China ACM Special Committee Selects Legal Advisor
09 August 2011 - 9:55PM
Marketwired
China Advanced Construction Materials Group, Inc. ("China ACM" or
the "Company") (NASDAQ: CADC), a leading provider of ready-mix
concrete and related technical services in China, today announced
that the special committee of its Board of Directors ("Special
Committee"), formed to consider, among other things, the proposal
stated in the letter received by its Board of Directors from the
Company's Chairman and Chief Executive Officer, Mr. Xianfu Han, and
Vice Chairman and Chief Operating Officer, Mr. Weile He, on July
26, 2011, has retained Skadden, Arps, Slate, Meagher & Flom,
LLP as its legal advisor to assist the Special Committee in its
work.
No assurance can be given that any definitive offer will be
made, any agreement will be executed or a transaction with Messrs.
Han and He or any other transaction will be approved or
consummated. The Company does not intend to disclose developments
regarding these matters unless and until its Board of Directors
determines that there is a need to update the market.
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 in major high speed rail projects. More information
about the Company is available at www.china-acm.com.
Safe Harbor Statement
This press release may include certain statements that are not
descriptions of historical facts, but are forward-looking
statements. Such statements include, among others, those concerning
to the possibility of any going private proposal, as well as all
assumptions, expectations, predictions, intentions or beliefs about
future events. Forward-looking statements can be identified by the
use of forward-looking terminology such as "will," "believes,"
"expects," "may" or similar expressions. Such information is based
upon expectations of our management that were reasonable when made
but may prove to be incorrect. All of such assumptions are
inherently subject to uncertainties and contingencies beyond our
control and based upon premises with respect to future business
decisions, which are subject to change. We do not undertake to
update the forward-looking statements contained in this press
release, except to the extent required by law. For a description of
the risks and uncertainties that may cause actual results to differ
from the forward-looking statements contained in this press
release, see our most recent Annual Report on Form 10-K filed with
the Securities and Exchange Commission, and our subsequent SEC
filings. Copies of filings made with the SEC are available through
the SEC's electronic data gathering analysis retrieval system at
http://www.sec.gov.
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Contact Financial Profiles Tricia Ross (916) 939-7285
tross@finprofiles.com Financial Profiles Moira Conlon Tel: (310)
478-2700 x11 mconlon@finprofiles.com
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