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Indeed! even more important will be the day we
start seeing regular recurring revs.
welcome back, Scoob. S3 seems to finally be
turning the corner to good days.
GLTA.
Don't remember hearing that name before...you?
GLTA.
Alot of stuff we "knew" unofficially has now become
official. As this story slowly gets around we will do very
well, IMO. Another closing would certainly be welcome.
:)
redman....go to
Yahoo finance, get a quote for
BOY.V
scroll down and you'll see their PRs.
Hope this helps.
:)
S3 holds shares of Boyuan.......
Press Release Source: Boyuan Construction Group, Inc. On Thursday February 4, 2010, 7:00 am
- To construct residential building in Weifang, China -
TORONTO, Feb. 4 /CNW/ - Boyuan Construction Group, Inc., (TSX-V: BOY & BOY.DB) a fast-growing construction company in China of commercial, residential and municipal infrastructure projects, announced today that it has been awarded a contract valued at US $18.1 million to develop a 32-storey, 99,000 square meter residential building in the city of Weifang, in China's Shandong province. The project is expected to be completed by the second quarter of 2011.
"Shandong has emerged as a market with significant potential, effectively positioning us for continued growth in 2010 and beyond," said Mr. Cai Liang Shou, Chairman of Boyuan Construction Group. "While commercial projects will be our primary focus, today's contract win demonstrates that the region also provides opportunities to leverage our experience and reputation with residential projects."
Boyuan has signed four major contracts in Shandong since entering the market in September, 2009. With today's contract award, Boyuan's aggregate value of contracts signed thus far in Shandong is US $73.7 million
Shandong is one of China's most economically diversified provinces with high concentrations of manufacturing as well as oil and gas production activities. Weifang, one of Shandong's principal cities, has a population of 8.5 million people.
About Boyuan Construction Group, Inc.
Based in Jiaxing City, China, Boyuan Construction Group, Inc. is in the business of residential and commercial building construction, municipal infrastructure and engineering projects. In its last four fiscal years ending June 30, 2009, Boyuan completed more than 125 projects for a number of private and public sector clients including Cargill and the Dalian Shide Group, a billion dollar conglomerate whose partners include DuPont, Mitsubishi and GE. Boyuan's current backlog includes residential, industrial and mixed-use developments, including a five-star hotel and a project at the Qingshan Nuclear Plant, China's first and largest nuclear facility. From its operating bases in Zhejiang Province and on Hainan Island, Boyuan focuses on construction projects in China's fast-growing regions of the Yangtze River Delta, the city of Sanya and Shandong Province. For more information visit www.boyuangroup.com or follow us on Twitter at www.twitter.com/boyuangroup
Caution Regarding Forward-Looking Information:
Certain information contained in this press release constitutes forward-looking information, which is information relating to future events or the Company's future performance and which is inherently uncertain. All information other than statements of historical fact may be forward-looking information. Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "budget", "plan", "continue", "estimate", "expect", "forecast", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar words or phrases (including negative variations) suggesting future outcomes or statements regarding an outlook. Forward-looking information contained in this press release includes, but is not limited to, estimated project completion date, the Company's belief of its continued growth in 2010 and beyond, and the Company's continued primary focus on commercial projects. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. The Company believes the expectations reflected in the forward-looking information are reasonable but no assurance can be given that these expectations will prove to be correct and readers are cautioned not to place undue reliance on forward-looking information contained in this press release. Some of the risks and other factors which could cause results to differ materially from those expressed in the forward-looking information contained in this press release include, but are not limited to: risk of macro-economy cycle, risk from competition, risk from insufficient marketing to secure new projects, risk in obtaining additional financing, risk involving permits and licences, reliance on key management member, risk from supply of raw materials, risk of financial leverage, risk of bad debts in accounts receivables, risk involved in real estate development, foreign exchange fluctuations, political and economic conditions in China and other risks included in the Company's Annual Information Form for the fiscal year ended June 30, 2009 and in the Company's public disclosure documents filed with certain Canadian securities regulatory authorities and available at www.sedar.com. The forward-looking information contained in this press release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as otherwise required by law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information
Boyuan Construction Group, Inc., Mr. Paul Law, CFO, +(852) 9329 5088, paullaw@zjboyuan.com.cn
The Equicom Group Inc., Joe Racanelli, (416) 815-0700 ext. 243, jracanelli@equicomgroup.com
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•Boyuan awarded contract valued at US $18.1 million - CNW Group
•Boyuan signs new construction project contract in China's Shandong Province valued at US $22 million - CNW Group
•Boyuan signs new construction project contract valued US $17.5 million - CNW Group
•Boyuan signs new construction project contract valued at US $19 million - CNW Group
•Boyuan reports FY 2010 first quarter financial results - CNW Group
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sburl, is that really your
opinion, or is that what you want to happen?
Press Release Source: One Voice Technologies On Tuesday February 2, 2010, 12:58 pm
LA JOLLA, CA--(Marketwire - 02/02/10) - One Voice Technologies, Inc. (OTC.BB:OVOE - News) Chairman and CEO Dean Weber today issued the following corporate update:
"We are pleased to announce that we have engaged ICAP Ocean Tomo, LLC ("ICAP OT") to sell One Voice Technologies, Inc. patent portfolio relating to its voice recognition technologies for mobile devices among related applications. One Voice's patent portfolio includes 3 issued U.S. patents that have been cited by Google, Microsoft, Nuance, Intel, Matsushita, SAP Aktiengesellschaft, Phoenix Solutions, and VoiceBox Technologies, among others.
These patents are directed towards worldwide coverage focused on human to computer interaction using conversational speech as input to any computer, mobile device or internet-based object. These patents allow for the development of next generation smart computing devices where people use natural speech to control devices, voice search, and chat among related applications."
"Given the prolific growth of wireless technologies and search applications, we believe One Voice's voice recognition technologies are critical to the evolving convergence of mobile devices and the Internet -- especially in areas of voice search," said Dean Becker of ICAP Ocean Tomo.
Dean Weber continued, "With this engagement, One Voice is selecting an industry leader with a successful track record for facilitating patent sale transactions. We look forward to working closely with the ICAP OT team to monetize this portfolio and have postponed any litigation pending the outcome of the potential sale. Further, as part of any potential transaction, One Voice will require a license back on its patents so we may continue our business uninterrupted with current and future customers. As a pioneer in voice search technologies, we feel that as worldwide mobile device sales increase, the need for effective search and navigation using hands-free voice input is critical for ease of use and safety concerns. We believe a sale of our technologies in this space will help realize undervalued intellectual property assets while furthering our operational and strategic business growth objectives.
For further information regarding this portfolio please contact Evan Anderson at 312-327-4429 or at evan.anderson@us.icap.com.
I will keep the shareholders updated as events occur and I would like to thank you for your continued support of One Voice."
About One Voice Technologies, Inc.
One Voice Technologies, Inc. (OTC.BB:OVOE - News) is the world's first developer of 4th Generation voice solutions for the Telecom and Interactive Multimedia markets. Our Intelligent Voice? solutions employ revolutionary, patented technology that allows people to send messages (E-mail, SMS, Instant Messaging and paging), purchase products, get information and control devices -- all by using their voice. The company is headquartered in La Jolla, California. For more information, please visit http://www.onev.com
FORWARD-LOOKING STATEMENT DISCLAIMER
Some of the statements made in this press release discuss future events and developments, including our future business strategy and our ability to generate revenue, income and cash flow, and should be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These "forward-looking" statements can generally be identified by words such as "expect," "anticipate," "believe," "estimate," "intend," "plan," and similar expressions. These statements involve a high degree of risk and uncertainty that exists in the Company's operations and business environment and are subject to change based on various factors that could cause actual Company results, performance, plans, goals and objectives to differ materially from those contemplated or implied in these forward-looking statements. Actual results may be different from anticipated results for a number of reasons, including the Company's new and uncertain business model, uncertainty regarding acceptance of the Company's products and services and the Company's limited operating history.
MobileVoice, Media Center Communicator, VoiceTunes and Say2Play are trademarks of One Voice Technologies, Inc. All other products and company names herein may be trademarks of their registered owners.
Contact:
Contact:INVESTOR RELATIONS:Phone: (866) 823-1432Fax: (858) 754-1276Email ContactRelated Message Boards
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S3 owns shares of Boyuan.......
===============================================================
Boyuan signs new construction project contract in China's Shandong Province valued at US $22 million
Press Release Source: Boyuan Construction Group, Inc. On Tuesday January 26, 2010, 7:00 am
TORONTO, Jan. 26 /CNW/ - Boyuan Construction Group, Inc. (TSX-V: BOY & BOY.DB), a fast-growing construction company in China of commercial, residential and municipal infrastructure projects, announced today that it has been awarded a contract valued at US $22 million to develop a six-storey, 200,000 square meter commercial complex in the city of Weifang, in China's Shandong province.
