China Architectural Engineering Announces New Projects Worth $50 Million in DubaiArtist Rendering of Dubai Metro Project (Graphi
18 Marzo 2008 - 8:30PM
Business Wire
China Architectural Engineering, Inc. (CAE) (AMEX:RCH), a leader in
the design, engineering, fabrication and installation of high-end
curtain wall systems, today announced that it has signed a contract
worth approximately $50 million to build external envelopes for
stations on the Red Line of the Dubai Metro System. The Company
also announced that it expects to be awarded contracts in the range
of $80-$100 million for auxiliary structures on the same transit
line. Under the signed contract, CAE will design, engineer,
fabricate and install external envelopes for 8 out of 23 Red Line
stations. Under the pending contract, it will build external
envelopes, including entranceways, walkways, bridges and parking
lots, for associated facilities of the Red Line, including
passenger walkways and bridges. When completed, the Dubai Metro
system will be the longest fully automated rail system in the
world. The Red Line is the first of the system�s four lines. Work
on both Dubai projects is expected to be finished by the second
quarter of 2009. Revenue from them will be recognized in the last
three quarters of 2008 and the first two quarters of 2009. China
Architectural Engineering Chairman and CEO Ken Y. Luo commented,
�The Dubai Metro project promises to be our largest effort yet
outside China, with potential revenue far beyond that of the
initial contract. As a major step forward in CAE�s Middle East
expansion strategy; it will serve as an announcement of CAE�s
arrival in one of the largest construction markets in the world.
Also, this project is only for the first stage of the Dubai Metro
System. CAE has a long-term commitment to the Middle East and
foresees significant future demand for construction projects from
Dubai and other cities and countries in this region. We are in the
process of setting up a subsidiary in Dubai this year to capture
this significant demand.� The Dubai Metro project is the flagship
project of the RTA (Road and Transport Authority � Dubai) with
investments for the first phase alone totaling over $4.2 billion.
It will be the first system of its kind in the Middle East. The
goals of the Dubai Metro System are to provide an alternative mode
of transport to ease congestion, save traveling time and reduce
pollution; thereby improving environmental quality and mobility
within the city in order to accommodate Dubai�s rapid growth. The
Dubai Metro System utilizes state-of-the-art technology and
engineering expertise. Its visibility throughout the city also will
make a prominent architectural showpiece. 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. (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 our clients utilizing
specialized technical expertise in the design, engineering,
fabrication and construction of structural exterior cladding
systems. We specialize 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 many world renowned architects
and building engineers from China and other countries and has
completed nearly one hundred large, complex and unique projects
throughout China, Australia & Southeast Asia, including
numerous award-winning landmark buildings in many of Asia�s major
cities, such as the National Grand Theater in Beijing, the Meridian
Gate Exhibition Hall of the Palace Museum in Beijing�s Forbidden
City (won the 2005 UNESCO Jury Commendation for Innovation of
Asia-Pacific Heritage Award),the Beijing Botanical Garden
Conservatory (won the highest prize in the Chinese construction
industry, the Zhan Tian You award in 2003), the Shenzhen Airport
Terminal Building, the Shanghai South Railway Station (the first
station of its kind in the world featuring a circular roofing
design) and the Vietnam National Conference Center (hosted 2006
APEC). Notable projects in progress in China and abroad include the
renovation and the new extension of the National Museum in Beijing
(will be the largest and one of the finest in the world), the
Guangzhou Opera House, The Hangzhou International Conference
Center, the Dubai Metro System (the first of its kind in the Middle
East), and a high-rise office building in Doha, Qatar (which will
host the Qatar Department of Commerce). CAE is dedicated to the
research and development of new high-end building technologies. Our
Chairman, CEO and COO, Mr. Ken Luo Yi, owns 54 patents which are
widely used in building design and construction. He was honored as
one of the �Ten Great Leaders in Technology� in China and has
published numerous books and articles. With the experience and
trust we have gained working with world-renowned architects and
construction experts on complex projects in the past 15+ years, we
are now looking to capitalize on our industry-leading expertise to
aggressively expand beyond China, into some of the hottest
construction markets in the world, such as Middle East, Central
Asia & Eastern Europe. We also plan to set up operations in New
York to expand in the US and Canadian markets. 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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