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.
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 Investor Relations
Tel:
+1-530-475-2793
Email: aubrye@wowjoint.com
Website: www.wowjoint.com
SOURCE Wowjoint Holdings Limited