BEIJING, March 31, 2011 /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 it has signed a new equipment sales contract for the wind power industry.
British Green (Tongliao) Wind Power Equipment Co., Ltd ("Tongliao Green"), a wind turbine tower manufacturer and a subsidiary of Greens Holdings Ltd (HK: 01318.HK), signed a contract with Wowjoint to purchase a 100 ton wind tower hoist. The wind tower hoist is a new machine developed and designed solely by Wowjoint to perform transporting and installation functions at Tongliao Green's locations in China. The contract with Tongliao Green represents its first sale into the clean energy industry, a burgeoning sector estimated to reach $185 billion worldwide by 2015. The product is anticipated to be delivered within three months and provides a strong reference for further marketing and branding efforts underway within the wind industry.
"We are extremely excited about our entry into the renewable energy industry, specifically wind power through our contract with Tongliao Green," Mr. Yabin Liu, Chief Executive Officer of Wowjoint stated. "This represents the second new vertical market that Wowjoint has expanded into during 2011, with the first being the luxury goods market. Our ability to properly identify and quickly enter new markets demonstrates Wowjoint's ability to leverage its core competency of engineering high quality machines that meet customer specific needs. We plan to capitalize on this order to obtain additional contracts within the wind power industry as well as other clean energy industries such as solar and geothermal, further diversifying our revenue base."
About Wowjoint Holdings Limited
Wowjoint is a leading provider of customized heavy duty lifting and carrying machinery used in such 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.
