CHANGZHOU, China, March 30, 2011 /PRNewswire-Asia/ -- China
Architectural Engineering, Inc. (Nasdaq: CCGM), a self-developer of
online games and a provider of high-end envelope architectural
systems, today announced that it has changed the Company's
corporate name from China Architectural Engineering, Inc. to China
CGame, Inc. to better reflect the Company's focus on providing
MMORPG (Massively Multiplayer Online Role Playing Games) in
China.
The Company's stock ticker symbol on the NASDAQ Select Global
Market changed from "CAEI" to "CCGM" and the CUSIP number for the
Company's common stock has been changed to 16946P 107.
Mr. Steven Xing, Chief Executive
Officer of the Company, commented, "Following a period of
integration and adjustment, we believe that the old name failed to
reflect the Company's new business model. Originally our focus was
high-end building envelope architectural systems, but now we are
entering the online game market. I am pleased to announce both the
change in our corporate name and our new line of business. Our
first online game began a closed beta test on March 24, 2011 and achieved the desired results.
We believe that our new business model will better utilize our
resources and help rebuild the Company's value."
About China CGame, Inc.
China CGame, Inc. is a self-developer of online games and
provider of high-end building envelope architectural systems.
Through its subsidiary, Shanghai ConnGame Network, the Company
leverages its proprietary game engines, development platforms, and
production teams to develop and operate MMORPGs. The Company has
two games under development. The first game, "Revolution," will
allow game players to travel between Western and Eastern cultures,
including adventures at historic locations and turf wars. The
second game, "The Warring States," is a historic military adventure
game based on the well-known period in ancient Chinese history of
the same name. The Company also provides design, engineering,
fabrication and installation services for high-end curtain wall
systems, roofing systems, steel construction systems, and
eco-energy systems. For further information on China CGame, Inc.,
please visit www.chinacgame.com.
Forward-Looking Statements
In addition to historical information, the statements set forth
above may include forward-looking statements that involve risk and
uncertainties that could cause actual results to differ materially
from those in the forward-looking statements. Actual results could
differ materially from the expectations contained in
forward-looking statements as a result of risks and uncertainties,
including, but not limited to, difficulties in moving into the
online gaming market; the Company's ability to integrate the
management, personnel and operations of the Company and ConnGame;
the Company's ability to successfully and timely develop and
commercially launch its first MMORPG game; risks related to failure
to make required payments under the waiver agreement and ability to
maintain the conditions of the bondholder waiver, in addition to
the risk of dilution from the potential adjustment to the
conversion price of the bonds for non-compliance with the waiver;
identification and remediation of the Company's deficiencies and
weaknesses in its internal controls over financial reporting,
potential claims or litigation that may result from the occurrence
of restatements, ability to identify and secure debt, equity,
and/or other financing required to continue the operations of the
Company; reduction or reversal of the Company's recorded revenue or
profits due to "percentage of completion" method of accounting and
expenses; increasing provisions for bad debt related to the
Company's accounts receivable; fluctuation and unpredictability of
costs related to our products and services; adverse capital and
credit market conditions; expenses and costs associated with its
convertible bonds, regulatory approval requirements and competitive
conditions; and various other matters, many of which are beyond our
control. These and other factors that may result in differences are
discussed in greater detail in the Company's reports and other
filings with the Securities and Exchange Commission.
SOURCE China CGame, Inc.