EX-99.1
4
v195073_ex99-1.htm
Unassociated Document
China
Architectural Engineering Announces Completion of Majority Stake Acquisition of
Shanghai ConnGame and New Chairman of Board
ZHUHAI,
China & NEW YORK, August 24, 2010 - China Architectural Engineering, Inc.
("CAE" or the "Company") (NASDAQ: CAEI), a provider of design, engineering,
fabrication and installation services of high-end building envelope systems,
today announced that
the Company has completed
its acquisition of 60% ownership of Shanghai ConnGame
Network Ltd.
(
"
ConnGame
"
), an MMORPG
(Massively Multiplayer Online Role Playing Game)
developer and
operator
,
in exchange
for
25 million
shares
of the
Company's common stock. The acquisition of ConnGame was
conducted through the acquisition of a 60% ownership in New Crown Technology,
Inc., ConnGame's 100% parent.
ConnGame
, founded
and led by experienced management in China's online game industry, develops
MMORPGs
for
operation
in China. Leveraging its innovative game engines,
scalable development platforms, and accomplished production teams,
ConnGame
focuses on
self-developed MMORPG
s
game titles that
are based on China's iconic characters and nostalgic epochs
.
The
Company also announced today that the Company's board of directors has appointed
Mr. Jun Tang as a member and as the chairman of the board of directors of the
Company, effective as of the closing of the acquisition, which occurred on
August 18, 2010. Immediately prior to the effective time of Mr.
Jun Tang's appointment, Luo Ken Yi resigned as the chairman of the board of
directors, but remains a member of the board.
Mr. Jun
Tang, the new chairman of CAE, commented, "It's my great honor to be appointed
as the chairman of the board of CAE. I am very excited about this
opportunity to return to the gaming industry and to quickly develop and grow
CAE's new business. It is my duty and goal to work closely with my team and
members of the board to build a strong management team, strengthen our execution
capabilities and further enhance our communication with investors to grow and
expand our company.
"With the
completion of this acquisition, we envision CAE taking greater advantage of our
core architectural engineering and design market, and more importantly,
capturing China's large and rapidly growing online game market. We will
strengthen our business model by diversifying our revenue stream, as well as
eliminating unprofitable business segments. I am convinced that CAE and ConnGame
share a common culture of technical excellence. Therefore, I am
confident that the integration of our businesses and technologies will drive
business growth and operational efficiency for CAE and ultimately create higher
shareholder value.
"I would
also like to express my deep appreciation to the former chairman of CAE, Mr. Luo
Ken Yi, for his dedication, professionalism and leadership during his tenure. He
has made outstanding contributions to CAE and we sincerely thank him for his
hard work, both in the past and in the future as he continues to serve as a
member of the board".
About
China Architectural Engineering
China
Architectural Engineering, Inc. (NASDAQ:CAEI) is a provider of design,
engineering, fabrication and installation services of high-end curtain wall
systems, roofing systems, steel construction systems, and eco-energy
systems. Founded in 1992, CAEI has maintained its market leadership
by providing timely, high-quality, reliable, fully integrated, and
cost-effective solutions. Collaborating with world-renowned
architects and building engineers, the Company has successfully completed over
one hundred large, complex and unique projects worldwide, including numerous
award-winning landmarks across Asia's major cities.
For
further information on China Architectural Engineering, Inc., please visit
www.caebuilding.com
About
Shanghai ConnGame
Shanghai
ConnGame, founded and led by experienced management in China's online game
industry, develops MMORPGs for operation in China. Leveraging its
innovative game engines, scalable development platforms, and accomplished
production teams, ConnGame focuses on self-developed MMORPGs game titles that
are based on China's iconic characters and nostalgic epochs.
Forward-Looking
Statements
In
addition to historical information, the statements set forth above may include
forward-looking statements that may involve risk and uncertainties that could
cause actual results to differ materially from those in the forward-looking
statements. Actual results could differ materially from the expectations
contained in forward-looking statements as a result of risks and uncertainties,
including, but not limited to, difficulties in moving into the online gaming
market; the Company's ability to integrate the management, personnel and
operations of the Company and ConnGame; required Company payments under the
waiver agreement and ability to maintain the conditions of the bondholder waiver
and dilution from the potential adjustment to the conversion price of the bonds
for non-compliance with the waiver; identification and remediation of the
Company's deficiencies and weaknesses in its internal controls over financial
reporting, potential claims or litigation that may result from the occurrence of
restatements, ability to identify and secure debt, equity, and/or other
financing required to continue the operations of the Company; reduction or
reversal of the Company's recorded revenue or profits due to "percentage of
completion" method of accounting and expenses; increasing provisions for bad
debt related to the Company's accounts receivable; fluctuation and
unpredictability of costs related to our products and services; adverse capital
and credit market conditions; expenses and costs associated with its convertible
bonds, regulatory approval requirements and competitive conditions; and various
other matters, many of which are beyond our control. These and other factors
that may result in differences are discussed in greater detail in the Company's
reports and other filings with the Securities and Exchange
Commission.
