TORONTO, Aug. 6 /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, announced today that it has
signed new agreements for two separate construction projects. The total
aggregate value of the new agreements is US $21.8 million.
"While favorable economic and demographic trends, including the rise of
the middle class, continue to drive our growth in our core markets, we are
also expanding into newer regions, such as the Jiangxi province, where our
reputation for building quality projects on time and budget is helping us to
win new customers and long-term projects," said Mr. Cai Liang Shou, Chairman
of Boyuan Construction Group.
Boyuan will construct a residential development project consisting of a
gross construction area of 120,000 square metres in Jiangxi, a fast-growing
province in southern China with approximately 42.8 million people. Valued at
US $16.8 million, the residential development project is expected to be
completed by the first quarter of 2011. Jiangxi represents a new market
opportunity for Boyuan, particularly for residential projects.
Boyuan will also construct a new school facility in Zhejiang, a province
in the Yangtze River Delta, Boyuan's core market. The project, valued at
approximately US $5 million is expected to be completed by the second quarter
of 2010. The Yangtze River Delta is home to approximately 80 million people
and 20% of China's gross domestic product, equivalent to US $2 trillion.
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, firstname.lastname@example.org; The
Equicom Group Inc., Joe Racanelli, (416) 815-0700 ext. 243,