China ACM Appoints Friedman LLP as Auditor
03 January 2011 - 11:55PM
Marketwired
China Advanced Construction Materials Group, Inc. (NASDAQ: CADC)
("China ACM"), a leading provider of ready-mix concrete and related
technical services in China, today announced that it has engaged
Friedman LLP as the Company's independent auditor effective
immediately.
Founded in 1924, Friedman LLP is headquartered in New York City
and provides accounting, tax and consulting services to public and
privately held companies. It has 350 personnel with 46 partners and
a Beijing office. It is ranked number five, behind the 'Big Four,'
for the number of China-based U.S. publicly traded companies it
audits.
China ACM expects strong organic growth in 2011 and beyond. It
also targets geographic expansion, joint ventures, strategic
alliances and will evaluate strategic acquisitions. Accordingly,
the Company's financial control, reporting and audit requirements
are rapidly increasing. It has engaged Friedman LLP for the firm's
exceptional diligence, expertise, sophistication and professional
resource capacity (www.friedmanllp.com).
About China ACM China ACM is a leading
producer of advanced, certified eco-friendly ready-mix concrete
(RMC) and related technical services for large scale, high-speed
rail (HSR) and other complex infrastructure projects. Leveraging
its proprietary technology and value-add engineering services
model, the Company has won work on numerous high profile projects
including the 30,000 km China HSR expansion, the Olympic Stadium
Bird's Nest, Beijing South Railway Station, Beijing International
Airport, National Centre for Performing Arts, CCTV Headquarters,
Beijing Yintai Building and U.S. and French embassies.
Founded in 2002, Beijing-based China ACM provides its materials
and services through its network of fixed ready-mix concrete plants
covering the Beijing metropolitan area. It also has technical
consulting services and preferred procurement agreements with other
independently-owned plants across China. Additionally, the Company
owns numerous portable plants deployed in various provinces across
China primarily to major high speed rail projects. More information
about the Company is available at www.china-acm.com.
Forward-Looking Statements This press
release contains statements that are forward-looking in nature,
including statements regarding the Company's competitive position
and product and service offerings. These statements are based on
current expectations on the date of this press release and involve
a number of risks and uncertainties, which may cause actual results
to differ significantly from such estimates. The risks include, but
are not limited to, the degree of market adoption of the Company's
product and service offerings; market competition; dependence on
strategic partners; and the Company's ability to manage its
business effectively in a rapidly evolving market. Certain of these
and other risks are set forth in more detail in "Item 1A. Risk
Factors" in China ACM's Annual Report on Form 10-K for the fiscal
year ended June 30, 2010. China ACM does not assume any obligation
to update or revise any such forward-looking statements, whether as
the result of new developments or otherwise.
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tross@finprofiles.com Financial Profiles Moira Conlon Tel: (310)
478-2700 x11 mconlon@finprofiles.com
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