"Since deciding to expand into Shandong, we have been awarded three major commercial projects, each with an incrementally larger mandate and higher dollar value," said Mr. Cai Liang Shou, Chairman of Boyuan Construction Group. "The new project win, one of our largest to date, will allow us to add to our growing reputation in the region and serve as another showcase for our technical expertise and construction capabilities."
The commercial complex, which will include furniture manufacturers and retailers, is expected to be completed by the end of 2010. With today's contract award, Boyuan's aggregate value of contracts signed thus far in Shandong is US $52.6 million.
Shandong is one of China's most economically diversified provinces with high concentration of manufacturing as well as oil and gas production activities.
About Boyuan Construction Group, Inc.
Based in Jiaxing City, China, Boyuan Construction Group, Inc. is in the business of residential and commercial building construction, municipal infrastructure and engineering projects. In its last four fiscal years ending June 30, 2009, Boyuan completed more than 125 projects for a number of private and public sector clients including Cargill and the Dalian Shide Group, a billion dollar conglomerate whose partners include DuPont, Mitsubishi and GE. Boyuan's current backlog includes residential, industrial and mixed-use developments, including a five-star hotel and a project at the Qingshan Nuclear Plant, China's first and largest nuclear facility. From its operating bases in Zhejiang Province and on Hainan Island, Boyuan focuses on construction projects in China's fast-growing regions of the Yangtze River Delta, the city of Sanya and Shandong Province.
Caution Regarding Forward-Looking Information:
Certain information contained in this press release constitutes forward-looking information, which is information relating to future events or the Company's future performance and which is inherently uncertain. All information other than statements of historical fact may be forward-looking information. Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "budget", "plan", "continue", "estimate", "expect", "forecast", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar words or phrases (including negative variations) suggesting future outcomes or statements regarding an outlook. Forward-looking information contained in this press release includes, but is not limited to, the Company's expectations regarding the completion date of the project and growing recognition of our technical and engineering capabilities. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. The Company believes the expectations reflected in the forward-looking information are reasonable but no assurance can be given that these expectations will prove to be correct and readers are cautioned not to place undue reliance on forward-looking information contained in this press release. Some of the risks and other factors which could cause results to differ materially from those expressed in the forward-looking information contained in this press release include, but are not limited to: risk of macro-economy cycle, risk from competition, risk from insufficient marketing to secure new projects, risk in obtaining additional financing, risk involving permits and licences, reliance on key management member, risk from supply of raw materials, risk of financial leverage, risk of bad debts in accounts receivables, risk involved in real estate development, foreign exchange fluctuations, political and economic conditions in China and other risks included in the Company's Annual Information Form for the fiscal year ended June 30, 2009 and in the Company's public disclosure documents filed with certain Canadian securities regulatory authorities and available at www.sedar.com. The forward-looking information contained in this press release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as otherwise required by law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information
Boyuan Construction Group, Inc., Mr. Paul Law, CFO, +(852) 9329 5088, paullaw@zjboyuan.com.cn
The Equicom Group Inc., Joe Racanelli, (416) 815-0700 ext. 243, jracanelli@equicomgroup.com
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SIVC holds shares of CHNC........................
Form 10-Q for CHINA INFRASTRUCTURE CONSTRUCTION CORP
--------------------------------------------------------------------------------
14-Jan-2010
Quarterly Report
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
SPECIAL NOTE OF CAUTION REGARDING FORWARD-LOOKING STATEMENTS
CERTAIN STATEMENTS IN THIS REPORT, INCLUDING STATEMENTS IN THE FOLLOWING DISCUSSION, ARE WHAT ARE KNOWN AS "FORWARD-LOOKING STATEMENTS", WHICH ARE BASICALLY STATEMENTS ABOUT THE FUTURE. FOR THAT REASON, THESE STATEMENTS INVOLVE RISK AND UNCERTAINTY SINCE NO ONE CAN ACCURATELY PREDICT THE FUTURE. WORDS SUCH AS "PLANS", "INTENDS", "WILL", "HOPES", "SEEKS", "ANTICIPATES", "EXPECTS"AND THE LIKE OFTEN IDENTIFY SUCH FORWARD-LOOKING STATEMENTS, BUT ARE NOT THE ONLY INDICATION THAT A STATEMENT IS A FORWARD-LOOKING STATEMENT. SUCH FORWARD-LOOKING STATEMENTS INCLUDE STATEMENTS CONCERNING OUR PLANS AND OBJECTIVES WITH RESPECT TO THE PRESENT AND FUTURE OPERATIONS OF THE COMPANY, AND STATEMENTS WHICH EXPRESS OR IMPLY THAT SUCH PRESENT AND FUTURE OPERATIONS WILL OR MAY PRODUCE REVENUES, INCOME OR PROFITS. NUMEROUS FACTORS AND FUTURE EVENTS COULD CAUSE THE COMPANY TO CHANGE SUCH PLANS AND OBJECTIVES OR FAIL TO SUCCESSFULLY IMPLEMENT SUCH PLANS OR ACHIEVE SUCH OBJECTIVES, OR CAUSE SUCH PRESENT AND FUTURE OPERATIONS TO FAIL TO PRODUCE REVENUES, INCOME OR PROFITS. THEREFORE, THE READER IS ADVISED THAT THE FOLLOWING DISCUSSION SHOULD BE CONSIDERED IN LIGHT OF THE DISCUSSION OF RISKS AND OTHER FACTORS CONTAINED IN THIS REPORT ON FORM 10-K AND IN THE COMPANY'S OTHER FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION. NO STATEMENTS CONTAINED IN THE FOLLOWING DISCUSSION SHOULD BE CONSTRUED AS A GUARANTEE OR ASSURANCE OF FUTURE PERFORMANCE OR FUTURE RESULTS.
--------------------------------------------------------------------------------
The "Company", "we," "us," and "our," refer to (i) China Infrastructure Construction Corporation (formerly Fidelity Aviation Corporation); (ii) Beijing Chengzhi Qianmao Concrete Corporation Ltd. ("Beijing Concrete"), (iii) Beijing Fortune Capital Management, Ltd. ("BFCM"), and (iv) Northern Construction Holdings, Ltd. ("NCH")
Overview
China Infrastructure Construction Corporation (the "Company", "China Infrastructure", "CHNC", "We", "Our") was organized in Colorado on February 28, 2003. The Company through its subsidiaries in Hong Kong and thePeople's Republic of China ("PRC" or "China"), engages in production of ready-mixed concrete and other special high-performance concrete for developers and the construction industry in the PRC. The Company primarily operates through its indirect majority-owned subsidiary, Beijing Chengzhi Qianmao Concrete Co., Ltd. ("Beijing Concrete"), a company organized under the laws of the PRC. It has two prime production facilities. One facility is located in the Nanhaizi area, on the west side of the Yizhuang economic development zone in Beijing. The other is located at the Tangshan harbor, about two hundred kilometers from Beijing.
Recent Developments
On December 8, 2009, the Company entered into a Strategic Alliance Agreement for a term of 10 years with Commercial Concrete Mixer Division of China Railway Construction Group Co., Ltd. ("CRCG"), a major customer of the Company (the "Agreement").
Under the Agreement, the Company will be obligated to build and set up concrete mixing stations in Xi'an, China and to provide the raw material purchase, internal accounting, technical and administrative staff of such stations. The Company and CRCG will jointly run and operate the concrete mixing stations. CRCG will provide the cement for manufacturing the concrete mix in such concrete mixing stations, and CRCG can purchase the concrete mix at a discounted price. Also, in accordance with the Agreement, each party will lease certain equipment to the concrete mixing stations. There are currently no definitive terms for such leases.
In addition, the Company and CRCG will share 75% and 25% of the annual profits of such concrete mixing stations in Xi'an, respectively. The details of such profit sharing arrangement shall be further agreed upon. According to the Agreement, the management team from CRCG to work at the concrete mixing stations shall be compensated by CRCG.
--------------------------------------------------------------------------------
Results of Operations
Three Months Ended November 30, 2009 Compared to Three Months Ended November 30, 2008
Net Revenue
Net revenue for the three months ended November 30, 2009 was $19,155,132 as compared to $15,565,149 for the same period last year, an increase of $3,589,983, or approximately 23.06%. The increase in net revenue is attributable to the increased demand for concrete due to the government's stimulus plan in the infrastructure and real estate industries, and is mainly due to the increase of the sales volume of concrete products. The sales volume of concrete products increased approximately 23% for the three months ended November 30, 2009 as compared to the same period last year. Net revenue from pumping services accounted for approximately 5% of the total net revenue for the three months ended November 30, 2009 and 2008.
Cost of Goods Sold
Cost of goods sold for the three months ended November 30, 2009 was $14,923,975 as compared to $12,870,609 for the same period last year, an increase of $2,053,366, or approximately 15.95%. The increase in cost of goods sold is in line with the increase of the net revenue.
