CHANGZHOU, China, Feb. 23, 2011 /PRNewswire-Asia/ -- China
Architectural Engineering, Inc. (Nasdaq: CAEI), a self-developer of
online games and a provider of high-end building envelope
architectural systems, today announced that it has appointed Mr.
Steven Zhixin Xing as Chief
Executive Officer and as a member of the Company's Board of
Directors.
Mr. Xing is the president of Shanghai ConnGame Network Co. Ltd.,
a subsidiary of the Company. Previously, Mr. Xing had worked for
Microsoft for more than 10 years developing an expertise in
distribution business management. In April
2004, he was promoted to APJ regional director of Microsoft
Global Technical Engineering Center and focused on Channel
Development and Support. In late 2006, he transferred to Microsoft
China with a focus on managing the channel business. From
January 2007 to June 2008, the 10 regional software distributors
managed by Mr. Xing benefited from his efforts and grew their
aggregate business revenue from US$65
million to US$120 million. Mr. Xing also served as the
director of East China region for Microsoft China and was
responsible for Small and Medium business. Mr. Xing holds a Master
Degree in EMBA from Shanghai JiaoTong University and Bachelor
Degree in Computer-Based Education from East China Normal
University.
Mr. Jun Tang, Chairman of the
Board of China Architectural Engineering, commented, "We are
delighted to welcome Steven Zhixin
Xing to our team. His extensive experience with Chinese
online gaming and the IT industry, as well as his proven leadership
and communication skills make him a unique and invaluable asset to
our Company. I have known and personally worked with Steven over
the past few years, and I am fully confident that he will be able
to help lead our Company to the forefront of the Chinese online
gaming industry."
Mr. Xing commented, "I am greatly honored to join CAE's team and
take on the role of CEO. I will diligently work to strengthen our
execution capabilities to grow our Company and further enhance our
communication with investors. I believe we have a balanced
combination of people, technology, and expertise to execute on our
goals, and I look forward to employing my deep industry knowledge
and experience to lead CAE to sustainable business growth in the
near future."
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 Company's failure to make
required payments under the waiver agreement and ability to
negotiate with the bondholders for an extension to make such
required payments; the bondholders ability to call the bonds of
$28 million principal amount for
immediate repayment; the Company's ability to integrate the
personnel and operations of the Company and ConnGame that was
acquired in the third quarter 2010; difficulties in moving into the
online gaming market; 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.