BOYUAN REPORTS FY 2010 SECOND QUARTER FINANCIAL RESULTS

- Grows revenue, improves margins and expands into new markets-

Toronto, Ontario – March 1, 2010 – Boyuan Construction Group, Inc.(TSX-V: BOY & BOY.DB), a
fast-growing construction company in China of commercial, residential and municipal infrastructure
projects, reported its financial results for the three-month and six-month periods ended December 31,
2009. All figures are in U.S. dollars unless otherwise stated.

Financial Highlights
Q2 2010 Q2 2009 Change 6-Month 6-Month Change
2010 2009
Revenue $37.6M $23.4M +60.8% $72.6M $44.7M +62.6%
Gross profit $6.7M $3.2M +110.7% $12.4M $6.2M +99.4%
Gross profit margin 17.8% 13.6% 17.1% 13.9%
Net income $3.5M $2.4M +47.9% $3.3M $4.4M -25.2%
1
Adjusted net income $3.5M $2.4M +47.9% $6.5M $4.4M +48.2%
Earnings per share - $0.14 $0.10 +40% $0.14 $0.18 -22.2%
diluted
Adjusted Earnings per $0.14 $0.10 +40% $0.26 $0.18 +44%
2
share - diluted

“We are very pleased with our second quarter results,” said Mr. Cai Liang Shou, Chairman of Boyuan
Construction Group, Inc. “Since the start of the 2010 fiscal year, we have been able to capitalize on the
strong demand for our construction and engineering services in each of our markets. This has resulted in
significant year-over-year improvements to our revenue, gross profit margins and adjusted net income,
providing further evidence of the strength of our business model and the high quality of our projects.”

Business Highlights in Q2 and Subsequent to Quarter End

• Continued expansion of operations into Shandong, one of China’s fastest growing regions.
• Following overwhelming shareholder approval at its annual meeting in Toronto, the Company
changed the location of its registered office to Ontario and ratified its stock option plan.
• Signed four new construction project contracts with an aggregate value of $76.6 million. The
agreements encompass residential, commercial and hotel construction projects on Hainan Island
and Shandong Province, Boyuan’s newest market.

Review of Financial Results

Revenue for the second quarter ended December 31, 2009 was $37.6 million, up 60.8% from $23.4
million for Q2 of FY2009. Revenue for the first six months of FY2010 was $72.6 million, compared to
$44.7 million for the same period in FY2009.

Boyuan recognizes revenue on the percentage-of-completion method. The significant year-over-year

growth in revenue was primarily attributable to an increase in the number of successful project bids by the
Company as well as to an increase in demand for construction and engineering services in the Yangtze
River Delta region and Hainan Island, Boyuan’s core markets. Subsequent to quarter end, Boyuan has
1
Adjusted net income is not a recognized measure under Canadian GAAP. It excludes a stock-based compensation charge of $3.2
million related to the fair value transfer of shares under the "make-good provision" of a financing agreement signed in July, 2009.
The Company believes that adjusted net income is more representative of its performance as the make good charge is a non-cash
accounting charge and not related to its business activities.
2
Adjusted earnings per share is not a recognized measure under Canadian GAAP. It is calculated by dividing the Company's
adjusted net income by the number of outstanding shares (diluted).
experienced strong demand for its services from Shandong province, a new market for the Company.
Higher demand for construction and engineering services is due to ongoing urban migration and an
expansion of China’s middle class, which drive the need for new housing, commercial and public
infrastructure projects.

Cost of construction for the second quarter of FY2010 was $30.9 million compared to $20.2 million for Q2
of FY2009. Cost of construction for the first six months of FY 2010 was $60.2 million, up from $38.4
million for the comparable period in FY2009. The increase was primarily as a result of higher expenses
associated with greater project volume and an expanded work force. Cost of sales includes all direct
material, labor, subcontract and other related costs, such as equipment repairs.

Gross profit for the second quarter of FY2010 was $6.7 million, or 17.8% of revenue, compared to $3.2
million, or 13.6% of revenue, for the same period of FY2009. Gross profit for the first six months of
FY2010 was $12.4 million, or 17.1% of revenue, compared to $6.2 million, or 13.9% of revenue, for the
same period of FY2009. The year-over-year improvement in gross profit margins in Q2 by 410 basis
points was due to a higher percentage of revenue contributed from higher margin projects, particularly in
Hainan Island, where the Company experiences strong demand for its services but faces limited
competition, and a lower than average gross margin in Q2 FY2009. Historically, the norm for the
Company's gross margins is 15%.

