China ACM Announces Reverse Stock Split and Reincorporation in the State of
BEIJING, Aug. 1, 2013 (GLOBE NEWSWIRE) -- China Advanced Construction
Materials Group, Inc. (Nasdaq:CADC) ("China ACM", the "Company"), a provider
of ready-mix concrete and related technical services in China, today announced
that effective at 5:00 pm Eastern Time on August 1, 2013, the Company will
effect a 1-for-12 reverse stock split of its common stock (the "Reverse
Beginning with the opening of trading on August 2, 2013, the Company's common
stock will continue to trade on the NASDAQ Capital Market on a Reverse Split
adjusted basis with a new CUSIP number of 169365202. No fractional shares will
be issued in connection with the Reverse Split. Shareholders who would
otherwise be entitled to receive a fractional share in connection with the
Reverse Split will receive a full share of common stock.
As a result of the Reverse Split, the stock price is expected to automatically
increase proportionally. Although the purpose of this Reverse Spit is to
maintain the continued listing of the Company's common stock on NASDAQ, the
Company can give no assurance that this goal will be achieved.
On August 1, 2013, at 6 P.M. Eastern Time, after the completion of the Reverse
Split, the Company will change its state of incorporation from Delaware to
The reincorporation does not result in any change in the Company's
headquarters, business, jobs, management, and location of any of its offices
or facilities, number of employees, assets, liabilities or net worth.
Management, including all directors and officers, remain the same as the
management of the Company prior to the reincorporation.
Both the Reverse Split and the reincorporation were approved by shareholders
holding the majority of the outstanding common stocks of the Company on June
28, 2013 at the annual meeting of shareholders.
About China Advanced Construction Materials Group, Inc.
China Advanced Construction Materials Group, Inc., is the holding company
whose primary business operations are conducted through its wholly-owned
subsidiaries, and its variable interest entity in the supply market of
construction materials. The Company engages in the production of advanced
construction materials for large scale infrastructure, commercial and
residential developments. The Company is primarily focused on engineering,
producing, servicing, delivering and pumping a comprehensive range of advanced
ready-mix concrete materials for highly technical, large scale, and
environmentally-friendly construction projects. The Company is committed to
conducting operations with an emphasis on the extensive use of recycled waste
materials, extending product life, the efficient production of its concrete
materials with minimal energy usage, dust and air pollution, and innovative
products, methods and practices.
For more information, please visit the Company's website at http:
www.china-acm.com. The Company routinely posts important information on its
Safe Harbor Statements
This press release contains "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995, including certain plans,
expectations, goals, and projections, which are subject to numerous
assumptions, risks, and uncertainties. These forward-looking statements may
include, but are not limited to, statements containing words such as "may,"
"could," "would," "plan," "anticipate," "believe," "estimate," "predict,"
"potential," "expects," "intends", "future" and "guidance" or similar
expressions. These forward-looking statements speak only as of the date of
this press release and are subject to change at any time. These
forward-looking statements are based upon management's current expectations
and are subject to a number of risks, uncertainties and contingencies, many of
which are beyond the Company's control that may cause actual results, levels
of activity, performance or achievements to differ materially from any future
results, levels of activity, performance or achievements expressed or implied
by such forward-looking statements. The Company's actual results could differ
materially from those contained in the forward-looking statements due to a
number of factors, including those described under the heading "Risk Factors"
in the Company's public filings with the Securities and Exchange Commission,
including the Company's annual report on 10-K. The Company undertakes no
obligation to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, except as required
under applicable law.
CONTACT: For investor and media inquiries, please contact:
China ACM Investor Relations
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