China Architectural Engineering Awarded $3.8 Million Contract for Renovation of China's National MuseumNational Museum in Beijin
20 Março 2008 - 4:10PM
Business Wire
China Architectural Engineering, Inc. (CAE) (AMEX:RCH), a leader in
the design, engineering, fabrication and construction of structural
exterior cladding systems, today announced that it has been awarded
a contract worth approximately $3.8 million to renovate the
exterior of the landmark National Museum of China in Beijing. The
project is expected to be completed by mid-2009. Revenues from it
will be recognized in the last three quarters of 2008 and the first
two quarters of 2009. Under the terms of the project, CAE will
design, engineer, fabricate and install curtain walls for the
renovation of the National Museum, located on Tiananmen Square. CAE
Expects Additional Multi-Million Dollar Contracts for Related Work
to National Museum In addition, CAE said it has been awarded a
contract for curtain walls in a new section of the National Museum.
The value of this contract is in the final government approval
stage and is expected to be announced shortly. �This project marks
yet another milestone for CAE,� said China Architectural
Engineering Chairman and CEO, Ken Y. Luo. �The work we expect to
perform on the National Museum of China may be our most prestigious
project yet in our home market of China. It will further enhance
the company�s reputation and raising its profile as a pace-setter
in design and engineering. �Our project is part of a renovation and
expansion effort that will transform the National Museum into the
most significant landmark on the east side of the Tiananmen
Square,� Mr. Luo continued. �With a total exhibition area of well
over two million square feet, it will be transformed into one of
the largest and finest museums in the world. Having completed three
other award-winning, high-profile landmark projects on the other
three corners of the Tiananmen Square, CAE is very proud to leave
its imprint on the most prestigious projects in the historic and
cultural center of China�s capital. These projects also reflect
CAE�s unrivaled expertise and reputation in the curtain wall
industry in China and worldwide.� The renovation and expansion
project at the National Museum in Beijing is located along Chang�an
Avenue, east of Tiananmen Square. Upon its completion, CAE will be
represented by four landmark projects at each corner of the Square.
The other three are CAE�s UNESCO award-winning Meridian Gate
Exhibition Hall of the Palace Museum (completed in 2005), the
National Grand Theater and the renovation project of Chairman Mao
Zedong Memorial Hall (both completed in 2007). CAE Expects 2008 to
Represent a Breakthrough Year in Both Revenues and Earnings The
Company also expects that its recent series of large multi-million
dollar contracts, many of which will be recognized in the current
year, positions CAE towards achieving a record year in both
revenues and earnings. This is further supported the Company�s
rapidly growing backlog figures, amongst other metrics. The Company
noted that CAE�s backlog has grown substantially since January 2008
� when it released a backlog figure of over $100 million. A more
current backlog figure is expected to be announced shortly. To be
added to China Architectural Engineering's investor lists, please
contact Haris Tajyar at htajyar@irintl.com or at 818-382-9702.
About China Architectural Engineering China Architectural
Engineering, Inc. (AMEX:RCH), which began operations in 1992, has
maintained a leading position in the global commercial construction
industry by providing timely, high-quality, reliable, fully
integrated & cost-effective service solutions to our clients
utilizing specialized technical expertise in the design,
engineering, fabrication and construction of structural exterior
cladding systems. It specializes in high-end curtain wall systems
(including glass, stone & metal curtain walls), roofing
systems, steel construction systems, eco-energy saving building
conservation systems and related products, for public works and
commercial real estate projects. CAE has worked with world-renowned
architects and building engineers from China and other countries
and has completed nearly one hundred large, complex and unique
projects throughout China, Australia & Southeast Asia,
including numerous award-winning landmark buildings in many of
Asia�s major cities. It is now looking to capitalize on its
industry-leading expertise to expand aggressively beyond China into
some of the hottest construction markets in the world, such as
Middle East, Central Asia and Eastern Europe. It also plans to set
up operations in New York to expand in the U.S. and Canadian
markets For further information on China Architectural Engineering
please visit www.caebuilding.com. Forward Looking Statements: In
addition to historical information, the statements set forth above
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. Such risks and
uncertainties include, but are not limited to, uncertainty of
contract negotiations and payments under existing contracts, the
Company�s dependence on government contracts, changes in the laws
of the PRC that affect the Company�s operations, fluctuation and
unpredictability of costs related to the Company�s products and
services,�the Company�s dependence on the steel and aluminum
markets, reduction or reversal of the Company�s recorded revenue or
profits due to �percentage of completion� method of accounting and
expenses and costs associated with the issuance of convertible
bonds. The forward-looking statements are also identified through
use of the words �believe,� �enable,� �may,� �will,� �could,�
�intends,� �estimate,� �anticipate,� �plan,� �predict,� �probable,�
�potential,� �possible,� �should,� �continue,� and other words of
similar meaning. Actual results could differ materially from the
expectations contained in forward-looking statements as a result of
several factors, including regulatory approval requirements and
competitive conditions. 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.
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