China Architectural Engineering, (AMEX:RCH)
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From Jun 2019 to Jun 2024
China Architectural Engineering, Inc. (CAE) (AMEX:RCH), a leader in the
design, engineering, fabrication and installation of high-end building
envelope solution systems, today announced that it has been awarded its
first project in the United States, an $11.6 million contract to supply
and install the curtain wall for a 21-story luxury condominium project
in New York City.
CAE has already begun initial work on the project and expects to have it
completed by mid-2009. The Company expects to recognize revenues from
the project in various stage payments between the second quarters of
2008 and 2009.
The 54-unit project, located in the West Chelsea neighborhood of
Manhattan at 100 11th Street, is designed by Paris-based architect Jean
Nouvel, winner of this year’s Pritzker Award,
the highest honor in architecture. Nouvel, who is known for his
distinctive and adventurous structures, is expected to significantly
benefit in his design of this new highly technical and challenging
condominium project by capitalizing on CAE’s
fully-integrated, timely, yet cost-effective construction process. These
key unique competitive advantages, which also include the designing,
engineering, fabrication and installation of high-end curtain wall
systems, roofing systems and steel construction systems, are key factors
both in this and other projects as well as further solidifying CAE’s
position as one of the rapidly emerging and dominant players in the
global construction market.
New York Times architecture critic Nicolai Ouroussoff describes
the façade as a “gleaming
glass and steel mask” in which 1,650 window
panes “are set at different angles, so that
each will be imbued with subtly different qualities of light and
reflection. Portions of the facade will seem to shimmer like the surface
of water at times, and at others be more opaque. The silhouette will
glow like a torch one minute and dissolve into the surrounding skyline
the next.”
Ken Yi Luo, China Architectural Engineering’s
Chairman and CEO, commented, “Today’s
announcement of a new contract will not only contribute new and
higher-margin revenues to our company but also increase our reputation
for leading-edge design and engineering in the global construction
industry. We expect it to be the first of many in the U.S., where our
sales team led by John Anderson is off to a fast start in negotiating
contracts for high-end construction projects. We also could not be more
pleased to be working with Jean Nouvel, whose studio is one of the world’s
most prestigious architectural brands. Such associations, along with the
recognized quality of our work, are helping to make CAE a globally
prestigious brand in its own right.”
Today’s announcement represents three
achievements for CAE. First, it will represent the Company’s
initial penetration of the U.S. construction market, driven by CAE’s
new U.S. subsidiary, led by John Anderson and Bill Djurovic. Second, it
is a clear testament of the Company’s success
as part of its international expansion strategy. And third, the contract
also marks the Company’s second collaboration
with Nouvel, one of the world’s best-known
and most respected architects, who also designed the Company’s
high rise project in Doha, Qatar.
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. (CAE) (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 its
clients utilizing specialized technical expertise in the design,
engineering, fabrication and construction of building envelop solution
systems. It specializes 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 world-renowned architects and building engineers
from China and other countries and has completed over 100 large, complex
and unique projects throughout China, Hong Kong, Macau, Australia
and Southeast Asia, including numerous award-winning landmark buildings
in many of Asia's major cities. It is now capitalizing on its
industry-leading expertise by expanding aggressively beyond China into
some of the hottest construction markets in the world, including the
Middle East, Central Asia and Eastern Europe. It recently set up
operations in New York to expand in the U.S. and Canadian markets. CAE
now has operations in 13 cities in China, Hong Kong, Sydney (Australia),
Dubai (UAE) and New York (USA).
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.