Press release from CNW Group
Boyuan Announces Settlement Hearing with OSC Scheduled for June 4, 2013
Friday, May 31, 2013
Boyuan Announces Settlement Hearing with OSC Scheduled for June 4, 201311:05 EDT Friday, May 31, 2013
TORONTO, May 31, 2013 /CNW/ - Boyuan Construction Group, Inc., TSX: BOY, BOY.DB.A), a growing construction company in China of commercial, residential and municipal infrastructure projects, announced today that the Ontario Securities Commission (the "OSC") has issued a Notice of Hearing to consider a settlement agreement (the "Settlement Agreement") that has been reached by the Staff of the OSC with Boyuan. The Settlement Agreement relates to allegations made by the Staff regarding certain inaccurate documents and information provided by Boyuan to Staff and to Boyuan's auditors for a related party loan transaction entered into by the CEO on behalf of Boyuan and to Boyuan's lack of adequate internal control procedures on related party transactions and provision of information to its auditor and regulator.
The hearing is scheduled to be held on June 4, 2013 to consider whether it is in the public interest for the OSC to make an order, pursuant to the Ontario Securities Act, approving the Settlement Agreement. As is customary in such cases, the terms of the Settlement Agreement are confidential and will be made public only if and when approved by the OSC.
For information regarding details of the Notice of Hearing, please see: www.osc.gov.on.ca.
About Boyuan Construction Group, Inc.
Based in Jiaxing City, China, Boyuan Construction Group, Inc. is in the business of commercial building and residential construction, municipal infrastructure and engineering projects. In its last three fiscal years ending June 30, 2012, Boyuan completed more than 80 projects for a number of private and public sector clients. Boyuan's current project backlog includes residential, commercial, industrial and mixed-use developments. From its operating bases in Zhejiang Province and in Hainan Province, Boyuan focuses on construction projects in China's fast-growing regions of the Yangtze River Delta, Hainan Province and Shandong Province. For more information visit www.boyuangroup.com.
SOURCE: Boyuan Construction Group, Inc.
For further information:
Boyuan Construction Group, Inc.
Mr. Paul Law, CFO
+(852) 9329 5088
(416) 815 0700 ext. 253