Wowjoint Holdings Limited Signs $3.5 Million in New Sales Contracts with Eden Technology

2010-09-11 01:30 1011

    BEIJING, Sept. 13 /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 that it has signed two sales contracts with Italian-based Eden Technology ("Eden") totaling approximately $3.5 million (2.76 million Euro). This sales deal involves the supply of two 1000 metric ton lifting capacity special launching girders to Eden Technology for the construction of the viaduct in a high-speed railway construction project in South Korea.  These girders will be custom made and are expected to be delivered within the next 120-180 days.

    Mr. Yabin Liu, Chief Executive Officer of Wowjoint, stated: "We are pleased to announce these sales contracts with Italy's Eden Technology, which has cooperated with us for 5 years in China and in Europe in the field of bridge construction and is developing new potential projects in Asia and Europe. These contracts geographically diversify the Company's revenue streams and are a significant milestone as the Company continues to expand internationally its sales in the market of heavy duty lifting equipment. Our entry into these sales contracts combined with the recently announced sales contracts and equipment lease and service agreements with China Railway Construction Company and other Chinese-based engineering companies bring the value of contracts announced since July 29th to approximately $14.5 million."

    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 .

    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.

Source: Wowjoint Holdings Limited
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