Wowjoint Holdings Limited Entered into Three New Contracts
Represents Growth of Marine Hoist, Leasing and Service Business
BEIJING, July 19, 2012 /PRNewswire-Asia/ -- Wowjoint Holdings Limited ("Wowjoint," or the "Company") (Nasdaq: BWOW, BWOWU, BWOWW), China's innovative infrastructure solutions provider of customized heavy duty lifting and carrying machinery, today announced that it has entered into three contracts for projects and services in China.
Wowjoint entered into a contract with Zhejiang Xiangshan Fishing Trade Development Co., Ltd. for the sale of a 25 ton marine hoist. This hoist will be used for lifting smaller boats and is an extension of the yacht market that Wowjoint entered last year. The contract value is approximately $250,000 (RMB 1,600,000).
In addition, the Company entered into a leasing contract with No.1 Engineering Co., Ltd. of China Railway 25th Bureau Group. This leasing contract is to provide a 900-ton special launching carrier, Wowjoint's proprietary product. The term of the lease is 10 months, beginning on August 1, 2012. The total payable by the customer under this contract is approximately $930,000 (RMB 5,900,000).
Wowjoint also entered into a service contract with 2nd Bureau of China Railway Co. Ltd., who commissioned Wowjoint to lift 37 rail bridge sections using one of Wowjoint's 900-ton special launching carriers. Service will commence on August 15, 2012. The total value of the contract is approximately $850,000 (RMB 5,400,000).
"We're very pleased with our recent orders from China," stated Mr. Yabin Liu, Chief Executive Officer of Wowjoint. "These new contracts, in addition to the recent contracts we entered with customers from Malaysia and Peru, demonstrate Wowjoint's continued pursuit of diversifying its revenue stream. We are pleased to see an improvement in the domestic Chinese market and we will continue to explore new markets to attain new contracts. We believe our world-class products and services, strong client relationships and our ability to provide unique solutions to our customers will help Wowjoint to continue to make considerable progress in the international markets, as well as in China."
About Wowjoint Holdings Limited
Wowjoint is a leading provider of customized heavy duty lifting and carrying machinery used in large scale infrastructure projects such as railway, highway and bridge construction. Wowjoint's main product lines include launching gantries, tyre trolleys, special carriers, marine hoists and special purpose equipment. The Company's innovative design capabilities have resulted in patent grants and proprietary products. Wowjoint believes it is well-positioned to benefit directly from China's rapid infrastructure development by leveraging its extensive operational experience and long-term relationships with established blue chip customers. Information on Wowjoint's products and other relevant information are available on its website at http://www.wowjoint.com.
This press release includes "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "continue," and similar expressions are intended to identify such forward-looking statements. Forward-looking statements in this press release include matters that involve known and unknown risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to differ materially from results expressed or implied by this press release. Wowjoint undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after the date of this communication. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this communication. All forward-looking statements are qualified in their entirety by this cautionary statement. All subsequent written and oral forward-looking statements concerning Wowjoint or other matters and attributable to Wowjoint or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above. Wowjoint does not undertake any obligation to update any forward-looking statement, whether written or oral, relating to the matters discussed in this news release.
SOURCE Wowjoint Holdings Limited
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