Net income for the second quarter of FY2010 was $3.5 million, or $0.14 per fully diluted share, compared
to net income of $2.4 million, or $0.10 per fully diluted share, for Q2 of FY2009.

Net income for the six-month period was $3.3 million, down 25.2% from $4.4 million for the same period
of FY2009. The decline is attributable to a non-cash stock-based compensation charge of $3.2 million
that the Company incurred in the first quarter of FY2010. As previously reported, the charge related to the
fair value transfer of shares under the make good provision of a financing agreement signed in July 2009.
The charge is in full compliance with Canadian generally accepted accounting principles.

As specified by the Company's make-good provision of the July financing agreement, Boyuan forecasted
an after-tax net income of $8.5 million for the fiscal year ended June 30, 2009. As a condition of the
make-good provision, Boyuan's Chairman put 3.2 million shares in escrow and would have transferred
1.6 million shares to investors if the forecast target had not been met. As reported previously, the
Company generated $9.6 million in adjusted after tax net income for FY 2009. As a result, 1.6 million
shares previously held in escrow were returned to Chairman Shou during the quarter, resulting in a make
good charge of $3.2 million.

Excluding the make-good provision charge, adjusted net income for the six month period ended
December 31, 2009 was $6.5 million, or $0.26 per share diluted, which compares to $4.4 million, or $0.18
per share diluted, for the same period in FY2009. The Company believes that adjusted net income is
more representative of its profitability and performance since the make good charge is a non-cash
accounting charge and not related to its business activities.

The Company had cash, cash equivalents and restricted cash totaling $4.9 million and working capital of
$35.3 million for the period ended December 31, 2009. This compares to a cash, cash equivalents and
restricted cash balance of $5.5 million and working capital of $22.4 million at June 30, 2009.

Outlook
“Recent economic indicators in China remain relatively strong, suggesting continued optimism for the
construction industry over the short term,” said Mr. Shou. “Our opportunities for growth, in particular, are
encouraging given that we operate in tier two level cities where the competitive landscape is fragmented
and local economies are less affected by economic trends, such as rising property values, found in major
cities, such as Shanghai or Beijing.”

Boyuan’s consolidated statements for the three and six month periods ended December 31, 2009 and
related management’s discussion and analysis (MD&A) will be filed with securities regulatory authorities
within applicable timelines and will be available via SEDAR at www.sedar.com.

About Boyuan Construction Group, Inc.

Based in Jiaxing City, China, Boyuan Construction Group, Inc. is in the business of residential and
commercial building construction, municipal infrastructure and engineering projects. In its last four fiscal
years ending June 30, 2009, Boyuan completed more than 125 projects for a number of private and
public sector clients including Cargill and the Dalian Shide Group, a billion dollar conglomerate whose
partners include DuPont, Mitsubishi and GE. Boyuan’s current backlog includes residential, industrial and
mixed-use developments, including a five-star hotel and a project at the Qingshan Nuclear Plant, China’s
first and largest nuclear facility. From its operating bases in Zhejiang Province and on Hainan Island,
Boyuan focuses on construction projects in China’s fast-growing regions of the Yangtze River Delta,
Hainan Island and Shandong Province. For more information please visit www.boyuangroup.com or
follow us at http://boyuangroup.posterous.com

Caution Regarding Forward-Looking Information:

Certain information contained in this press release constitutes forward-looking information, which is
information relating to future events or the Company's future performance and which is inherently
uncertain. All information other than statements of historical fact may be forward-looking information.
Forward-looking information is often, but not always, identified by the use of words such as “seek”,
“anticipate”, “budget”, “plan”, “continue”, “estimate”, “expect”, “forecast”, “may”, “will”, “project”, “predict”,
“potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe” and similar words or phrases
(including negative variations) suggesting future outcomes or statements regarding an outlook. Forward-
looking information contained in this press release includes, but is not limited to, the Company’s outlook
on higher demand for construction and engineering services in China, China's ongoing urban migration
and expansion of middle class, need for new housing, commercial and public projects in China, strong
economic indicators in China, optimism on Chinese construction industry over the short term, and impact
of economic trends (such as rising property value) on tier-two Chinese cities. Forward-looking information
involves known and unknown risks, uncertainties and other factors that may cause actual results or
events to differ materially from those anticipated in such forward-looking information. The Company
believes the expectations reflected in the forward-looking information are reasonable but no assurance
can be given that these expectations will prove to be correct and readers are cautioned not to place
undue reliance on forward-looking information contained in this press release. Some of the risks and
other factors which could cause results to differ materially from those expressed in the forward-looking
information contained in this press release include, but are not limited to: risk of macro-economy cycle,
risk from competition, risk from insufficient marketing to secure new projects, risk in obtaining additional
financing, risk involving permits and licences, reliance on key management member, risk from supply of
raw materials, risk of financial leverage, risk of bad debts in accounts receivables, risk involved in real
estate development, foreign exchange fluctuations, political and economic conditions in China and other
risks included in the Company's AIF for the fiscal year ended June 30, 2009 and in the Company’s public
disclosure documents filed with certain Canadian securities regulatory authorities and available at
www.sedar.com. The forward-looking information contained in this press release are made as of the date
hereof and the Company undertakes no obligation to update publicly or revise any forward-looking
information, whether as a result of new information, future events or otherwise, except as otherwise
required by law.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture ) accepts responsibility for the adequacy or accuracy of this release.

