI 51-102 regarding the change of auditor and, as required, a Notice of Change of Auditor, together with the required letters from the Former Auditor and the Successor Auditor, have been filed via SEDAR with each securities commission in each province that the Company is a reporting issuer.

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, 2014, Boyuan completed 45 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, [email protected]; TMX Equicom: Ms. Renée Lam, [phone] ext. 258, [email protected]