China Architectural Engineering, Inc. (CAEI) said it has signed a letter of intent, or LOI, to acquire 60% ownership in Shanghai ConnGame in exchange for 25 million shares of the Company's common stock. Completion of the transaction is subject to negotiation of a definitive equity transfer agreement that will be subject to a number of closing conditions, including shareholder and regulatory approvals.
In anticipation of issuing 25 million new shares of China Architectural Engineering's common stock upon the closing of this acquisition, China Architectural Engineering has withdrawn its previously announced common stock private placement of 17 million shares to certain investors, as the Company has terminated its LOI to purchase land from Zhejiang Nine Dragon Co.
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