BEIJING, March 23, 2012 /PRNewswire-Asia/ -- Wowjoint
Holdings Limited (NASDAQ: BWOW, BWOWW and BWOWU) ("Wowjoint" or the
"Company"), China's innovative
infrastructure solutions provider of customized heavy duty lifting
and carrying machinery, announced today that it has commenced an
exchange offer (the "Offer") for its 7,700,642 outstanding
warrants (the "Warrants").
In connection with the Offer, the Company will exchange one
ordinary share for every 15.9 Warrants tendered. The Offer
will be open for at least twenty business days starting on
March 22, 2012 and is scheduled to
expire on April 19, 2012, at
5:00 pm Eastern Time. The terms
and conditions of the Offer are set forth in the documentation to
be distributed to holders of the Warrants. To participate in the
Offer, holders must tender their Warrants in accordance with the
instructions included in the Offer materials, no later than
5:00 pm Eastern Time on April 18, 2012.
The Warrants are comprised of 7,264,756 warrants outstanding as
of March 19, 2012 and 435,886
warrants to be issued as a result of the payment of a special
dividend by Wowjoint to its shareholders, which was previously
announced on March 21, 2012. The
Company will issue up to 484,317 ordinary shares in exchange for
the Warrants. Assuming all of the Warrants are tendered, the
Company expects to have approximately 8,862,474 ordinary shares
issued and outstanding subsequent to the completion of the Offer
and the payment of the special dividend.
"We're happy to announce this exchange offer to our warrant
holders," stated Yabin Liu, Chief
Executive Officer of Wowjoint. "We appreciate the support our
warrant holders have provided to us since we became public almost
two years ago. This event, in addition to the special stock
dividend we are providing to our shareholders, demonstrates our
confidence in the Company's future and should provide for a solid
capitalization structure as we move forward."
A copy of the exchange offer materials may be obtained from
Georgeson, Inc. the information agent for the Offer. Please contact
Georgeson, Inc. with any questions regarding the Offer at (212)
440-9800 (banks and brokers), (866) 767-8986 (toll-free) or
BWOW@Georgeson.com.
This announcement is for informational purposes only and does
not constitute an offer to purchase nor a solicitation of an offer
to tender any Warrants. The solicitation of offers to tender
Warrants in exchange for shares has been made pursuant to the Offer
to Exchange filed with the SEC (as may be amended or
supplemented) on March 22, 2012, the
related Letter of Transmittal and other related documents that
Wowjoint is sending to its Warrant holders. The exchange offer
materials contain important information that should be read
carefully before any decision is made with respect to the exchange
offer. Those materials are being distributed by Wowjoint to its
Warrant holders at no expense to them. In addition, all of those
materials (and all other offer documents filed with the SEC) are
available at no charge on the SEC's website at www.sec.gov and from
the information agent.
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 and marine hoists. 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.
Forward-Looking Statements
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.
For additional information contact:
Wowjoint Holdings:
Aubrye Foote, Vice President of Investor Relations
Tel: (530) 475-2793
Email: aubrye@wowjoint.com
Website: www.wowjoint.com
SOURCE Wowjoint Holdings Limited