China Advanced (NASDAQ:CADC)

NEW YORK, Jan. 19, 2012 (GLOBE NEWSWIRE) -- Mr. Ephraim Fields of Echo Lake Capital today announced he had issued the following letter to the Board of Directors of China Advanced Construction Materials Group, Inc. (Nasdaq:CADC).

• Believes $2.65 offer is grossly inadequate
• Encourages Board and shareholders to reject the buyout offer
• Doubts offer representing only 54% of book value is in best interests of shareholders
• Believes liquidation value significantly greater than current buyout offer
• Demands Board explain why shareholders would not be better served if company were liquidated

To the Board of Directors:

We are writing to (i) encourage all CADC shareholders to vote against the Chairman's proposed buyout of CADC at $2.65 per share (the "Offer") and (ii) encourage CADC's Board of Directors (the "Board") to reassess its actions and reject the Offer. Full letter.

BEIJING--(Marketwire -07/26/11)- China Advanced Construction Materials Group, Inc. (NASDAQ: CADC), a leading provider of ready-mix concrete and related technical services in China, today announced that its Board of Directors has received a preliminary, non-binding offer from its Chairman and Chief Executive Officer, Mr. Xianfu Han ("Mr. Han"), and Weili He, Vice Chairman and Chief Operating Officer, to acquire all of the outstanding shares of our common stock not currently owned by them in a going private transaction at a proposed price of $2.65 per share in cash. Messrs. Han and He currently beneficially own in the aggregate approximately 49.5% of our common stock.

Our Board of Directors is considering forming a special committee of independent directors (the "Special Committee") to consider any proposal that may be made by Messrs. Han and He and their affiliates, if any. If formed, the Special Committee will be authorized to retain independent legal and financial advisors to assist it. There can be no assurance that any proposal for a transaction will be made, that any agreement will be approved or executed or that any transaction will be consummated.