CHANGZHOU, China, April 4, 2011 /PRNewswire-Asia/ -- China CGame,
Inc. (Nasdaq: CCGM) (the "Company"), a self-developer of online
games and a provider of high-end envelope architectural systems,
today announced its cooperation with the Administrative Committee
of the Jiangsu Wujin High Technology Industrial Development Zone, a
branch of the Wujin district government in the city of Changzhou (the "Committee").
Pursuant to the agreement with the Committee, the Company has
established a subsidiary named Changzhou ConnGame Network, Ltd in
Changzhou and has agreed to
relocate its headquarters to the city. The Committee agreed to make
an equity investment of RMB 20
million in Changzhou ConnGame through the Changzhou Binhu
Construction Development Group Co., a state-owned company
controlled by the Administrative Committee. The Committee also
agreed to use its best effort to assist the Changzhou ConnGame to
obtain at least RMB 10 million in
financial support for certain early stage operating expenses.
Mr. Steven Xing, Chief Executive
Officer of the Company, said, "I am pleased to announce the
relocation of our headquarters and our cooperation with the
Changzhou government. Changzhou has an excellent environment for
technology and creative industries, with over three hundred
software and animation companies located in the Wujin district of
the city. We are happy to join these companies, and look forward to
cooperating with the local government to rebuild the value of China
CGame and develop the high technology industrial base of
Changzhou."
Mr. Fan Yanqing, the Party Secretary of Changzhou, said, "I am pleased to welcome
China CGame to Changzhou. We
believe that the company's listing on Nasdaq will boost the
development of our local technology and creative industries,
helping to attract both talent and capital to the city of
Changzhou."
About China CGame
China CGame, Inc. is a self-developer of online games and
provider of high-end building envelope architectural systems.
Through its subsidiaries, Changzhou ConnGame Network Ltd. and
Shanghai ConnGame Network Ltd., the Company leverages its 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. Game players will be
able to join any of the seven states (e.g. Qin, Chu, Wei, Zhao,
Yan, Han or Qi), and experience the historic battles of the period.
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.
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 successfully and
timely develop and commercially launch its first MMORPG game; the
completion risk with respect to the proposed equity investment from
Changzhou Binhu Construction Development Group Co.; required
Company payments under the waiver agreement and ability to maintain
the conditions of the bondholder waiver and 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.