TORONTO, Feb. 5, 2019 /CNW/ - Boyuan Construction Group, Inc., (TSX: BOY) ("Boyuan" or the "Company") today provided further update on the delays it is experiencing for transferring funds with respect to the redemption of the Company's 11.5% unsecured convertible debentures due on October 31, 2018 (the "Unsecured Debentures").
On December 24, 2018 and January 4, 2019, the trustee for the Unsecured Debentures made distributions of C$2.9 million and C$2.7 million respectively to the debenture holders. Due to some unexpected operating cash shortfalls before the Chinese New Year, the Company was not able to remit the remaining outstanding balance to the trustee as originally planned. The Company intends to resolve this problem as soon as possible after the Chinese New Year's holidays, and remit the remaining outstanding principle balance of C$1.8 million plus accrued interest to fully retire the Unsecured Debentures.
About Boyuan Construction Group, Inc.
Backed by a longstanding track record, Boyuan Construction Group, Inc. ("Boyuan" or the "Company") has the knowledge and expertise to design and build a wide range of commercial and residential developments, as well as municipal infrastructure and engineering projects. Based in Jiaxing City and with a growing presence in both Zhejiang Province and Hainan Province, Boyuan focuses on construction projects in China's fast-growing regions of the Yangtze River Delta and the Hainan Province. The Company's current project backlog includes residential, commercial, industrial and mixed-use developments. For more information visit www.boyuangroup.com.
Caution Regarding Forward-Looking Information:
Certain information contained in this news 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 news release includes, but is not limited to, management's expectation to obtain approval for remitting funds to Canada and estimated timing for the approval. 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 news 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 news release include, but are not limited to: political and economic conditions in China and other risks included in the Company's AIF for the fiscal year ended June 30, 2018 and in the Company's public disclosure documents filed with certain Canadian securities regulatory authorities and available at www.sedar.com. The forward-looking statements contained in this news 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.