CHANGZHOU, China, Jan. 10, 2011 /PRNewswire-Asia/ -- China
Architectural Engineering, Inc. (Nasdaq: CAEID), a self-developer
of online games and a provider of high-end building envelope
architectural systems, today announced that it has been informed by
NASDAQ that the Company is in compliance with all NASDAQ listing
standards, including the minimum price bid requirement. As required
under NASDAQ's Listing Rules, the Company's common stock was
required to maintain a closing bid price of $1.00 or more per share for at least ten
consecutive trading days.
About China Architectural Engineering
China Architectural Engineering, Inc. is a self-developer of
online games and provider of high-end building envelope
architectural systems. Through its subsidiary, Shanghai ConnGame
Network, the Company leverages its innovative game engines,
scalable development platforms, and accomplished production teams
to develop and operate MMORPGs. The first game "Warring State"
focuses on China's historic themes
and the second game "Revolution" focuses at Western fantasy style.
The Company also provides design, engineering, fabrication and
installation services of high-end curtain wall systems, roofing
systems, steel construction systems, and eco-energy systems. For
further information on China Architectural Engineering, Inc.,
please visit 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, the effect of the reverse stock
split on the trading price of the Company's stock; the Company's
ability to maintain a one dollar
minimum bid price of its common stock going forward; difficulties
in moving into the online gaming market; the Company's ability to
integrate the personnel and operations of the Company and ConnGame
that was acquired in the third quarter 2010; the Company's failure
to make required payments under the waiver agreement and ability to
negotiate with the bondholders for an extension; the effect of
dilution if the conversion price of the bonds are adjusted downward
due to the Company's failure to comply with the waiver; the
Company's ability to successfully and timely develop and
commercially launch its first MMORPG game; identification and
remediation of the Company's deficiencies and weaknesses in its
internal controls over financial reporting; 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; fluctuation and unpredictability of costs related to
the Company's products and services; 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.
SOURCE China Architectural Engineering, Inc.