BEIJING, Jan. 5 /PRNewswire-FirstCall/ -- China Advanced Construction Materials Group, Inc. ("China ACM") (Nasdaq: CADC), a leading provider of ready-mix concrete in China, today announced that the executive management team will ring the Opening Bell at the NASDAQ MarketSite© in New York City at 9:30 a.m. EST on Friday, January 8, 2010. Mr. Xianfu Han, Chairman and Chief Executive Officer, and Mr. Weili He, Vice Chairman and Chief Operating Officer, will attend the event.
China ACM's common stock commenced trading on the NASDAQ Global Market on November 2, 2009 under the symbol "CADC".
China ACM is a low emission, environmentally friendly, ready-mix concrete producer and provides environmentally friendly solutions to other industry participants. The Company is introducing revolutionary products through its R&D capabilities. According to China's National Development and Reform Commission (NDRC), the Company helped create the first environmental, or "green product", standard for the concrete industry in China and it remains as 1 of only 10 companies nationwide in China to comply with this nationalized standard. The Company's technology lowers the cement composition of its concrete mix by utilizing more industrial byproducts and ore waste to create a more solid, long-lasting product. Government support for China ACM includes being one of a few concrete producers recognized as a High Tech Enterprise, preference for government contracts, tax advantages and input into emerging regulatory guidelines. A growing portion of revenues are from technical services to other concrete producers around the country.
Mr. Xianfu Han, Chairman and Chief Executive Officer, stated, "We are excited to be part of the most influential market and exchange in the world. We are proud that our environmentally friendly ready-mix concrete along with our proprietary engineering services, have been widely used in signature architectures in Beijing, and we have begun penetrating into high-speed rail projects throughout China. These achievements are attributable to the hard work of our dedicated employees who helped grow our revenue from $27.6 million to $39.7 million with net income increasing from $5.2 million to $12.1 million between fiscal year 2008 and fiscal year 2009. We are pleased to start 2010 with this milestone event and remain upbeat for the future growth prospects."
A live web cast of the NASDAQ Opening Bell (starting from 9:20 a.m. EST) will be available at:
About China ACM
China ACM, founded in 2002 and based in Beijing, China, is a leading producer of advanced construction materials for large scale commercial, residential, and infrastructure developments. The company is primarily focused on producing and supplying a wide range of advanced ready-mix concrete materials for highly technical, large scale, and environmental construction projects. The company also aims to develop and produce new and innovative environmentally conscious construction materials.
China ACM provides materials and services through its six ready-mix concrete plant network covering Beijing metropolitan area. China ACM owns one plant, leases three plants and has technical services and preferred procurement agreements with two other independently-owned plants. China ACM is ISO 9001 (product quality), ISO 14001 (environmental safety), and ISO 18001 (employment environment safety) certified. Additional information about the company is available at www.china-acm.com.
This press release contains "forward-looking statements" within the meaning of the "safe-harbor" provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve known and unknown risks, uncertainties and other factors that could cause the actual results of the Company to differ materially from the results expressed or implied by such statements, including changes from anticipated levels of sales, future national or regional economic and competitive and regulatory conditions, changes in relationships with customers, access to capital, difficulties in developing and marketing new products, marketing existing products, customer acceptance of existing and new products, and other factors. Additional Information regarding risks can be found in the Company's Annual Report on Form 10K and in the Company's recent report on Form 8K filed with the SEC. Accordingly, although the Company believes that the expectations reflected in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. The Company has no obligation to update the forward-looking information contained in this press release.
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SOURCE China Advanced Construction Materials Group, Inc.