TORONTO, April 11, 2019
/CNW/ - Boyuan Construction Group, Inc., (TSX: BOY) ("Boyuan" or
the "Company") today provided further update on the delays it is
experiencing for transferring funds with respect to the redemption
of the Company's 11.5% unsecured convertible debentures due on
October 31, 2018 (the "Unsecured
Debentures").
On April 9, 2019, Boyuan remitted
another US$300,000 (C$397,020) to the trustee for the Unsecured
Debentures, further to the C$2.9
million and C$2.7 million
already distributed to the debenture holders. The Company plans to
remit the remaining outstanding principle balance of C$1.49 million plus accrued interest to fully
retire the Unsecured Debentures by the end of April, 2019.
About Boyuan Construction Group, Inc.
Backed by a longstanding track record, Boyuan Construction
Group, Inc. ("Boyuan" or the "Company") has the knowledge and
expertise to design and build a wide range of commercial and
residential developments, as well as municipal infrastructure and
engineering projects. Based in Jiaxing City and with a growing
presence in both Zhejiang Province
and Hainan Province, Boyuan
focuses on construction projects in China's fast-growing regions of the Yangtze
River Delta and the Hainan
Province. The Company's current project backlog includes
residential, commercial, industrial and mixed-use developments. For
more information visit www.boyuangroup.com.
Caution
Regarding Forward-Looking Information:
Certain information contained in this news release constitutes
forward-looking information, which is information relating to
future events or the Company's future performance and which is
inherently uncertain. All information other than statements of
historical fact may be forward-looking information. Forward-looking
information is often, but not always, identified by the use of
words such as "seek", "anticipate", "budget", "plan", "continue",
"estimate", "expect", "forecast", "may", "will", "project",
"predict", "potential", "targeting", "intend", "could", "might",
"should", "believe" and similar words or phrases (including
negative variations) suggesting future outcomes or statements
regarding an outlook. Forward-looking information contained in this
news release includes, but is not limited to, management's
expectation for remitting funds to Canada and estimated timing for the
remittance. Forward-looking information involves known and unknown
risks, uncertainties and other factors that may cause actual
results or events to differ materially from those anticipated in
such forward-looking information. The Company believes the
expectations reflected in the forward-looking information are
reasonable but no assurance can be given that these expectations
will prove to be correct and readers are cautioned not to place
undue reliance on forward-looking information contained in this
news release. Some of the risks and other factors which could cause
results to differ materially from those expressed in the
forward-looking information contained in this news release include,
but are not limited to: political and economic conditions in
China and other risks included in
the Company's AIF for the fiscal year ended June 30, 2018 and in the Company's public
disclosure documents filed with certain Canadian securities
regulatory authorities and available at www.sedar.com. The forward
-looking statements contained in this news release are made as of
the date hereof and the Company undertakes no obligation to update
publicly or revise any forward-looking information, whether as a
result of new information, future events or otherwise, except as
otherwise required by law.
SOURCE Boyuan Construction Group, Inc.