Gross Profit
Gross profit for the three months ended November 30, 2009 was $4,231,157, an increase of $1,536,617 or approximately 57.03%, as compared to $2,694,540 for the same period last year. The increase in gross profit is attributable to the increase of the net revenue.
Gross Profit Margin
Gross profit margin for the three months ended November 30, 2009 was 22.09%, compared to 17.31% for the same period last year. The increase of the gross profit margin is mainly due to the decrease of the sales commission expenses that are included in the overhead costs, which are then transferred to the cost of goods sold. The sales commission expenses decreased approximately $340,729 for the three months ended November 30, 2009 compared to the same period of 2008. The sales commission expenses decreased mainly because the Company paid a lower percentage commission for the three months ended November 30, 2009, compared to the same period last year.
Selling, General and Administrative Expenses
Selling, general and administrative expenses for the three months ended November 30, 2009 were $28,525,492, as compared to $499,476 for the same period last year, an increase of $28,026,016, or approximately 5,611.08%. The increase of the selling, general and administrative expenses was primarily due to a one time non cash compensation expenses of $27,422,242.
--------------------------------------------------------------------------------
Operating Income (Loss)
Our operating loss for the three months ended November 30, 2009 was $24,294,335, a decrease of $26,489,399 or approximately 1,206.77% as compared to operating income of $2,195,064 for the three months ended November 30, 2008. The decrease was mainly due to the $27,422,242 one time non cash compensation expense included in the selling, general, and administrative expenses.
Income Taxes
During the three months ended November 30, 2009, our business operations were solely conducted by our subsidiaries incorporated in the PRC and we are governed by the PRC Enterprise Income Tax Laws. PRC enterprise income tax is calculated based on taxable income determined under PRC GAAP. In accordance with the Income Tax Laws, a PRC domestic company is subject to enterprise income tax at the rate of 25%.
However, our PRC subsidiary is considered by the respective tax authorities a resource multipurpose utilization enterprise, which qualifies it for an exemption from income tax until December 31, 2010.
Net Income (Loss) Attributable To China Infrastructure Construction Corporation
Net loss was $24,465,988 for the three months ended November 30, 2009, compared to net income of $2,075,020 for the three months ended November 30, 2008, a decrease of $26,541,008 or approximately 1,279.07%. The decrease was primarily due to the $27,422,242 one time non cash compensation expenses included in the selling, general, and administrative expenses.
Six Months ended November 30, 2009 Compared to Six Months Ended November 30, 2008
Net Revenue
Net revenue for the six months ended November 30, 2009 was $31,410,860 as compared to $27,020,125 for the same period last year, an increase of $4,390,735, or approximately 16.25%. The increase in net revenue is attributable to the increased demand for concrete due to the government's stimulus plan in infrastructure and real estate industries, and is mainly due to the increase of the sales volume of concrete products. The sales volume of concrete products increased approximately 14% for the six months ended November 30, 2009 as compared to the same period last year. Net revenue from pumping services accounted for approximately 5% and 4% of the total net revenue for the six months ended November 30, 2009 and 2008, respectively.
Cost of Goods Sold
Cost of goods sold for the six months ended November 30, 2009 was $24,504,167 as compared to $22,251,323 for the same period last year, an increase of $2,252,844, or approximately 10.12%. The increase in cost of goods sold is in line with the increase of the net revenue.
--------------------------------------------------------------------------------
Gross Profit
Gross profit for the six months ended November 30, 2009 was $6,906,693, an increase of $2,137,891 or approximately 44.83%, as compared to $4,768,802 for the same period last year. The increase in gross profit is attributable to the increase of net revenue.
Gross Profit Margin
Gross profit margin for the six months ended November 30, 2009 was 21.99%, compared to 17.65% for the same period last year. The increase of the gross profit margin is mainly due to the decrease of the sales commission expenses that are included in the overhead costs, which then are transferred to the cost of goods sold. The sales commission expenses decreased approximately $570,000 for the six months ended November 30, 2009 compared to the same period of 2008. The sales commission expenses decreased mainly because the Company paid a lower percentage commission for the six months ended November 30, 2009, compared to the same period last year.
Selling, General and Administrative Expenses
Selling, general and administrative expenses for the six months ended November 30, 2009 were $29,183,485, as compared to $764,588 for the same period last year, an increase of $28,418,897, or approximately 3,716.89%. The increase of the selling, general and administrative expenses was primarily due to a one time non cash compensation expenses of $27,422,242.
Operating Income (Loss)
Our operating loss for the six months ended November 30, 2009 was $22,276,792, a decrease of $26,281,006 or approximately 656.33% as compared to operating income of $4,004,214 for the six months ended November 30, 2008. The decrease was mainly due to the $27,422,242 one time non cash compensation expenses included in the selling, general, and administrative expenses.
Income Taxes
During the six months ended November 30, 2009, our business operations were solely conducted by our subsidiaries incorporated in the PRC and we are governed by the PRC Enterprise Income Tax Laws. PRC enterprise income tax is calculated based on taxable income determined under PRC GAAP. In accordance with the Income Tax Laws, a PRC domestic company is subject to enterprise income tax at the rate of 25%.
However, our PRC subsidiary is considered by the respective tax authorities a resource multipurpose utilization enterprise, which qualifies it for an exemption from income tax until December 31, 2010.
--------------------------------------------------------------------------------
Net Income (Loss) Attributable To China Infrastructure Construction Corporation
Net loss was $22,559,585 for the six months ended November 30, 2009, compared to net income of $3,773,887 for the six months ended November 30, 2008, a decrease of $26,333,472 or approximately 697.78%. The decrease was primarily due to the $27,422,242 one time non cash compensation expenses included in the selling, general, and administrative expenses.
Liquidity and Capital Resources
As of November 30, 2009, we had cash and cash equivalents of $6,503,129. We have historically funded our working capital needs from operations, advance payments from customers, bank borrowings, and capital from shareholders. Our working capital requirements are influenced by the level of our operations, the numerical and dollar volume of our project contracts, the progress of our contract execution, and the timing of accounts receivable collections.
The following table sets forth a summary of our cash flows for the periods indicated:
Six Months Ended
November 30,
2009 2008
Net cash used in operating activities $ (3,661,951 ) $ (191,753 )
Net cash used in investing activities (918,285 ) (47,580 )
Net cash provided by (used in) financing activities 10,151,014 (136,586 )
Effect of exchange rate change on cash and cash equivalents 10,510 10,056
Net increase (decrease) in cash and cash equivalents 5,581,288 (365,863 )
Cash and cash equivalents, beginning balance 921,841 865,601
Cash and cash equivalents, ending balance $ 6,503,129 $ 499,738
Operating Activities
Net cash used in operating activities was $3,661,951 for the six months ended November 30, 2009, an increase of $3,470,198, or 1,809.72%, as compared to $191,753 for the six months ended November 30, 2008. The increase of net cash used in operating activities was due to the increase of trade accounts receivable. The trade accounts receivable increased because of the growing sales. We typically had long-term annual and multi-year contracts with our major customers. We entered into varying payment terms with our customers ranging from payment before delivery, payment on delivery or up to 1 year after the project completion. As of November 30, 2009, trade accounts receivable with aging over twelve months old amounted to $554,357, only 1.47% of total trade accounts receivable.
Investing Activities
Net cash used in investing activities was $918,285 for the six months ended November 30, 2009, an increase of $870,705, or 1,829.98%, compared to $47,580 for the six months ended November 30, 2008. Acquisitions of plant, properties and equipment were the main contributor to the increase of net cash used in investing activities.
--------------------------------------------------------------------------------
Financing Activities
Net cash provided by financing activities was $10,151,014 for the six months ended November 30, 2009, an increase of $10,287,600, or 7,531.96%, compared to $136,586 net cash used in financing activities for the six months ended November 30, 2008. The increase was primarily due to the sale of stock by the Company to investors resulting in net proceeds of $8,605,625 and receipt of a bank loan of $1,466,200.
Critical Accounting Policies and Estimates
Management's discussion and analysis of its financial condition and results of operations are based upon our consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States. Our financial statements reflect the selection and application of accounting policies which require management to make significant estimates and judgments. See note 3 to our consolidated financial statements, "Summary of Significant Accounting Policies." Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Actual results may differ from these estimates under different assumptions or conditions. We believe that the following reflect the more critical accounting policies that currently affect our financial condition and results of operations.
Revenue recognition.
The Company receives revenue from sales of concrete products and from provision of concrete pumping service and consulting service. The Company's revenue recognition policies are in compliance with ASC 605 (previously Staff Accounting Bulletin 104). Sales revenue is recognized at the date of shipment to customers or services have been rendered when a formal arrangement exists, the price is fixed or determinable, the delivery is completed, no other significant obligations of the Company exist and collectability is reasonably assured. Our sales are non-returnable. Therefore, we do not estimate deductions or allowance for sales returns. Sales are presented net of any discounts, reward, or incentive given to customers. Payments received before all of the relevant criteria for revenue recognition are satisfied are recorded as unearned revenue.
