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8-K - China Architectural Engineering, Inc. | v196441_8k.htm |
EX-10.1 - China Architectural Engineering, Inc. | v196441_ex10-1.htm |
China
Architectural Engineering Appoints New Chief Executive Officer and Members of
the Board of Directors
ZHUHAI,
China and NEW YORK, Sept. 13, 2010 -- China Architectural Engineering, Inc.
("CAE" or the "Company") (Nasdaq:CAEI), a self-developer of online MMORPGs games
and a provider of design, engineering, fabrication and installation services of
high-end building envelope systems, today announced that it has appointed Mr.
Wing Lun (Alan) Leung as chief executive officer and as a member of the
Company's board of directors, effective immediately.
Mr. Leung
is the co-founder and CEO of Shanghai ConnGame Network Co. Ltd, of which CAE
acquired a 60% interest in August this year. Mr. Leung has 22 years of
experience in implementing IT projects and other consulting services, as well as
over ten years of experience in the PRC online gaming industry. Over the past
decades, Mr. Leung has served in managerial roles or board of directors for the
following companies: Game First International Corporation, an online game
distributor in Taiwan, IAHGames HK Limited, an online game distributor in
Southeast Asia, Shanghai Holdfast Online Information Technology Co., Ltd, a
subsidiary of Shanda Interactive Co. Ltd, China Youth Foundation Group and CITIC
Pacific Communication (Guangzhou) Co. Ltd, a subsidiary of CITIC Pacific
Limited. Mr. Leung received a bachelor's degree in computer science from the
University of London in 1990, an MBA from City University London in 1994 and a
master's degree in electronic commerce from the University of Hong Kong in
2002.
In
addition to Mr. Leung's appointment, the Company also appointed the
following:
--
Qin (Andy) Lu as the acting chief financial officer and corporate
secretary,
--
Ping Xu as an independent director and as a member of the Audit
Committee
and Nominating and Corporate Governance Committee,
--
Shibin Jo as an independent director, as a member of the
Compensation
Committee,
and a member and chairman of the Nominating and Corporate
Governance
Committee, and
--
Chen Huang as an independent director and as a member of the Audit
Committee.
In
conjunction with the above appointments, the Company also announced the
following resignations, effective immediately:
--
Luo Ken Yi resigned as the chief executive officer. Mr. Luo remains
as
president
of the Company and member of the board of directors,
--
Gene Michael Bennett resigned as the Company's chief financial
officer,
and
--
Zheng Jin Feng and Zhao Bao Jiang each resigned as directors.
Mr. Jun
Tang, chairman of the board of China Architectural Engineering, commented, "We
are very excited to have Alan Leung as CEO of the new CAE. His extensive
experience with Chinese online gaming and the IT industry, as well as his proven
leadership and communication skills make him a unique and invaluable asset to
our Company. I have known and personally worked with Alan over the past few
years, and I am fully confident that he will be able to help lead our Company to
the forefront of the Chinese online gaming industry."
Mr. Alan
Leung commented, "I am greatly honored to join CAE's team and take on the role
of CEO. I will diligently work to strengthen our execution capabilities to grow
our Company and to further enhance our communication with investors. I believe
we have a balanced combination of people, technology, and expertise to execute
on our goals, and I look forward to employing my deep industry knowledge and
experience to lead CAE to sustainable business growth in the near
future."
About
China Architectural Engineering
China
Architectural Engineering, Inc. (NASDAQ:CAEI) is a provider of design,
engineering, fabrication and installation services of high-end curtain wall
systems, roofing systems, steel construction systems, and eco-energy systems.
Collaborating with world-renowned architects and building engineers, the Company
has successfully completed over one hundred large, complex and unique projects
worldwide, including numerous award-winning landmarks across Asia's major
cities. Through its subsidiary Shanghai ConnGame, CAEI is also a self-developer
of MMORPGs games, leveraging its innovative game engines, scalable development
platforms, and accomplished production teams to develop online games for
operation in China based on China's iconic characters and nostalgic
epochs.
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 risks and uncertainties,
including, but not limited to, difficulties in moving into the online gaming
market; the Company's ability to integrate the management, personnel and
operations of the Company and ConnGame; required Company payments under the
waiver agreement and ability to maintain the conditions of the bondholder waiver
and dilution from the potential adjustment to the conversion price of the bonds
for non-compliance with the waiver; the Company's ability to accurately estimate
and control contract costs and timelines; the Company's ability to timely
complete and meet performance standards; identification and remediation of the
Company's deficiencies and weaknesses in its internal controls over financial
reporting, potential claims or litigation that may result from the occurrence of
restatements, ability to identify and secure debt, equity, and/or other
financing required to continue the operations of the Company; reduction or
reversal of the Company's recorded revenue or profits due to "percentage of
completion" method of accounting and expenses; increasing provisions for bad
debt related to the Company's accounts receivable; fluctuation and
unpredictability of costs related to our products and services; adverse capital
and credit market conditions; expenses and costs associated with its convertible
bonds, regulatory approval requirements and competitive conditions; and various
other matters, many of which are beyond our control. 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