China Architectural Engineering Announces First Contract in United States Valued at $11.6 Million100 11th Street - New York City
12 May 2008 - 11:15PM
Business Wire
China Architectural Engineering, Inc. (CAE) (AMEX:RCH), a leader in
the design, engineering, fabrication and installation of high-end
building envelope solution systems, today announced that it has
been awarded its first project in the United States, an $11.6
million contract to supply and install the curtain wall for a
21-story luxury condominium project in New York City. CAE has
already begun initial work on the project and expects to have it
completed by mid-2009. The Company expects to recognize revenues
from the project in various stage payments between the second
quarters of 2008 and 2009. The 54-unit project, located in the West
Chelsea neighborhood of Manhattan at 100 11th Street, is designed
by Paris-based architect Jean Nouvel, winner of this year�s
Pritzker Award, the highest honor in architecture. Nouvel, who is
known for his distinctive and adventurous structures, is expected
to significantly benefit in his design of this new highly technical
and challenging condominium project by capitalizing on CAE�s
fully-integrated, timely, yet cost-effective construction process.
These key unique competitive advantages, which also include the
designing, engineering, fabrication and installation of high-end
curtain wall systems, roofing systems and steel construction
systems, are key factors both in this and other projects as well as
further solidifying CAE�s position as one of the rapidly emerging
and dominant players in the global construction market. New York
Times architecture critic Nicolai Ouroussoff describes the fa�ade
as a �gleaming glass and steel mask� in which 1,650 window panes
�are set at different angles, so that each will be imbued with
subtly different qualities of light and reflection. Portions of the
facade will seem to shimmer like the surface of water at times, and
at others be more opaque. The silhouette will glow like a torch one
minute and dissolve into the surrounding skyline the next.� Ken Yi
Luo, China Architectural Engineering�s Chairman and CEO, commented,
�Today�s announcement of a new contract will not only contribute
new and higher-margin revenues to our company but also increase our
reputation for leading-edge design and engineering in the global
construction industry. We expect it to be the first of many in the
U.S., where our sales team led by John Anderson is off to a fast
start in negotiating contracts for high-end construction projects.
We also could not be more pleased to be working with Jean Nouvel,
whose studio is one of the world�s most prestigious architectural
brands. Such associations, along with the recognized quality of our
work, are helping to make CAE a globally prestigious brand in its
own right.� Today�s announcement represents three achievements for
CAE. First, it will represent the Company�s initial penetration of
the U.S. construction market, driven by CAE�s new U.S. subsidiary,
led by John Anderson and Bill Djurovic. Second, it is a clear
testament of the Company�s success as part of its international
expansion strategy. And third, the contract also marks the
Company�s second collaboration with Nouvel, one of the world�s
best-known and most respected architects, who also designed the
Company�s high rise project in Doha, Qatar. 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, Inc. China Architectural Engineering,
Inc. (CAE) (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 its clients
utilizing specialized technical expertise in the design,
engineering, fabrication and construction of building envelop
solution 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 over 100 large, complex and unique projects
throughout China, Hong Kong, Macau, Australia and Southeast Asia,
including numerous award-winning landmark buildings in many of
Asia's major cities. It is now capitalizing on its industry-leading
expertise by expanding aggressively beyond China into some of the
hottest construction markets in the world, including the Middle
East, Central Asia and Eastern Europe. It recently set up
operations in New York to expand in the U.S. and Canadian markets.
CAE now has operations in 13 cities in China, Hong Kong, Sydney
(Australia), Dubai (UAE) and New York (USA). 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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