Nov 3 2009
China Advanced Construction Materials Group, Inc. ("China ACM") (Nasdaq: CADC), a leading provider of ready-mix concrete in China, today announced that it has been awarded two new contracts totaling approximately $4.2 million to provide concrete manufacturing services for the Hangzhou-Ningbo railway construction project. Under the agreement, China ACM will supply approximately 550,000 cubic meters of concrete.
Mr. Xianfu Han, Chairman and Chief Executive Officer, stated, "These latest contract awards follow similar projects along the Hangzhou-Ningbo Railway we were awarded earlier this year. These contract awards were a direct result of our ability to meet the general contractor's technical requirements according to schedule. We have now been awarded 13 of these high margin railway contracts since the beginning of fiscal 2009. With China's government planning to spend more than 5 trillion Yuan, or USD $730 billion, on the national rail network through 2020, our pipeline of new contracts is extremely robust."
Upon completion, the Hangzhou-Ningbo railway will cover approximately 150 kilometers, or approximately 93 miles. Train speed on this line will approach 188 miles per hour and will reduce travel time between Hangzhou City and Ningbo City to less than one hour.
Source: http://www.china-acm.com/