Hunter Wise Financial Group, LLC Client Boyuan Construction Closes Financing
IRVINE, CA...August 5, 2009 -- Hunter Wise Financial Group, LLC is pleased to announce the continued progress of its client, Boyuan Construction Group, Inc., listed on Toronto's TSX-Venture Exchange as BOY.V. During the past two months China-based Boyuan has added US$33.6 million in new commercial construction projects to its order backlog, raised an additional CDN$6.474 million in private placement financing, and had a research report issued by QIS Capital highlighting the continued growth and unique earnings "make good" feature for investors in the nearly CDN$11 million in capital subscribed to the past two quarters.
Boyuan is a leading builder of commercial, residential and municipal infrastructure projects in China's fast-growing regions of the Yangtze River Delta and the city of Sanya on Hainan Island. Three new multi-year projects were acquired in the US$33.6 million orders, and Boyuan expects completion by July 2011 of the work in Jiangsu and Zhejiang Provinces.
In completing the CDN$6.474 million private placement last month, Boyuan management deposited 3.237 million additional common shares into escrow, to back up a "make good" provision with investors which specifies after-tax net income for FY 2009 and FY 2010 is at least US$8.5 million and US$12.4 million, respectively. Boyuan is the first Canadian-listed company to promise investors additional shares if it fails to meet its earnings targets.
Last week Boyuan announced that QIS Capital has published a new research report on the company. The full report is available at:
www.baystreet.ca. QIS provides a discussion of Boyuan's investor highlights and includes a detailed financial summary of historical data and management guidance.
"We are pleased to see Boyuan Construction continue its advancement in the public markets and delighted about the operational milestones that management is achieving," said Dan McClory, Managing Director of Hunter Wise Financial Group, LLC. "Boyuan has succeeded in accessing capital and entering the public markets at one of the most challenging periods in recent history, and Chairman Shou and his team are to be congratulated for their efforts and accomplishments."