TORONTO, Dec. 3, 2018 /CNW/ - Boyuan Construction
Group, Inc., (TSX: BOY) ("Boyuan" or the "Company")
today provided further update on the delays it is experiencing for
transferring funds from its banking partners in China with respect to the redemption of the
Company's 11.5% unsecured convertible debentures due on
October 31, 2018 (the "Unsecured
Debentures").
On December 1, 2018, the trustee
for the Unsecured Debentures received C$2.9
million remitted by the Company. This amount was the
remainder of the Company's foreign currency reserve under the
Company's previous regulatory approval. The Company was able
to convince its bank that no new regulatory approval is required
for remitting this amount. The Company is continuing to work
with its bank and regulatory authorities to obtain approval for
remitting the balance of the funds required to redeem the Unsecured
Debentures and pay all accrued interest. The Company expects
to receive such approval within the next two weeks and will send
the funds to the trustee following the approval. Once the
trustee receives the full amount, the trustee will begin
transmitting funds to holders of the Unsecured Debentures to retire
the debentures and pay accrued interest.
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 to obtain approval for remitting funds to Canada and estimated timing for the approval.
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.