Our products delivered to customers would be checked on site by customers and, once the products are accepted by customers, they will sign the acceptance notice. There is no warranty issue after the delivery.
Reward or incentive given to our customers is an adjustment of the selling prices of our products therefore the consideration is characterized as a reduction of revenue when recognized in our income statement.
The Company recognizes its revenues net of value-added taxes ("VAT"). The Company is subject to VAT which is levied at the rate of 6% on the invoiced value of sales. However, the Company enjoys a free VAT policy according to the national policy, which encourages the development of the cement industry if the manufacturer satisfies the environmental protection requirements. The Company has enjoyed the free VAT policy from January 1, 2006 and has been reviewed every year by the local tax bureau.
--------------------------------------------------------------------------------
Use of estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the combined financial statements and accompanying notes. Management believes that the estimates utilized in preparing its financial statements are reasonable and prudent. Actual results could differ from these estimates.
Inventories
Inventories are stated at the lower of cost, determined on a weighted average basis, and net realizable value. Net realizable value is the estimated selling price, in the ordinary course of business, less estimated costs to complete and dispose.
Off-Balance Sheet Arrangements
The Company does not have any off-balance sheet arrangements.
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Office of Budget And Management Analysis?
SIVC holds shares of Boyuan............
..........................................................
Boyuan signs new construction project contract valued US $17.5 million
Press Release Source: Boyuan Construction Group, Inc. On Thursday January 14, 2010, 7:00 am
- To build innovative, five-star hotel in Sanya -
TORONTO, Jan. 14 /CNW/ - Boyuan Construction Group, Inc. (TSX-V: BOY & BOY.DB), a fast-growing construction company in China of commercial, residential and municipal infrastructure projects, announced today that it has been awarded a contract valued at US $17.5 million to build a 20-storey, 74,000 square meter hotel in Sanya, an emerging tourist destination located on Hainan Island, China.
"With its strong demand for new hotels, condominiums, and housing projects as a result of its emergence as a popular vacation destination, Sanya is one of our core markets," said Mr. Cai Liang Shou, Chairman of Boyuan Construction Group. "Given its innovative design concept, the new hotel will become a showcase for our engineering and construction capabilities, furthering our reputation for building high-quality projects."
The hotel project is expected to be completed in early 2011.
About Boyuan Construction Group, Inc.
Based in Jiaxing City, China, Boyuan Construction Group, Inc. is in the business of commercial and residential building construction, municipal infrastructure and engineering projects. In its last four fiscal years ending June 30, 2009, Boyuan completed more than 125 projects for a number of private and public sector clients including Cargill and the Dalian Shide Group, a billion dollar conglomerate whose partners include DuPont, Mitsubishi and GE. Boyuan's current backlog includes commercial, residential, industrial and mixed-use developments, including a five-star hotel and a project at the Qingshan Nuclear Plant, China's first and largest nuclear facility. From its operating bases in Zhejiang Province and on Hainan Island, Boyuan focuses on construction projects in China's fast-growing regions of the Yangtze River Delta, the city of Sanya and Shandong Province.
Caution Regarding Forward-Looking Information:
Certain information contained in this press release constitutes forward-looking information, which is information relating to future events or the Company's future performance and which is inherently uncertain. All information other than statements of historical fact may be forward-looking information. Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "budget", "plan", "continue", "estimate", "expect", "forecast", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar words or phrases (including negative variations) suggesting future outcomes or statements regarding an outlook. Forward-looking information contained in this press release includes, but is not limited to, the Company's expectations regarding the completion date of the project and its engineering capabilities. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. The Company believes the expectations reflected in the forward-looking information are reasonable but no assurance can be given that these expectations will prove to be correct and readers are cautioned not to place undue reliance on forward-looking information contained in this press release. Some of the risks and other factors which could cause results to differ materially from those expressed in the forward-looking information contained in this press release include, but are not limited to: risk of macro-economy cycle, risk from competition, risk from insufficient marketing to secure new projects, risk in obtaining additional financing, risk involving permits and licences, reliance on key management member, risk from supply of raw materials, risk of financial leverage, risk of bad debts in accounts receivables, risk involved in real estate development, foreign exchange fluctuations, political and economic conditions in China and other risks included in the Company's MD&A for the fiscal year ended June 30, 2009 and in the Company's public disclosure documents filed with certain Canadian securities regulatory authorities and available at www.sedar.com. The forward-looking information contained in this press release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as otherwise required by law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information
Boyuan Construction Group, Inc., Mr. Paul Law, CFO, +(852) 9329 5088, paullaw@zjboyuan.com.cn
The Equicom Group Inc., Joe Racanelli, (416) 815-0700 ext. 243, jracanelli@equicomgroup.com
Buzz up! 0 SendSharePrintShare this pageDeliciousTwitterMyspaceDiggStumbleUponFacebookRelated Headlines
•Boyuan signs new construction project contract valued US $17.5 million - CNW Group
•Boyuan signs new construction project contract valued at US $19 million - CNW Group
•Boyuan reports FY 2010 first quarter financial results - CNW Group
•Boyuan grants stock options - CNW Group
•Boyuan reports record results for fiscal 2009 - CNW Group
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WE shall see, we can agree to disagree.... if
things go right, we could end up holding valuable shares
in a Warren Buffett-like portfolio of Chinese companies.
(If I live long enough).
:)
If S3 can get a steady regular income from the medical business,
it doesn't need to hugely profitable, just enough to pay the
regular monthly expenses. Then S3 could continue to receive
lots of shares from their deals with companies like BOY,CNHC
and not have to sell them off right away to meet expenses, keep
them a while and let these babies mature, building huge asset value for S3.
JMO.
SIVC holds shares of CHNC...
CHNC closed at 7.50, up 1.45
:)
SIVC holds shares of CHNC.......
China Infrastructure Construction Corporation Signs Technology Agreement With Institute of Building Materials, the Earliest Established Department of the China Academy of Building Research
Press Release Source: China Infrastructure Construction Corporation On Monday January 11, 2010, 9:03 am EST
BEIJING, Jan. 11 /PRNewswire-Asia-FirstCall/ -- China Infrastructure Construction Corporation (OTC Bulletin Board: CHNC), one of the major U.S.- listed providers of ready-mix concrete in Beijing, today announced that it reached a three year agreement with the Institute of Building Materials, a subsidiary of the China Academy of Building Research ("CABR"). Under the Agreement, CHNC will work exclusively with the Institute of Building Materials to obtain technical research, development and support. The Institute of Building Materials will also provide training courses to CHNC employees. CHNC will feature the Institute of Building Materials as CHNC's technological partner in its corporate material. The Institute of Building Materials will use its relationships and brand influence in the construction industry to assist CHNC in business development.
Mr. Yang Rong, Chairman and Chief Executive Officer of CHNC said, "Technology plays a crucial role in the Company's development. Our cooperation with the Institute of Building Materials will enhance and advance CHNC's technology strengths to next level and prepare us well for continued rapid expansion and growth of our business. Being a partner with the Institute of Building Materials will enhance our Company's strong brand image."
About the Institute of Building Materials
The Beijing, PRC-based Institute of Building Materials (IBM) is the earliest established department of the China Academy of Building Research (CABR). IBM carries out research focused on concrete technology, reinforcement materials, waterproof materials and additives, drawing on IBM's considerable technical expertise. Over the past 50 years, IBM has made a series of outstanding scientific achievements and help to create a number of industry standards. (See: http://www.cabr-bmjg.com/cp1e.asp )
About the China Academy of Building Research
The China Academy of Building Research (CABR), founded in 1953, was the largest comprehensive research institution attached to China Ministry of Construction. It was transformed from a scientific research institution into a technology-based enterprise in 2001, and is now affiliated with the State-Owned Assets Supervision and Administration Commission of the State Council. CABR covers 79 research fields, including building structure, aseismatic engineering, building material, groundwork foundation, residential systems, intelligent building, building CAD, and quality supervision, and conducts tests on engineering construction, among other competencies. (See: http://www.cabr-bmjg.com/cp1e.asp )
About China Infrastructure Construction Corporation
CHNC was founded in 2002 in Beijing, China. Since then it has developed into one of the top ready mix concrete producers in Beijing. Its products are environment-friendly and CHNC is among the few providers in China of "green" concrete. Both the Company's revenue and net profit have shown significant growth in the last few years. Currently, the Company has two prime production facilities with five production lines. One of them is located in Beijing's Nanhaizi area, on the west side of the Yizhuang Economic Development Zone south of Beijing, and the other is located in the Tangshan Development Zone, about two hundred kilometers east of Beijing. CHNC has a combined annual operating capacity from these two locations of 3.0 million cubic meters.
