-- (MARKET WIRE)
The board of directors of China Infrastructure Investment Corporation (NASDAQ: CIIC) announced today that it will hold a meeting to review the evaluation of the pending new asset proposed by the Company's majority shareholder as the partial repayment for the related party loans and to review the write-off of related party loans process.
CIIC, incorporated in Nevada, USA and headquartered in Henan Province, China, focuses on investing, constructing, operating and managing infrastructure development projects in China. The Company currently operates the Pinglin Expressway, a 106-kilometer (66 miles) dual carriageway four-lane toll road in the central province of Henan. The Expressway is an important passage from the northwest region to the southeast coastal region of China.
On July 11, 2011, the Company filed an 8-K indicating the write-off of related party loans and a new asset injection proposed by majority shareholder. Since then, the audit committee and the board contracted an international assets appraisal firm based in Hong Kong to conduct independent evaluation of the new asset. The board will review the outcome of this evaluation.
The board and the audit committee will also review the related party loan write-off process conducted by the Company's management and is being audited by the Company's auditor.
The board will also discuss possible measurement the Company will take to comply the minimum $1 trading price requirement of NASDAQ Stock Market, including options of requesting extension of compliance period, shares buy back and conducting shares reverse split.
In addition, the board will review the recommendation submitted by newly appointed Chief Financial Officer Mr. Li Lei on revised internal control policies and procedures to ensure sound financial management and to secure shareholder's interest.
The board will disclose the outcome of the meeting immediately upon the conclusion of the meeting.
"Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995:
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations or beliefs, including, but not limited to, statements concerning the Company's operations, financial performance and condition. For this purpose, statements that are not statements of historical fact may be deemed to be forward-looking statements. The Company cautions that these statements by their nature involve risks and uncertainties, and actual results may differ materially depending on a variety of important factors, including, but not limited to, the impact of competitive conditions and effectiveness of marketing; changes in laws and regulations; fluctuations in costs of construction, financing costs and other factors as those discussed in the Company's reports filed with the Securities and Exchange Commission from time to time. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof. No securities regulatory authority has either approved or disapproved the contents of this news release.
Investors Relation Contact:
Room D, 2F, Building 12,
Xinxin Huayuan, Jinshui Road,
Zhengzhou, Henan Province
The People's Republic of China