China Architectural Engineering Completes Acquisition of Techwell Engineering Ltd.

China Architectural Engineering, Inc. (CAE) (AMEX:RCH), which specializes in the design, engineering, fabrication and installation of high-end curtain wall systems, today announced that it has completed the acquisition of 100% interest in Techwell Engineering Limited, and its subsidiaries, including Hong Kong Techwell, Techwell Engineering Limited (Hong Kong), Techwell International Limited (Macau) and Techwell Building Systems Limited (Shenzhen), collectively known as “Techwell.” The total cost of the transaction was approximately $11.7 million, divided equally between cash and newly issued CAE stock.

The value of CAE’s stock issued in the transaction was based on the closing price as quoted on the American Stock Exchange on November 5, 2007. CAE said it expects the acquisition to be accretive and substantially add to its revenue base. “This acquisition is a natural next step in CAE’s already close and mutually beneficial relationship with Techwell,” said Ken Yi Luo, China Architectural Engineering's Chairman and CEO. “Using Techwell’s international engineering network in China and CAE as a brand and as a public company for capital, we expect to be able to win more contracts from international investors in Chinese projects. Using Techwell’s experience with international project management and familiarity with European and American standards, we expect to be able to win contracts outside of China.” Mr. Luo added, “Techwell has project licenses for Hong Kong and Macau as well as experience in international project management, which may increase the number of CAE’s international projects and volume of project supplies. Also we expect the acquisition of Techwell to allow our existing resources – including our strong design team, research capability, patented technology, brand name and supplies – to be used even more efficiently.”

600450 China Architectural Engineering Completes Acquisition of Techwell Engineering Ltd. glassonweb.com
Date: 10 November 2007
Source: Businesswire.com

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