Beijing Concrete is also a leader in China's "Green Concrete" movement referring to increased use of the environmentally-friendly content in ready-mix concrete, by reducing the energy and raw material consumption in its production, and by mixing and recycling various industrial wastes to create a more sustainable product.
All of CHNC's products have passed the ISO9001-2005 Certification Quality System and Integrated Certification System including Quality Management System Certification, Environmental Management System Certification and Occupational Health and Safety Management System Certification issued by Beijing Zhong Jian Xie Certification Centre.
Its major projects include the Beijing World Trade Central Business District project, and the Beijing Wanjing International Mansion.
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R U sure?
"it will never materialize. Even if it does, it will be frivolous at best."
Well, which is it?
It won't or it might?
If it's frivilous at best, what's at worst?
R U confused?
:)
CHNC trading up... over a buck so far today(EOM).
Right, I suppose the SIGNING is what you really meant, there is
no LAUNCH scheduled this week!
What launch was that?
To start with, all of you naysayers who said Telnor/Telmex
was dead are WRONG.
BTW, you came on the the board as a supporter of
OneVoice, but quickly turned to bashing.
WHAT'S YOUR AGENDA?
You sure are working hard to discredit a company that
you say is already dead.
Have some agenda here?
"We're still below the pre-split price!!!"
You sound happy about that.
Fits with your agenda, right?
I think a lot of people get confused by it.
Including me, but that statement helped alot.
Looking good!
Speaking of make-good provisions....RE BOY.V...
====================================================
As specified by the Company's make-good provision of the July financing agreement, Boyuan forecasted an after-tax net income of $8.5 million for the fiscal year ended June 30, 2009. As a condition of the make-good provision, Boyuan's Chairman put 3.2 million shares in escrow and would have transferred 1.6 million shares to investors if the forecast target had not been met. As reported previously, the Company generated $9.6 million in adjusted after tax net income for FY 2009. As a result, 1.6 million shares previously held in escrow were returned to Chairman Shou during the quarter, resulting in a make good charge of $3.2 million.
Excluding the make-good provision charge, adjusted net income for the first quarter of FY2010 was $3.0 million or $0.12 per share diluted. The Company believes that adjusted net income is more representative of its profitability and performance since the make good charge is a non-cash accounting charge and not related to its business activities.
Regarding S3's BOY.V shares...............
Boyuan reports FY 2010 first quarter financial results
Press Release
==============================================
http://finance.yahoo.com/news/Boyuan-reports-FY-2010-first-cnw-3453868716.html?x=0&.v=1
=========================================================
Source: Boyuan Construction Group, Inc.
On 8:30 am EST, Monday November 30, 2009
- Grows revenue, improves margins and expands into new markets -
TORONTO, Nov. 30 /CNW/ - Boyuan Construction Group, Inc., a fast-growing construction company in China of commercial, residential and municipal infrastructure projects, reported its financial results for the three-month period ended September 30, 2009. All figures are in U.S. dollars unless otherwise stated.
Financial Highlights
-------------------------------------------------------------------------
Q1 2010 Q1 2009 Change
-------------------------------------------------------------------------
Revenue $35.0M $21.3M +64.5%
-------------------------------------------------------------------------
Gross profit $5.7M $3.1M +83.8%
-------------------------------------------------------------------------
Gross profit margins 16.2% 14.5% +2%
-------------------------------------------------------------------------
After-tax net income (loss) ($0.2M) $2.0M N/A
-------------------------------------------------------------------------
Adjusted net income(1) $3.0M $2.0M +48.7%
-------------------------------------------------------------------------
Adjusted earnings per share - diluted(2) $0.12 $0.08 +50.0%
-------------------------------------------------------------------------
(1) Adjusted net income is not a recognized measure under Canadian GAAP.
It excludes a stock-based compensation charge of $3.2 million related
to the fair value transfer of shares under the "make-good provision"
of a financing agreement signed in July, 2009. The Company believes
that adjusted net income is more representative of its performance as
the make good charge is a non-cash accounting charge and not related
to its business activities.
(2) Adjusted earnings per share is not a recognized measure under
Canadian GAAP. It is calculated by dividing the Company's adjusted
net income by the number of outstanding shares (diluted). Under
Canadian GAAP, the Company recorded a loss per share, basic and
diluted, of $0.04 for the three-month ended September 30, 2009.
"Consistent with our expectations, we grew our revenue, improved our margins and generated adjusted after-tax net income of more than $3.0 million," said Mr. Cai Liang Shou, Chairman of Boyuan Construction Group, Inc. "Our success is due to our focused execution of strategy, namely on-time and on-budget project completion, our cost-plus sales model and a growing reputation for the quality of our projects."
Operating Highlights
<<
- Signed four new construction project agreements with an aggregate
value of $48.1 million.
- Completed a private placement generating gross proceeds of CDN $6.47
million.
- Expanded operations into Shandong and Jiangxi, two of China's fastest
growing regions.
- Appointed Dr. Fang Lixin, professor at the Guanghua Law School of
Zhejiang University, to the Company's Board of Directors.
>>
Review of Financial Results
Revenue for the first quarter ended September 30, 2009 was $35.0 million, up 64.5% from $21.2 million for Q1 of FY2009. Revenue is recognized on the percentage-of-completion method. The significant year-over-year growth was primarily attributable to an increase in the number of successful project bids by the Company as well as an increase in demand for construction and engineering services in the Yangtze River Delta and Sanya regions, Boyuan's core markets. Higher demand for construction and engineering services is due to ongoing urban migration and an expansion of China's middle class, which drive the need for new housing, commercial and public infrastructure projects.
Cost of construction for the first quarter of FY2010 was $29.3 million compared to $18.2 million for Q1 of FY2009. The increase was primarily as a result of higher expenses associated with greater project volume and an expanded work force. Cost of sales includes all direct material, labor, subcontract and other related costs, such as equipment repairs.
Gross profit for the first quarter of FY2010 was $5.7 million, or 16.2% of revenue, compared to $3.1 million, or 14.5% of revenue, for the same period of FY2009. The growth was due to increased project volume and higher value of projects, particularly in the Sanya region.
Operating expenses for the first quarter of FY2010 were $1 million compared to $0.3 million for the first quarter of FY2009. The increase was primarily attributable to higher general and administrative expenses, which consisted of increased salaries given an expanded management team as well as to higher legal, audit, investor relations and other fees as a result of the Company becoming publicly listed.
Income tax expense for the first quarter of FY2010 was $1.3 million compared to $0.7 million for Q1 of FY2009. The increase was due to higher income earned.
Net loss for the first quarter of FY2010 was $0.2 million, or $0.04 per share diluted, compared to net income of $2.0 million for Q1 of FY2009, or $0.08 per share. The net loss was as a result of a non-cash stock-based compensation charge of $3.2 million related to the fair value transfer of shares under the make good provision of a financing agreement signed in July 2009. The charge is in full compliance with Canadian generally accepted accounting principles.
As specified by the Company's make-good provision of the July financing agreement, Boyuan forecasted an after-tax net income of $8.5 million for the fiscal year ended June 30, 2009. As a condition of the make-good provision, Boyuan's Chairman put 3.2 million shares in escrow and would have transferred 1.6 million shares to investors if the forecast target had not been met. As reported previously, the Company generated $9.6 million in adjusted after tax net income for FY 2009. As a result, 1.6 million shares previously held in escrow were returned to Chairman Shou during the quarter, resulting in a make good charge of $3.2 million.
Excluding the make-good provision charge, adjusted net income for the first quarter of FY2010 was $3.0 million or $0.12 per share diluted. The Company believes that adjusted net income is more representative of its profitability and performance since the make good charge is a non-cash accounting charge and not related to its business activities.
Cash, cash equivalents and restricted cast at September 30, 2009 were $1.9 million compared to $2.4 million at June 30, 2009.
Outlook
"While we expect our momentum to be impacted by seasonal factors, such as Chinese New Year celebrations, in the short term, we are very optimistic of our prospects over the longer term," Mr Shou said. "Our strong project backlog coupled with growing demand for our high margin technical and engineering services position us very well for 2010. Given our recent progress, we expect to generate adjusted after-tax net income of $12.4 million for FY2010 as specified in our make-good provision."
Boyuan's consolidated statements for quarter ended September 30, 2009 and related management's discussion and analysis (MD&A) will be filed with securities regulatory authorities within applicable timelines and will be available via SEDAR at www.sedar.com.
About Boyuan Construction Group, Inc.
