TORONTO, Dec. 31, 2013 /CNW/ - Boyuan Construction Group, Inc., (TSX: BOY, BOY.DB.A), a growing construction company in China of commercial, residential
and municipal infrastructure projects, announced today that several of
its employees and directors have voluntarily surrendered options that
entitled them to purchase up to an aggregate of 2,125,000 common shares
of the Company. The exercise prices associated with the surrendered
options ranged from $0.50 to $2.63 with a weighted average exercise
price of $1.47 and were significantly in excess of the current trading
price of the Company's common shares.
Boyuan's Board of Directors approved the cancellation of options on
December 31, 2013, and the options surrendered by holders were
cancelled effective December 31, 2013. The surrender of the affected
options was entirely voluntary and no agreements or commitments have
been made to holders with respect to the receipt of new options. Of
the cancelled options, 1,515,000 were surrendered by directors, senior
officers and insiders. Following the option cancellation, the Company
has no stock options outstanding.
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, 2013, Boyuan completed more than 46 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
(416) 815 0700 ext. 233