Investor
Contact:
ICR:
Michael
Tieu
Tel: +86-10-6599-7960
Email:
michael.tieu@icrinc.com
Bill
Zima
Tel: +1-203-682-8200
Email:
bill.zima@icrinc.com

EX - 99 . 1 4 v195073 _ ex99 - 1 . htm Un associated Document China Architectural Engineering Announces Completion of Majority Stake Acquisition of Shanghai ConnGame and New Chairman of Board ZHUHAI , China & NEW YORK , August 24 , 2010 - China Architectural Engineering , Inc . ( " CAE " or the " Company " ) ( NASDAQ : CAEI ) , a provider of design , engineering , fabrication and installation services of high - end building envelope systems , today announced that the Company has completed its acquisition of 60 % ownership of Shanghai ConnGame Network Ltd . ( " ConnGame " ) , an MMORPG ( Massively Multiplayer Online Role Playing Game ) developer and operator , in exchange for 25 million shares of the Company 's common stock . The acquisition of ConnGame was conducted through the acquisition of a 60 % ownership in New Crown Technology , Inc . , ConnGame 's 100 % parent . ConnGame , founded and led by experienced management in China 's online game industry , develops MMORPGs for operation in China . Leveraging its innovative game engines , scalable development platforms , and accomplished production teams , ConnGame focuses on self - developed MMORPG s game titles that are based on China 's iconic characters and nostalgic epochs . The Company also announced today that the Company 's board of directors has appointed Mr . Jun Tang as a member and as the chairman of the board of directors of the Company , effective as of the closing of the acquisition , which occurred on August 18 , 2010 . Immediately prior to the effective time of Mr . Jun Tang 's appointment , Luo Ken Yi resigned as the chairman of the board of directors , but remains a member of the board . Mr . Jun Tang , the new chairman of CAE , commented , " It ' s my great honor to be appointed as the chairman of the board of CAE . I am very excited about this opportunity to return to the gaming industry and to quickly develop and grow CAE 's new business . It is my duty and goal to work closely with my team and members of the board to build a strong management team , strengthen our execution capabilities and further enhance our communication with investors to grow and expand our company . " With the completion of this acquisition , we envision CAE taking greater advantage of our core architectural engineering and design market , and more importantly , capturing China ' s large and rapidly growing online game market . We will strengthen our business model by diversifying our revenue stream , as well as eliminating unprofitable business segments . I am convinced that CAE and ConnGame share a common culture of technical excellence . Therefore , I am confident that the integration of our businesses and technologies will drive business growth and operational efficiency for CAE and ultimately create higher shareholder value . " I would also like to express my deep appreciation to the former chairman of CAE , Mr . Luo Ken Yi , for his dedication , professionalism and leadership during his tenure . He has made outstanding contributions to CAE and we sincerely thank him for his hard work , both in the past and in the future as he continues to serve as a member of the board " . About China Architectural Engineering China Architectural Engineering , Inc . ( NASDAQ : CAEI ) is a provider of design , engineering , fabrication and installation services of high - end curtain wall systems , roofing systems , steel construction systems , and eco - energy systems . Founded in 1992 , CAEI has maintained its market leadership by providing timely , high - quality , reliable , fully integrated , and cost - effective solutions . Collaborating with world - renowned architects and building engineers , the Company has successfully completed over one hundred large , complex and unique projects worldwide , including numerous award - winning landmarks across Asia 's major cities . For further information on China Architectural Engineering , Inc . , please visit www.caebuilding.com About Shanghai ConnGame Shanghai ConnGame , founded and led by experienced management in China 's online game industry , develops MMORPGs for operation in China . Leveraging its innovative game engines , scalable development platforms , and accomplished production teams , ConnGame focuses on self - developed MMORPGs game titles that are based on China 's iconic characters and nostalgic epochs . Forward - Looking Statements In addition to historical information , the statements set forth above may include forward - looking statements that may involve risk and uncertainties that could cause actual results to differ materially from those in the forward - looking statements . Actual results could differ materially from the expectations contained in forward - looking statements as a result of risks and uncertainties , including , but not limited to , difficulties in moving into the online gaming market ; the Company 's ability to integrate the management , personnel and operations of the Company and ConnGame ; required Company payments under the waiver agreement and ability to maintain the conditions of the bondholder waiver and dilution from the potential adjustment to the conversion price of the bonds for non - compliance with the waiver ; identification and remediation of the Company 's deficiencies and weaknesses in its internal controls over financial reporting , potential claims or litigation that may result from the occurrence of restatements , ability to identify and secure debt , equity , and / or other financing required to continue the operations of the Company ; reduction or reversal of the Company 's recorded revenue or profits due to " percentage of completion " method of accounting and expenses ; increasing provisions for bad debt related to the Company 's accounts receivable ; fluctuation and unpredictability of costs related to our products and services ; adverse capital and credit market conditions ; expenses and costs associated with its convertible bonds , regulatory approval requirements and competitive conditions ; and various other matters , many of which are beyond our control . These and other factors that may result in differences are discussed in greater detail in the Company 's reports and other filings with the Securities and Exchange Commission . Investor Contact : ICR : Michael Tieu Tel : + 86 - 10 - 6599 - 7960 Email : michael.tieu@icrinc.com Bill Zima Tel : + 1 - 203 - 682 - 8200 Email : bill.zima@icrinc.com
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