Based in Jiaxing City, China, Boyuan Construction Group, Inc. is in the business of residential and commercial building construction, municipal infrastructure and engineering projects. In its last four fiscal years ending June 30, 2009, Boyuan completed more than 125 projects for a number of private and public sector clients including Cargill and the Dalian Shide Group, a billion dollar conglomerate whose partners include DuPont, Mitsubishi and GE. Boyuan's current backlog includes residential, industrial and mixed-use developments, including a five-star hotel and a project at the Qingshan Nuclear Plant, China's first and largest nuclear facility. From its operating bases in Zhejiang Province and on Hainan Island, Boyuan focuses on construction projects in China's fast-growing regions of the Yangtze River Delta, the city of Sanya and Shandong Province.
Caution Regarding Forward-Looking Information:
Certain information contained in this press release constitutes forward-looking information, which is information relating to future events or the Company's future performance and which is inherently uncertain. All information other than statements of historical fact may be forward-looking information. Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "budget", "plan", "continue", "estimate", "expect", "forecast", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar words or phrases (including negative variations) suggesting future outcomes or statements regarding an outlook. Forward-looking information contained in this press release includes, but is not limited to, the Company's expectations regarding the impact on its momentum by seasonal factors in the short term, the Company's expectations on its prospects over long term, the company's expectation of growing demand for our high margin technical and engineering services (and our projection of our FY2010 adjusted after-tax net income.) Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. The Company believes the expectations reflected in the forward-looking information are reasonable but no assurance can be given that these expectations will prove to be correct and readers are cautioned not to place undue reliance on forward-looking information contained in this press release. Some of the risks and other factors which could cause results to differ materially from those expressed in the forward-looking information contained in this press release include, but are not limited to: risk of macro-economy cycle, risk from competition, risk from insufficient marketing to secure new projects, risk in obtaining additional financing, risk involving permits and licences, reliance on key management member, risk from supply of raw materials, risk of financial leverage, risk of bad debts in accounts receivables, risk involved in real estate development, foreign exchange fluctuations, political and economic conditions in China and other risks included in the Company's MD&A for the fiscal year ended June 30, 2009 and in the Company's public disclosure documents filed with certain Canadian securities regulatory authorities and available at www.sedar.com. The forward-looking information contained in this press release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as otherwise required by law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Boyuan Construction Group, Inc.
(formerly "SND Energy Ltd.")
Consolidated Balance Sheets
(Expressed in US Dollars)
(Unaudited) (Audited)
September 30, June 30,
2009 2009
$ $
Current Assets
Cash and cash equivalents 1,896,645 2,365,738
Restricted cash 5,127,810 3,101,189
Accounts receivable 4,182,715 4,447,059
Unbilled revenue 39,556,598 35,528,915
Other receivables 8,578,455 2,216,873
Inventory 28,035 658,150
Advances to suppliers and prepaid expenses 5,157,411 2,971,020
-------------------------------------------------------------------------
64,527,669 51,288,944
Deferred transaction costs - 55,222
Due from related parties - 113,010
Property and equipment 7,152,943 5,946,748
Land use rights 116,557 112,243
-------------------------------------------------------------------------
71,797,169 57,516,167
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Current Liabilities
Bank loans 14,250,504 12,926,776
Accounts payable and accrued liabilities 14,504,159 12,842,823
Income taxes payable 2,566,514 1,318,874
Deferred revenue 2,932,946 1,454,145
Automobile loans 128,844 118,292
Due to related parties - 22,839
Future income tax 202,000 202,000
-------------------------------------------------------------------------
34,584,967 28,885,749
Future income tax 585,970 573,000
Convertible debentures 5,518,910 1,880,200
-------------------------------------------------------------------------
40,989,847 31,338,949
-------------------------------------------------------------------------
Shareholders' Equity
Share capital 7,279,993 6,139,860
Contributed surplus 5,406,451 1,890,711
Reserve 1,928,732 1,928,732
Equity component of convertible debentures 372,783 137,295
-------------------------------------------------------------------------
14,987,959 10,096,598
-------------------------------------------------------------------------
Retained earnings 14,121,088 14,326,995
Accumulated other comprehensive income 1,698,275 1,753,625
-------------------------------------------------------------------------
15,819,363 16,080,620
-------------------------------------------------------------------------
30,807,322 26,177,218
-------------------------------------------------------------------------
71,797,169 57,516,167
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Boyuan Construction Group, Inc.
(formerly "SND Energy Ltd.")
Consolidated Statements of Income (Loss) and Comprehensive Income (Loss)
(Expressed in US Dollars)
(Unaudited)
Three Months Ended
September 30, September 30,
2009 2008
$ $
Construction revenue 35,003,807 21,271,159
Cost of construction 29,323,883 18,183,848
-------------------------------------------------------------------------
Gross profit 5,679,924 3,087,311
-------------------------------------------------------------------------
Expenses
Amortization of property and equipment 142,041 58,494
General and administrative expenses 814,142 212,886
-------------------------------------------------------------------------
956,183 271,380
-------------------------------------------------------------------------
Income from operations 4,723,741 2,815,931
-------------------------------------------------------------------------
Other Income (expense)
Interest and other income 138,935 3,021
Interest expense (564,781) (70,527)
Make good provision (3,243,192) -
-------------------------------------------------------------------------
(3,669,038) (67,506)
-------------------------------------------------------------------------
Net income before income taxes 1,054,703 2,748,425
Income taxes 1,260,610 705,322
-------------------------------------------------------------------------
Net income for the period (205,907) 2,043,103
Other Comprehensive Income (loss)
Unrealized gain (loss) on foreign exchange
translation (55,350) 41,688
-------------------------------------------------------------------------
Comprehensive income (loss) for the period (261,257) 2,084,791
-------------------------------------------------------------------------
-------------------------------------------------------------------------
For further information
Boyuan Construction Group, Inc., Mr. Paul Law, CFO, +(852) 9329 5088, paullaw@zjboyuan.com.cn
The Equicom Group Inc., Joe Racanelli, (416) 815-0700 ext. 243, jracanelli@equicomgroup.com
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Happy Bird Day(eom).
Happy Bird DAy(EOM.)
For all the folks that kept insisting over and over that
Telnor/Telmex was dead/over/done this from the 10Q.......
"We are currently working with TELNOR to relaunch IRIS as a standard bundle in 2010 included with all new and existing TELNOR Package customers. TELNOR has sent us a new agreement for services to be launched in 2010 which we are currently in review and anticipate signing before year-end 2009. Subsequent to this relaunch within TELNOR, TELMEX will evaluate the results and make a determination regarding a national launch as a bundle to all TELMEX Package customers."
SBB, you keep talking about past history... things almost never happen on the proposed, hoped for schedules....
I repeat, for you and others who have said that TELNOR/TELMEX
was over/dead.....
------------------------------------------------------------------
We are currently working with TELNOR to relaunch IRIS as a standard bundle in 2010 included with all new and existing TELNOR Package customers. TELNOR has sent us a new agreement for services to be launched in 2010 which we are currently in review and anticipate signing before year-end 2009. Subsequent to this relaunch within TELNOR, TELMEX will evaluate the results and make a determination regarding a national launch as a bundle to all TELMEX Package customers."
-----------------------------------------------------------------
GOOD NEWS, IMO.
For all those who keep saying that Mexico is a dead issue........
"We are currently working with TELNOR to relaunch IRIS as a standard bundle in 2010 included with all new and existing TELNOR Package customers. TELNOR has sent us a new agreement for services to be launched in 2010 which we are currently in review and anticipate signing before year-end 2009. Subsequent to this relaunch within TELNOR, TELMEX will evaluate the results and make a determination regarding a national launch as a bundle to all TELMEX Package customers."
... it would already have if it was a viable 'deal'.
=================================================
NOT Necessarily.... I doubt you know any more about
how much time such negotiations might take than I do.
My impression, however, is that dealing with a phone company
is like dealing with the Feds.. lots of bureaucracy,
no quickie deals.
S3's BOY.V shares now over $3.....
http://finance.yahoo.com/q?s=BOY.V
Looks like our BOY is expected to go higher.....
=======================================================
Boyuan grants stock options
Press Release
Source: Boyuan Construction Group, Inc.
On 8:30 am EDT, Wednesday October 28, 2009
TORONTO, Oct. 28 /CNW/ - Boyuan Construction Group, Inc., (TSX-V: BOY & BOY.DB) a fast-growing construction company in China of commercial, residential and municipal infrastructure projects, announced today that an aggregate total of 140,000 options have been granted to Francis Leong, Dave Horsley, Liu Manjhong and Fang Lixin, the four independent directors on the Company's Board. No options were granted to directors who are officers of or to officers of the Company. The options grant is pursuant to Boyuan's incentive stock option plan.
Related Quotes
Symbol Price Change
BOY.V 2.45 -0.18
The options have an exercise price of CDN $2.63 based on the Company's closing share price on the TSX Venture Exchange on October 27, 2009. The expiry date for the options is October 28, 2014.
About Boyuan Construction Group, Inc.
