anyone getting any shares after the 24% drop today?
post #21 of 31
11/17/09 at 3:23am
Please, attention! Big opportunity
ZHUHAI, China and NEW YORK, Aug. 24 /PRNewswire-Asia-FirstCall/ -- China Architectural Engineering, Inc. ("CAE" or the "Company") (Nasdaq:CAEI - News), a provider of design, engineering, fabrication and installation services of high-end building envelope systems, today announced that the Company has completed its acquisition of 60% ownership of Shanghai ConnGame Network Ltd. ("ConnGame"), an MMORPG (Massively Multiplayer Online Role Playing Game) developer and operator, in exchange for 25 million shares of the Company's common stock. The acquisition of ConnGame was conducted through the acquisition of a 60% ownership in New Crown Technology, Inc., ConnGame's 100% parent.
ConnGame, founded and led by experienced management in China's online game industry, develops MMORPGs for operation in China. Leveraging its innovative game engines, scalable development platforms, and accomplished production teams, ConnGame focuses on self-developed MMORPGs game titles that are based on China's iconic characters and nostalgic epochs.
The Company also announced today that the Company's board of directors has appointed Mr. Jun Tang as a member and as the chairman of the board of directors of the Company, effective as of the closing of the acquisition, which occurred on August 18, 2010. Immediately prior to the effective time of Mr. Jun Tang's appointment, Luo Ken Yi resigned as the chairman of the board of directors, but remains a member of the board.
Mr. Jun Tang, the new chairman of CAE, commented, "It's my great honor to be appointed as the chairman of the board of CAE. I am very excited about this opportunity to return to the gaming industry and to quickly develop and grow CAE's new business. It is my duty and goal to work closely with my team and members of the board to build a strong management team, strengthen our execution capabilities and further enhance our communication with investors to grow and expand our company.
"With the completion of this acquisition, we envision CAE taking greater advantage of our core architectural engineering and design market, and more importantly, capturing China's large and rapidly growing online game market. We will strengthen our business model by diversifying our revenue stream, as well as eliminating unprofitable business segments. I am convinced that CAE and ConnGame share a common culture of technical excellence. Therefore, I am confident that the integration of our businesses and technologies will drive business growth and operational efficiency for CAE and ultimately create higher shareholder value.