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The two contracts in Changsha, together worth US$8.9 million, are for the Changsha Riverfront Cultural Park Museum and Changsha High Speed Train Station projects. The rapid urban development of Hunan province has accelerated the construction of municipal projects in Changsha, the provincial capital.
In addition, the Company has also won a bid for the brand new Terminal 3 at Shenzhen Bao'an International Airport, worth US$2.4 million. The Terminal 3 is designed to bridge two of China's most-developed cities -- Shenzhen and Hong Kong, and to create a world-class integrated gateway and transportation hub for both domestic and international travels. CAE will provide design and consulting services and be responsible for designing the terminal's curtain wall, which will be shaped to be resemble a honeycomb, a unique blend of function and form.
Mr. Ken Yi Luo, Chairman and Chief Executive Officer of China Architectural Engineering, commented, "We are very excited to be awarded these municipal project contracts. Boosted by the government's 4-trillion RMB (USD$585 billion) stimulus plan, the number of domestic construction projects in China have started to trend upward. We are confident that CAE will continue to benefit from the accelerated growth of infrastructure projects throughout China as the stimulus plan continues to spur domestic demand. We believe we are well positioned to capture further revenue opportunities arising from the improving market conditions."
Mr. Luo continues, "We are also very glad to have won the bid for Shenzhen International Airport's new terminal. This major project marks an important milestone for CAE, where we will leverage our patented technology, high quality design and extensive experience, having undertaken numerous small- and medium-sized design consulting projects in the past, in order to solve complex engineering challenges on a major scale. We aim to further expand and utilize our technical expertise and advanced design capabilities to focus on more large-scale design projects. We believe that expanding our design consulting service business will help drive our overall success, enhance our ability to maintain healthy margins and ultimately create more value to our shareholders."
About China Architectural Engineering
China Architectural Engineering, Inc. (Nasdaq: CAEI | Quote | Chart | News | PowerRating) is a leader in the design, engineering, fabrication and installation 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 nearly 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 http://www.caebuilding.com .
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 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.
For more information, please contact:
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
SOURCE China Architectural Engineering, Inc.
http://www.caebuilding.com
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