Based in Jiaxing City, China, Boyuan Construction Group, Inc. is in the business of residential and commercial building construction, municipal infrastructure and engineering projects. In its last three fiscal years ended June 30, 2008, Boyuan completed more than 120 projects for a number of private and public sector clients including Cargill and the Dalian Shide Group, a billion dollar conglomerate whose partners include DuPont, Mitsubishi and GE. Boyuan's current projects include residential, industrial and mixed-use developments, including a five-star hotel and a project at the Qingshan Nuclear Plant, China's first and largest nuclear facility. From its operating bases in Zhejiang Province and on Hainan Island, Boyuan focuses on construction projects in China's fast-growing regions of the Yangtze River Delta and the city of Sanya. More information is available at www.boyuangroup.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information
Boyuan Construction Group, Inc., Mr. Paul Law, Chief Financial Officer, + (852) 9329 5088, paullaw@zjboyuan.com.cn
The Equicom Group Inc., Joe Racanelli, (416) 815-0700 ext. 243, jracanelli@equicomgroup.com
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Source: Boyuan Construction Group, Inc.
On 6:04 pm EDT, Monday October 26, 2009
Generates revenue of U.S. $101.7 million and exceeds after-tax income target - >>
TORONTO, Oct. 26 /CNW/ - Boyuan Construction Group, Inc., a fast-growing construction company in China of commercial, residential and municipal infrastructure projects, reported its financial results for the three and 12-month periods ended June 30, 2009. All figures are in U.S. dollars unless otherwise stated.
Financial Highlights
------------------------------------------------------------------------
Q4 2009 Q4 2008 Change
------------------------------------------------------------------------
Revenue $41.1M $17.5M +134.9%
------------------------------------------------------------------------
Gross profit $7.4M $3.7M +100.0%
------------------------------------------------------------------------
Net income $2.3M $1.8M +27.8%
------------------------------------------------------------------------
Adjusted net income(1) $4.0M $1.8M +122.2%
------------------------------------------------------------------------
Adjusted earnings per share - diluted(2) $0.16 $0.07 +128.6%
------------------------------------------------------------------------
------------------------------------------------------------------------
YE 2009 YE 2008 Change
------------------------------------------------------------------------
Revenue $101.7M $56.2M +81.0%
------------------------------------------------------------------------
Gross profit $16.0M $9.9M +61.6%
------------------------------------------------------------------------
Net income $7.9M $6.2M +27.4%
------------------------------------------------------------------------
Adjusted net income(1) $9.6M $6.2M +54.8%
------------------------------------------------------------------------
Adjusted earnings per share - diluted(2) $0.39 $0.25 +56.0%
------------------------------------------------------------------------
Cash, equivalents, and restricted cash $5.5M $6.9M -20.2%
------------------------------------------------------------------------
"We are very pleased with our fiscal and operational performance in 2009," said Mr. Cai Liang Shou, Chairman of Boyuan Construction Group, Inc. "We realized a number of objectives that validated our business strategy and our ability to capitalize on China's urbanization and middle class growth trends. Most notably, we acquired a listing status on the TSX Venture Exchange, generated record revenue of $101.7 million, surpassed our after-tax net income target by $1.1 million and grew our revenue backlog significantly. We expect these milestones will provide a solid platform for us to sustain our momentum in 2010 and beyond."
FY 2009 Highlights
- Completed the acquisition of all issued and outstanding common
shares of SND Energy Ltd. through a reverse-takeover (RTO)
transaction.
- Concurrent with the RTO transaction, completed a private placement
financing, generating gross proceeds of CDN $4.1 million.
- The Company's common shares began trading on the TSX Venture
Exchange under the symbol BOY and its debentures under the symbol
BOY.DB.
- Generated $9.6 million of adjusted net income after taxes, exceeding
the target forecast of $8.5 million found in the Company's make-good
provision.
- Appointed Paul Law, CA, as Chief Financial Officer effective
April 3, 2009.
Highlights Subsequent to Year End
- Signed four new construction project agreements with an aggregate
value of $48.1 million.
- Completed a private placement generating gross proceeds of
CDN $6.47 million.
- Appointed Dr. Fang Lixin, professor at the Guanghua Law School of
Zhejiang University, to the Company's Board of Directors.
Review of Financial Results
Revenue for the fourth quarter ended June 30, 2009 was $41.1 million, up 134.9% from $17.5 million for Q4 of FY2008. Revenue for the 12-month period of FY2009 was $101.7 million, an increase of 81% when compared to FY2008. Revenue is recognized on the percentage-of-completion method. The significant year-over-year growth was primarily attributable to an increase in the number of successful project bids by the Company as well as an increase in demand for construction and engineering services in the Yangtze River Delta and Sanya regions, Boyuan's core markets. Higher demand for construction and engineering services is due to ongoing urban migration and an expansion of China's middle class, which drive the need for new housing, commercial and public infrastructure projects.
Cost of sales for the fourth quarter of FY2009 was $33.6 million compared to $13.8 million for Q4 FY2008. For FY2009, cost of sales was $85.7 million, up from $46.3 million for FY2008. The increase was primarily as a result of higher costs associated with greater project volume and an expanded work force. Cost of sales include all direct material, labor, subcontract and other related costs, such as equipment repairs.
Gross profit for the fourth quarter of FY2009 was $7.4 million, representing a margin of 18% on revenue. Gross profit for the same period last year was $3.7 million, representing a margin of 21% on revenue. Gross profit for FY 2009 increased 61.6% to $16 million from $9.9 million for FY2008. The growth was due to increased project volume and higher value of projects, particularly in the Sanya region.
Income from operations for the fourth quarter of FY2009 was $5.7 million, up 90% from $3.0 million for Q4 FY2008. Income from operations for FY2009 was $13.5 million, an increase of 58.8% when compared to FY2008.
Income tax expense for the fourth quarter of FY2009 was $1.4 million compared to $1.1 million for Q4 of FY2008. For the fiscal year 2009, the income tax expense was $3.3 million up from $2 million for FY2008. The increase was due to higher income earned.
Net income for the fourth quarter of FY2009 was $2.3 million, up 27% from $1.8 million for Q4 FY2008. Net income for FY2009 was $7.9 million, an increase of 27.4% when compared to $6.2 million for FY2008.
Adjusted net income for the fourth quarter of FY2009 was $4.0 million and $9.6 million for FY2009. These compare to $1.8 million and $6.2 million for the 3 month and 12-month periods ended June 30, 2008 respectively.
Adjusted net income is not a recognized measure under GAAP and excludes a non-cash, stock-based compensation charge of $1.7 million related to the fair value transfer of shares under the make-good provision of a financing agreement signed in March 2009. As specified by the Company's make-good provision, Boyuan forecasted an after-tax net income of $8.5 million for the fiscal year ending June 30, 2009. As a condition of the make-good provision, Boyuan's Chairman put 2.05 million shares in escrow and would have transferred 1.025 million shares to investors if the forecast target had not been met. By generating $9.6 million in adjusted after tax net income, the shares previously held in escrow will be returned to Chairman Shou. As a result of the transfer of shares from escrow, Boyuan incurred a non-cash fair value charge of $1.7 million in compliance with Canadian GAAP.
Cash, cash equivalents and restricted cast at June 30, 2009 were $5.5 million compared to $6.9 million for 2008. Subsequent to the year-end, Boyuan raised CDN $6.5 million in gross proceeds through a private-placement financing. The funds will be used for working capital purposes, including the procurement of new construction equipment.
Outlook
"China's economic stimulus plan as well as ongoing urbanization and middle-class growth trends provide a very favourable backdrop for our prospects over the long-term," Mr Shou said. "On a near-term basis, we are expecting our after-tax net income target of $12.4 million for 2010 based on our growing sales backlog and our recent successful expansion into Shandong and Jiangxi, two of China's fastest growing regions."
Boyuan will host a conference call to discuss its financial results on Tuesday, October 27 at 9:00 a.m. (ET). To access the conference call by telephone, dial 416-644-3418 or 1-877-974-0445. Please connect approximately 15 minutes prior to the beginning of the call to ensure participation. A live audio webcast of the conference call will be also available at www.boyuangroup.com. Please connect at least 15 minutes prior to the conference call to ensure adequate time for any software download that may be required to join the webcast.
Boyuan's consolidated statements for the year and quarter ended June 30, 2009 and related management's discussion and analysis (MD&A) will be filed with securities regulatory authorities within applicable timelines and will be available via SEDAR at www.sedar.com.
About Boyuan Construction Group, Inc.
