BEIJING, Dec. 17, 2010 /PRNewswire-Asia/ -- Wowjoint Holdings Limited ("Wowjoint," or the "Company") (Nasdaq: BWOW, BWOWU, BWOWW), a leading provider of customized heavy duty lifting and carrying machinery used in large scale infrastructure projects such as railway, highway and bridge construction, today announced it has signed a $1.5 million leasing contract with a division of China Communications Construction, CCCC First Harbor Engineering Company, Ltd. ("CCCC First Harbor"). The equipment to be provided is a 900-ton tyre straddle carrier that will be used to assist in the construction of high speed railways in Wuzhou, Jiangxi. The leasing contract is for a period of 20 months and includes the installation, service and maintenance of the machine.
Mr. Yabin Liu, Chief Executive Officer of Wowjoint, stated: "This represents the first leasing contract for Wowjoint, where the machine is being built specifically for the project. This contract is consistent with our strategy to diversify our revenue streams, which will even out the cyclical nature of our existing business in China. We are pleased to announce this leasing contract with CCCC First Harbor and look forward to another successful venture with them."
In October, Wowjoint provided a 900-ton special launching carrier for use in two joint venture projects between CCCC First Harbor and CRCC China Railway 12th Bureau Group Co., Ltd. This type of equipment is patented and produced exclusively by Wowjoint. The special launching carrier was delivered on schedule and met the high quality standards and functionality required by the customer for the bridge erection in mountainous areas, which is extremely vital for many of China's high speed railway construction plans. The leasing contract is an extension of this relationship with CCCC First Harbor.
About Wowjoint Holdings Limited
Wowjoint is a leading provider of customized heavy duty lifting and carrying machinery used in such large scale infrastructure projects 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 Harris-Foote, Vice President Investor Relations
Tel: +1-530-475-2793
Email: aubrye@wowjoint.com
Website: www.wowjoint.com
HC International, Inc.:
Scott Powell
Tel: +1-917-721-9480
Email: scott.powell@hcinternational.net
Website: http://www.hcinternational.net
