- Boyuan files its annual financial statements and related documents -
TORONTO, Dec. 3, 2012 /CNW/ - Boyuan Construction Group, Inc., (TSX: BOY, BOY.DB, BOY.DB.A), a fast-growing construction company in China of commercial,
residential and municipal infrastructure projects, provides this
bi-weekly Default Status Report under National Policy 12-203 - Cease
Trade Orders for Continuous Disclosure Defaults ("NP 12-203"). On September 25, 2012 the Company announced that the filing of its
audited annual financial statements for the fiscal year ended June 30,
2012 and related Management's Discussion & Analysis, Annual Information
Form and CEO and CFO certification of filings (collectively, the "Annual Filings") would not be completed by the filing deadline set by Canadian
securities laws.
The Company filed its Annual Filings today with the regulatory bodies.
As a result of the delay in filing its first quarter fiscal 2013
financial statements, related Management's Discussion & Analysis, and
CEO and CFO certification of filings (collectively, the "Quarterly Filings"), the management cease trade order ("MCTO") issued on October 15, 2012 by the OSC, the principal regulator of the
Company, which imposed restrictions on all trading in and all
acquisitions of securities of the Company, whether direct or indirect,
by the Chief Executive Officer and the Chief Financial Officer of the
Company will remain in effect until the Company files its Quarterly
Filings. The MCTO will not affect the ability of persons who are not
insiders of Boyuan to trade its securities.
Pursuant to the provisions of the Alternative Information Guidelines
specified by NP 12-203, the Company reports that, since the issuance of
its Default Announcement on September 25, 2012, except as stated in
this Default Status Report, there have not been any material changes to
the information contained therein; nor any failure by the Company to
fulfill its intentions as stated therein with respect to satisfying the
provisions of the alternative information guidelines, and there are no
additional defaults or anticipated defaults subsequent to the
disclosure therein, other than the delay in filing the Annual Filings
and the Quarterly Filings. Further, there are no additional material
changes respecting the Company and its affairs that have not been
generally disclosed.
Until the Required Filings are filed, the Company intends to continue to
satisfy the provisions of the Alternative Information Guidelines
specified by NP 12-203 by issuing bi-weekly Default Status Reports in
the form of news releases. The Company intends to file, if required,
its next Default Status Report on or about December 17, 2012.
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, 2012, Boyuan completed more than 50 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.
Caution Regarding Forward-Looking Information:
Certain information contained in this press release constitutes
forward-looking information, which is information relating to future
events or the Company's future performance and which is inherently
uncertain. All information other than statements of historical fact
may be forward-looking information. Forward-looking information is
often, but not always, identified by the use of words such as "seek",
"anticipate", "budget", "plan", "continue", "estimate", "expect",
"forecast", "may", "will", "project", "predict", "potential",
"targeting", "intend", "could", "might", "should", "believe" and
similar words or phrases (including negative variations) suggesting
future outcomes or statements regarding an outlook. Forward-looking
information contained in this press release includes, but is not
limited to, management's expectation to comply with Alternative
Information Guidelines in NP 12-203. Forward-looking information
involves known and unknown risks, uncertainties and other factors that
may cause actual results or events to differ materially from those
anticipated in such forward-looking information. The Company believes
the expectations reflected in the forward-looking information are
reasonable but no assurance can be given that these expectations will
prove to be correct and readers are cautioned not to place undue
reliance on forward-looking information contained in this press
release. Some of the risks and other factors which could cause results
to differ materially from those expressed in the forward-looking
information contained in this press release include, but are not
limited to: risk of macro-economy cycle, risk from competition, risk
from insufficient marketing to secure new projects, risk in obtaining
additional financing, risk involving permits and licences, reliance on
key management member, risk from supply of raw materials, risk of
financial leverage, risk of bad debts in accounts receivables, risk
involved in real estate development, foreign exchange fluctuations,
political and economic conditions in China and other risks included in
the Company's AIF for the fiscal year ended June 30, 2012 and in the
Company's public disclosure documents filed with certain Canadian
securities regulatory authorities and available at www.sedar.com. The
forward-looking information contained in this press release are made as
of the date hereof and the Company undertakes no obligation to update
publicly or revise any forward-looking information, whether as a result
of new information, future events or otherwise, except as otherwise
required by law.
SOURCE: Boyuan Construction Group, Inc.