BOYUAN FILES FURTHER REVISED MD&A
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
TORONTO, Oct. 22 /CNW/ - Boyuan Construction Group, Inc., (TSX: BOY & BOY.DB) ("Boyuan" or the "Company"), announced today that it has filed on SEDAR a further revised management's discussion and analysis dated October 22, 2010 for the fiscal year ended June 30, 2010 (the "Revised MD&A") and updated officer's certificates required by National Instrument 52-109.
The Revised MD&A was filed as a result of the Ontario Securities Commission's normal course review in connection with a preliminary short form prospectus of the Company filed on October 1, 2010 with respect to the offering by the Company of up to $15 million principal amount of 10% unsecured subordinated convertible debentures.
The Revised MD&A provides a more detailed explanation for the increase in the Company's revenues, costs and G&A expenses in fiscal 2010 over fiscal 2009, and enhanced disclosure in respect of the Company's liquidity by reference to the increase in the Company's unbilled revenues and advance to suppliers in fiscal 2010.
There were no changes to any financial information disclosed in the original MD&A. Management believes that the Revised MD&A more properly addresses the requirements of NI 51-102.
This press release shall not constitute an offer to sell or solicitation of an offer to buy the securities in the United States. The securities will not be and have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements.
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, 2010, Boyuan completed more than 80 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 General Electric. Boyuan's current project backlog includes residential, commercial, industrial and mixed-use developments. 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, the city of Sanya and Shandong Province. For more information visit www.boyuangroup.com or follow us on Twitter at www.twitter.com/boyuangroup.
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 expectations the completion of the Offering and the proposed use of proceeds of the offering. 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 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 preliminary prospectus, the Company's AIF for the fiscal year ended June 30, 2010 and in the Company's other 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 is 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.
For further information:
Boyuan Construction Group, Inc. Mr. Paul Law, CFO +(852) 9329 5088 [email protected] |
The Equicom Group Inc. Joe Racanelli (416) 815 0700 ext. 243 jracanelli@equicomgroup.com |
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