BEIJING, April 18, 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 entered an
agreement for Movable Scaffolding Systems in Malaysia. Wowjoint is also providing a
business update on recent developments.
The Company entered an agreement to provide two Movable
Scaffolding Systems ("MSS") for a project in Malaysia. The value of the agreement is
approximately $2.6 million.
Production began in April and delivery is expected to occur
in September 2012. This is a new type
of equipment for Wowjoint and it further expands its product range
in construction machinery from providing not only machines for the
precast arena, but now also non-prefabricated girder/beam bridge
construction. The MSS is equipment that will initially be marketed
for the Southeast Asian markets and we anticipate the demand for
the equipment to be significant once the initial machine is
deployed.
"We are excited to announce this agreement in Malaysia," stated Yabin Liu, Chief Executive Officer of Wowjoint
Holdings Limited. "This demonstrates our focus on expansion outside
of China and providing a larger
revenue stream for the Company. We are proud of our R&D team
for their constant drive to develop new products and we believe
this new MSS machine could have a substantial worldwide
demand."
Wowjoint recently added new partners to enhance its sales force
outreach in regions around the world, specifically in areas of
Europe, South America and Southeast Asia. One of these partners will
jointly market our handling machines, the Mobilift and Marine Hoist, in Europe and the Mediterranean regions. The
Company has begun pursuing joint bids with this partner on port
construction projects and hopes to enter the new field of port
machinery soon.
The Company has an organized and dedicated team focusing on
R&D and project development. In addition to developing machines
for the bridge construction industry, this team has been developing
technology and products relating to the renewable energy sector
including items such as a wind turbine hoist, and other large
lifting equipment that can be utilized by [wind turbine, solar
power and biomass power generation device manufacturers. Wowjoint
is working on a joint venture in Europe to develop projects that can take
advantage of the current preferential policies provided to the
renewable energy industry in various European countries. The
Company believes it can utilize its Chinese manufacturing
advantages and its high-quality design and production capability to
invest in this industry development both in China and in Europe, thereby ultimately having a large
entry into the green energy industry.
In March 2012, Wowjoint's CEO led
a sales and marketing team to participate in a conference and
exhibition in Brazil. During that
time, the Company met with a large number of companies in
Brazil and Argentina. The trip provided the Company with
a greater understanding of the Latin American markets, but also
provided an introduction to Wowjoint and began discussions on
future projects in the area.
Mr. Liu continued, "With the various new markets that Wowjoint
is pursuing, we believe that we have a significant opportunity for
growth in these vertical markets. Based on our knowledge of our
industry, we believe that worldwide demand for machines such as the
MSS, and the renewable energy sector machines could approach
$100 million annually, thereby
providing Wowjoint with potential customers within these segments.
We have a strong team, including R&D, sales and
marketing, to capitalize on these markets as well as other vertical
markets and locations that we continue to pursue. With the addition
of our R&D and manufacturing facilities that we announced in
February 2012, we are excited about
our future prospects."
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 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