Based in Jiaxing City, China, Boyuan Construction Group, Inc. is in the business of residential and commercial building construction, municipal infrastructure and engineering projects. In its last three fiscal years ending June 30, 2008, Boyuan completed more than 120 projects for a number of private and public sector clients including Cargill and the Dalian Shide Group, a billion dollar conglomerate whose partners include DuPont, Mitsubishi and GE. Boyuan's current backlog includes residential, industrial and mixed-use developments, including a five-star hotel and a project at the Qingshan Nuclear Plant, China's first and largest nuclear facility. From its operating bases in Zhejiang Province and on Hainan Island, Boyuan focuses on construction projects in China's fast-growing regions of the Yangtze River Delta and the city of Sanya.
Caution Regarding Forward-Looking Information:
Certain information contained in this press release constitutes forward-looking information, which is information relating to future events or the Company's future performance and which is inherently uncertain. All information other than statements of historical fact may be forward-looking information. Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "budget", "plan", "continue", "estimate", "expect", "forecast", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar words or phrases (including negative variations) suggesting future outcomes or statements regarding an outlook. Forward-looking information contained in this press release includes, but is not limited to, the Company's expectations regarding its net income in 2010, the project use of proceeds of private placement, and the Company's ability to sustain revenue generating momentum. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. The Company believes the expectations reflected in the forward-looking information are reasonable but no assurance can be given that these expectations will prove to be correct and readers are cautioned not to place undue reliance on forward-looking information contained in this press release. Some of the risks and other factors which could cause results to differ materially from those expressed in the forward-looking information contained in this press release include, but are not limited to: risk of macro-economy cycle, risk from competition, risk from insufficient marketing to secure new projects, risk in obtaining additional financing, risk involving permits and licences, reliance on key management member, risk from supply of raw materials, risk of financial leverage, risk of bad debts in accounts receivables, risk involved in real estate development, foreign exchange fluctuations, political and economic conditions in China and other risks included in the Company's MD&A for the fiscal year ended June 30, 2009 and in the Company's public disclosure documents filed with certain Canadian securities regulatory authorities and available at www.sedar.com. The forward-looking information contained in this press release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as otherwise required by law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
Boyuan Construction Group, Inc.
(formerly "SND Energy Ltd.")
Consolidated Balance Sheets
As at June 30, 2009 and 2008
(Expressed in US Dollars)
2009 2008
$ $
Current Assets
Cash and cash equivalents 2,365,738 6,484,545
Restricted cash 3,101,189 397,352
Accounts receivable 4,447,059 3,722,980
Unbilled revenue 35,528,915 13,468,198
Other receivables 2,216,873 873,012
Inventory 658,150 100,771
Advances to suppliers and prepaid expenses 2,971,020 4,772,201
-------------------------------------------------------------------------
51,288,944 29,819,059
Deferred transaction costs 55,222 -
Due from related parties 113,010 476,996
Property and equipment 5,946,748 5,504,431
Land use rights 112,243 114,121
-------------------------------------------------------------------------
57,516,167 35,914,607
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Current Liabilities
Bank loans 12,926,776 3,790,982
Accounts payable and accrued liabilities 12,842,823 10,442,761
Income taxes payable 2,093,874 3,824,977
Deferred revenue 1,454,145 560,778
Automobile loans 118,292 6,057
Due to related parties 22,839 1,372,119
-------------------------------------------------------------------------
29,458,749 19,997,674
Convertible debentures 1,880,200 -
-------------------------------------------------------------------------
31,338,949 19,997,674
-------------------------------------------------------------------------
Shareholders' Equity
Share capital 6,139,860 5,540,636
Contributed surplus 1,890,711 -
Reserve 1,928,732 623,834
Equity component of convertible debentures 137,295 -
-------------------------------------------------------------------------
10,096,598 6,164,470
-------------------------------------------------------------------------
Retained earnings 14,326,995 8,063,055
Accumulated other comprehensive income 1,753,625 1,689,408
-------------------------------------------------------------------------
16,080,620 9,752,463
-------------------------------------------------------------------------
26,177,218 15,916,933
-------------------------------------------------------------------------
57,516,167 35,914,607
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Boyuan Construction Group, Inc.
(formerly "SND Energy Ltd.")
Consolidated Statements of Income and Comprehensive Income
(Expressed in US Dollars)
For the Years Ended June 30, 2009 and 2008
2009 2008
$ $
Construction revenue 101,664,080 56,175,070
Cost of construction 85,682,653 46,319,651
-------------------------------------------------------------------------
Gross profit 15,981,427 9,855,419
-------------------------------------------------------------------------
Expenses
Amortization of property and equipment 733,559 490,131
General and administrative expenses 1,752,521 904,507
-------------------------------------------------------------------------
2,486,080 1,394,638
-------------------------------------------------------------------------
Income from operations 13,495,347 8,460,781
-------------------------------------------------------------------------
Other Income (expense)
Interest and other income 20,573 38,816
Foreign exchange loss (138,135) -
Interest expense (430,139) (259,304)
Make good provision (1,718,357) -
-------------------------------------------------------------------------
(2,266,058) (220,488)
-------------------------------------------------------------------------
Net income before income taxes 11,229,289 8,240,293
Income taxes 3,336,779 2,060,074
-------------------------------------------------------------------------
Net income for the year 7,892,510 6,180,219
Other Comprehensive Income
Unrealized gain on foreign exchange
translation 64,217 1,267,049
-------------------------------------------------------------------------
Comprehensive income for the year 7,956,727 7,447,268
-------------------------------------------------------------------------
-------------------------------------------------------------------------
--------------------
(1) "Adjusted net income" is not a recognized measure under Canadian
GAAP. It excludes a stock-based compensation charge of $1.7 million
related to the fair value transfer of shares under the "make-good
provision" of a financing agreement signed in March, 2009. The Company
believes that adjusted net income is more representative of its
performance as the make good charge is a non-cash accounting charge and
unrelated to its business activities
(2) "Adjusted earnings per share" is not a recognized measure under
Canadian GAAP. It is calculated by dividing the Company's adjusted net
income by the number of outstanding shares (diluted). By comparison,
earnings per share (basic) were $0.63 and $2.40 for the three-month and
12-month period ended June 30, 2009 respectively. Earnings per share
(diluted) were $0.09 and $0.32 for Q4 and FY2009 respectively.
For further information
Contacts: Boyuan Construction Group, Inc., Mr. Paul Law, CFO, +(852) 9329 5088, paullaw@zjboyuan.com.cn
The Equicom Group Inc., Joe Racanelli, (416) 815-0700 ext. 243, jracanelli@equicomgroup.com
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We just need a spark! How about an article about not just all
the good stuff going on in China, but one that describes what
S3 is doing with these Chinese firms.
Front page of WSJ? that should do it.
:))
Boyuan to host fourth quarter and year end conference call Tuesday, October 27, 2009 at 9:00 a.m. (ET)
Press Release
Source: Boyuan Construction Group, Inc.
On 10:14 am EDT, Thursday October 22, 2009
TORONTO, Oct. 22 /CNW/ - Boyuan Construction Group, Inc., (TSX-V: BOY & BOY.DB) a fast-growing construction company in China of commercial, residential and municipal infrastructure projects, announced today that it will host a conference call to discuss its 2009 fourth quarter and year end financial results on Tuesday, October 27 at 9:00 a.m. (ET). Boyuan will report its fourth quarter and year end 2009 financial results via news release on Monday, October 26, 2009.
To access the conference call by telephone, dial 416-644-3418 or 1-877-974-0445. Please connect approximately 15 minutes prior to the beginning of the call to ensure participation. The conference call will be archived for replay until Tuesday, November 3, 2009 at midnight. To access the archived conference call, dial 416-640-1917 or 1-877-289-8525 and enter the reservation number 4177278 followed by the No. sign.
A live audio webcast of the conference call will be available at www.boyuangroup.com. Please connect at least 15 minutes prior to the conference call to ensure adequate time for any software download that may be required to join the webcast. The webcast will be archived at the above web site for 30 days.
About Boyuan Construction Group, Inc.
Based in Jiaxing City, China, Boyuan Construction Group, Inc. is in the business of residential and commercial building construction, municipal infrastructure and engineering projects. In its last three fiscal years ended June 30, 2008, Boyuan completed more than 120 projects for a number of private and public sector clients including Cargill and the Dalian Shide Group, a billion dollar conglomerate whose partners include DuPont, Mitsubishi and GE. Boyuan's current projects include residential, industrial and mixed-use developments, including a five-star hotel and a project at the Qingshan Nuclear Plant, China's first and largest nuclear facility. From its operating bases in Zhejiang Province and on Hainan Island, Boyuan focuses on construction projects in China's fast-growing regions of the Yangtze River Delta and the city of Sanya. More information is available at www.boyuangroup.com .
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
For further information
Boyuan Construction Group, Inc., Mr. Paul Law, Chief Financial Officer, + (852) 9329 5088, paullaw@zjboyuan.com.cn
The Equicom Group Inc., Joe Racanelli, (416) 815-0700 ext. 243, jracanelli@equicomgroup.com
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