Contacts
Boyuan Construction Group, Inc. The Equicom Group Inc.
Mr. Paul Law, CFO Joe Racanelli
+(852) 9329 5088 (416) 815 0700 ext. 243
paullaw@zjboyuan.com.cn jracanelli@equicomgroup.com
Boyuan Construction Group, Inc.
(formerly "SND Energy Ltd.")
Consolidated Balance Sheets
(Expressed in US Dollars)

(Unaudited) (Audited)

December 31, June 30,

2009 2009
$ $
Current Assets
Cash and cash equivalents 2,337,013 2,365,738
Restricted cash 2,553,677 3,101,189
Accounts receivable 172,890 4,447,059
Unbilled revenue 45,881,930 35,528,915
Other receivables 7,063,564 2,216,873
Inventory 7,876 658,150
Advances to suppliers and prepaid expenses 11,169,059 2,971,020
69,186,009 51,288,944
Deferred transaction costs 238,654 55,222
Due from related parties - 113,010
Property and equipment 7,019,893 5,946,748
Land use rights 111,203 112,243
76,555,759 57,516,167
Current Liabilities
Bank loans 13,622,535 12,926,776
Accounts payable and accrued liabilities 15,040,384 12,842,823
Income taxes payable 4,014,417 1,318,874
Deferred revenue 487,507 1,454,145
Automobile loans 112,990 118,292
Due to related parties 389,787 22,839
Future income tax 223,091 202,000
33,890,711 28,885,749
Future income tax 571,281 573,000
Convertible debentures 5,871,599 1,880,200
40,333,591 31,338,949

Shareholders' Equity
Share capital 7,279,993 6,139,860
Contributed surplus 7,257,165 1,890,711
Reserve 2,760,648 1,928,732
Equity component of convertible debentures 372,783 137,295
17,670,589 10,096,598
Retained earnings 16,801,911 14,326,995
Accumulated other comprehensive income 1,749,668 1,753,625
18,551,579 16,080,620
36,222,168 26,177,218
76,555,759 57,516,167
Boyuan Construction Group, Inc.
(formerly "SND Energy Ltd.")
Consolidated Statements of Income and Comprehensive Income
(Expressed in US Dollars)
(Unaudited)

Three Months Ended Six Months Ended

December 31, December 31, December 31, December 31,
2009 2008 2009 2008
$ $ $ $
Construction revenue 37,611,808 23,388,354 72,615,615 44,659,513
Cost of construction 30,901,132 20,203,218 60,225,015 38,445,560
Gross profit 6,710,676 3,185,136 12,390,600 6,213,953
Expenses
Amortization of property and equipment 147,189 141,193 289,230 203,598
General and administrative expenses 961,516 (83,663) 1,775,658 66,818
1,108,705 57,530 2,064,888 270,416
Income from operations 5,601,971 3,127,606 10,325,712 5,943,537
Other Income (expense)
Interest and other income 47,843 8,548 186,778 11,569
Foreign exchange loss (67,498) - (67,498) -
Interest expense (572,480) (7,871) (1,137,261) (78,398)
Make good provision - - ( 3,243,192) -
(592,135) 677 (4,261,173) (66,829)
Net income before income taxes 5,009,836 3,128,283 6,064,539 5,876,708
Income taxes (1,497,097) (753,015) (2,757,707) (1,458,337)
Net income for the period 3,512,739 2,375,268 3,306,832 4,418,371
Other Comprehensive Income (Loss)
Unrealized gain (loss) on foreign exchange translation 51,393 2,234 (3,957) 43,916
Comprehensive income for the period 3,564,132 2,377,502 3,302,875 4,462,287