Key Developments For China Architectural Engineering, Inc.
China Architectural Engineering, Inc. (CAEI.O) (Nasdaq)
China Architectural Engineering, Inc. Appoints Gene Michael Bennett As Acting CFO-Form 8-K
China Architectural Engineering, Inc. reported in its Form 8-K that on November 5, 2009, the Board of Directors appointed Gene Michael Bennett to serve as the Acting Chief Financial Officer ( Acting CFO) of the Company, effective November 6, 2009.
China Architectural Engineering, Inc. Announces LOI For Land Transfer
China Architectural Engineering, Inc. announced that it has signed a Letter of Intent of Land Transfer (LOI) to purchase land from Zhejiang Nine Dragon Co., a subsidiary of Shanghai Nine Dragon Co. The planned construction area is 1,600,000 square feet with a transfer price at $34 per square foot, for a total consideration of $55 million. The transaction is scheduled to close within six months after signing the contract. In addition, Nine Dragon, subject to each party's willingness, may transfer an additional 2,700,000 square feet of its reserved land at Nine Dragon Resort to CAE at a later date. According to the LOI, the purchased land will be constructed into a mixed- used complex, which includes a shopping mall, movie theatre, and residential complex. Both parties agreed that the minimum selling price of the residential complexes will be $136 per square foot, and any price premium above $136 will be equally shared by both CAEI and Nine Dragon.
China Architectural Engineering, Inc. Announces Agreement to Sell Common Stock
China Architectural Engineering, Inc. announced that it has agreed to sell 17 million shares of its common stock at a price of $1.65 per share to certain qualified investors pursuant to a Securities Purchase Agreement dated August 6, 2009. The closing is anticipated to occur on or before September 30, 2009. KGE Group, Limited sold 5 million shares of CAE's common stock held at a price of $0.90 per share to a new investor, Resort Property International Limited, which is a holding company to the principal stockholder of Shanghai Nine Dragon Co. Ltd. In conjunction with the Securities Purchase Agreement, the Company has entered into an amendment and waiver agreement with the holders of the Company's outstanding convertible bonds, ABN AMRO Bank N.V., London Branch (ABN AMRO) and CITIC Capital China Mezzanine Fund Limited (CITIC). Both ABN AMRO and CITIC have agreed to waive their rights to a reduction in the conversion price of the bonds and the exercise price of the warrants due to the Company's sale of the shares.
China Architectural Engineering, Inc. Receives New Government Contracts Worth $11.2 Million
China Architectural Engineering, Inc. announced that it has been awarded two government contracts in Changsha, the capital of Hunan province, and won a bid on a government contract in Shenzhen, Guangdong province, with a total value of approximately USD11.2 million. The two contracts in Changsha, together worth USD8.9 million, are for the Changsha Riverfront Cultural Park Museum and Changsha High Speed Train Station projects. In addition, the Company has also won a bid for the brand new Terminal 3 at Shenzhen Bao'an International Airport, worth US$2.4 million. The Terminal 3 is designed to bridge two of China's most-developed cities Shenzhen and Hong Kong, and to create a world-class integrated gateway and transportation hub for both domestic and international travels. The Company will provide design and consulting services and be responsible for designing the terminal's curtain wall, which will be shaped to be resemble a honeycomb, a unique blend of function and form.
China Architectural Engineering, Inc. Announces New Contract to Build Resort Near Shanghai
China Architectural Engineering, Inc. announced that it has entered into a new agreement with Shanghai Nine Dragon Co., Ltd. to undertake the major projects located in the Nine Dragon Resort, Zhejiang, including a seven star hotel, a marine park and luxurious villas. The total project value is expected to exceed $500 million. The projects are expected to commence in the second half of 2009 and be completed within three years.
