SOURCE: China ACM

China ACM

January 03, 2011 07:55 ET

China ACM Appoints Friedman LLP as Auditor

BEIJING--(Marketwire - January 3, 2011) - China Advanced Construction Materials Group, Inc. (NASDAQ: CADC) ("China ACM"), a leading provider of ready-mix concrete and related technical services in China, today announced that it has engaged Friedman LLP as the Company's independent auditor effective immediately.

Founded in 1924, Friedman LLP is headquartered in New York City and provides accounting, tax and consulting services to public and privately held companies. It has 350 personnel with 46 partners and a Beijing office. It is ranked number five, behind the 'Big Four,' for the number of China-based U.S. publicly traded companies it audits.

China ACM expects strong organic growth in 2011 and beyond. It also targets geographic expansion, joint ventures, strategic alliances and will evaluate strategic acquisitions. Accordingly, the Company's financial control, reporting and audit requirements are rapidly increasing. It has engaged Friedman LLP for the firm's exceptional diligence, expertise, sophistication and professional resource capacity (www.friedmanllp.com).

About China ACM
China ACM is a leading producer of advanced, certified eco-friendly ready-mix concrete (RMC) and related technical services for large scale, high-speed rail (HSR) and other complex infrastructure projects. Leveraging its proprietary technology and value-add engineering services model, the Company has won work on numerous high profile projects including the 30,000 km China HSR expansion, the Olympic Stadium Bird's Nest, Beijing South Railway Station, Beijing International Airport, National Centre for Performing Arts, CCTV Headquarters, Beijing Yintai Building and U.S. and French embassies.

Founded in 2002, Beijing-based China ACM provides its materials and services through its network of fixed ready-mix concrete plants covering the Beijing metropolitan area. It also has technical consulting services and preferred procurement agreements with other independently-owned plants across China. Additionally, the Company owns numerous portable plants deployed in various provinces across China primarily to major high speed rail projects. More information about the Company is available at www.china-acm.com.

Forward-Looking Statements
This press release contains statements that are forward-looking in nature, including statements regarding the Company's competitive position and product and service offerings. These statements are based on current expectations on the date of this press release and involve a number of risks and uncertainties, which may cause actual results to differ significantly from such estimates. The risks include, but are not limited to, the degree of market adoption of the Company's product and service offerings; market competition; dependence on strategic partners; and the Company's ability to manage its business effectively in a rapidly evolving market. Certain of these and other risks are set forth in more detail in "Item 1A. Risk Factors" in China ACM's Annual Report on Form 10-K for the fiscal year ended June 30, 2010. China ACM does not assume any obligation to update or revise any such forward-looking statements, whether as the result of new developments or otherwise.

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