ZHUHAI, China and NEW YORK, Sept. 15 /PRNewswire-Asia/ -- China Architectural Engineering, Inc. ("CAE" or the "Company") (Nasdaq: CAEI), a self-developer of online MMORPGs games and a provider of design, engineering, fabrication and installation services of high-end building envelope systems, today announced that it met several business milestones related to its games.
CAEI, through its subsidiary Shanghai ConnGame Network Ltd. ("ConnGame"), successfully completed two closed beta tests for its upcoming online game titled "The Warring States", a realistic MMORPG based on China's Warring States historical periods. In the most recent test, hundreds of players explored the game for a week and offered high regards to the experience and performance of the game. A third beta test round is scheduled to take place this month, with a fourth to occur in October 2010. "Warring States Online" is expected to be launched during the fourth quarter of this year to the public.
ConnGame has also recently completed a contract with the China Ministry of Public Security to develop a Safe Driving Game project based on its proprietary "Apocalypse" game engine. ConnGame self-developed the "Apocalypse" game engine and received copyrights from the China Bureau of Copyright in the first quarter of this year. ConnGame owns two self-developed game engines, "Turbo" and "Apocalypse", and Warring States Online is developed based on the Turbo engine. The Company expects to recognize revenues from this project during the third quarter of this year.
Mr. Jun Tang, Chairman of the Board of China Architectural Engineering, commented, "We are very excited about the successful beta tests of Warring States Online. We look forward to the eventual launch of this ambitious game, which we expect will drive significant recurring revenues for CAE. Meanwhile, applying our sophisticated game engine, Apocalypse, to another project for the China Ministry of Public Security was also an important opportunity that will enable us to generate additional revenue from the our core technology. We expect that we will be able to generate another stream of revenue source by licensing the game engine to produce more emerging game products."
In addition, ConnGame has signed a strategic cooperation with PlayerG.com ("PlayerG"), a comprehensive, user-based community platform dedicated to the interaction between players across different games, ages and geographic locations. PlayerG's platform will be directly integrated with our two ConnGame's games, Warring States Online and Revolution, enabling players to interact with other community members from within or outside of the game itself. PlayerG expects to start closed beta testing in September 2010, and to allow open registration in early October.
Mr. Tang concluded, "We're also very excited about our newly-formed strategic alliance with PlayerG.com. PlayerG.com is the first Website of its kind in China, and we expect this alliance to be of significant mutual benefit, driving revenues for both companies. We see these developments as positive steps towards CAE's overall growth, with respect to our innovative technology, future outlook, and shareholder value."
About China Architectural Engineering
China Architectural Engineering, Inc. (NASDAQ: CAEI) is a provider of design, engineering, fabrication and installation services of high-end curtain wall systems, roofing systems, steel construction systems, and eco-energy systems. Collaborating with world-renowned architects and building engineers, the Company has successfully completed over one hundred large, complex and unique projects worldwide, including numerous award-winning landmarks across Asia's major cities. Through its subsidiary Shanghai ConnGame, CAEI is also a self-developer of MMORPGs games, leveraging its innovative game engines, scalable development platforms, and accomplished production teams to develop online games for operation in China based on China's iconic characters and nostalgic epochs.
For further information on China Architectural Engineering, Inc., please visit http://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, difficulties in moving into the online gaming market; the Company's ability to integrate the management, personnel and operations of the Company and ConnGame; required Company payments under the waiver agreement and ability to maintain the conditions of the bondholder waiver and dilution from the potential adjustment to the conversion price of the bonds for non-compliance with the waiver; the Company's ability to accurately estimate and control contract costs and timelines; the Company's ability to timely complete and meet performance standards; identification and remediation of the Company's deficiencies and weaknesses in its internal controls over financial reporting, potential claims or litigation that may result from the occurrence of restatements, 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; 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.
For more information, please contact:
Investor Contact:
ICR:
Michael Tieu
Tel: +86-10-6599-7960
Email: michael.tieu@icrinc.com
Bill Zima
Tel: +1-203-682-8200
Email: bill.zima@icrinc.com
