WUHAN, Hubei, China, Feb. 4 /PRNewswire-Asia-FirstCall/ -- Wuhan General Group, Inc. (Nasdaq: WUHN; "Wuhan General" or the "Company"), a leading manufacturer of industrial blowers and turbines in China, today announced that it has retained CCG to design and execute its investor relations campaign.
"We are looking forward to working closely with CCG to raise our visibility within the US investment community and financial media as we seek to communicate our corporate achievements to a broader audience," said Mr. Jie Xu, chairman and chief executive officer of Wuhan General Group Inc. "Given CCG's solid history of working with US-listed Chinese companies, we are confident in the potential of this new partnership."
Headquartered in Wuhan, Hubei Province, Wuhan General designs, manufactures, and distributes industrial blowers and turbines. Blowers are widely used in a variety of applications such as electricity generation, air pollution control, ventilation, aeration and sewage treatment. Steam and water turbines produced by the Company are primarily used for electricity generation in coal, oil, nuclear, and hydroelectric power plants. The Company possesses stringent procedures for quality control and strong design capabilities. For the fiscal year ended December 31, 2007, the Company's revenues and net income were $82.5 million and $14.9 million. For fiscal year 2008, the Company is forecasting $119.7 million in revenues and $22.0 million in net income, excluding one-time, non-cash charges related to capital markets activities, representing expected year-over-year increases of 45.1% and 47.7%, respectively.
"We are excited to have this opportunity to design and execute a comprehensive investor relations program for Wuhan General, which is well recognized for its technological sophistication and quality construction of blowers and turbines. As the Chinese Government has recently committed to allocating significant funds for a four trillion Yuan ($600 billion) economic stimulus package which is largely focused on infrastructure, Wuhan General is well positioned for continued growth in the domestic Chinese market," commented Crocker Coulson, president of CCG Investor Relations.
About CCG
CCG is a global, full-service investor relations firm, headquartered in Los Angeles, CA, with offices in New York City, Newport Beach, CA, Dallas, Texas, Beijing, Shanghai, Shenzhen and Tel Aviv. CCG is uniquely positioned to provide outsourced, high-level investor relations solutions to its clients, combined with an in-depth understanding of Asia's corporate culture and economic environment, to convey their story to funds and broker-dealers located in the U.S. For future information, contact CCG directly, or visit the Company's Web site at http://www.ccgirasia.com .
About Wuhan General Group Inc.
Through its subsidiaries Wuhan Blower Co., Ltd (Wuhan Blower) and Wuhan Generating Equipment Co., Ltd, Wuhan General Group is the leading manufacturer of industrial blowers and turbines based in Wuhan, Hubei Province, China. Wuhan Blower is a China-based manufacturer of industrial blowers that are principal components of steam-driven electrical power generation plants. Wuhan Generating Equipment is a China-based manufacturer of industrial steam and water turbines used for electricity generation in coal, oil, nuclear, and hydroelectric power plants. The Company's primary customers are from the iron and steel, power generation, petrochemical and other industries. Led by a strong management team, Wuhan General Group Inc. is well recognized for its technological sophistication and quality construction of blowers and turbines.
Safe Harbor Statement
Certain statements in this press release, including statements regarding future demand for our products, future raw material costs and our future financial performance may be forward-looking in nature or "forward-looking statements," as defined by the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks and uncertainties, including all business uncertainties relating to vulnerability of our business to general economic downturn, operating in the People's Republic of China (PRC) generally and the potential for changes in the laws of the PRC that affect our operations, our failure to meet or timely meet contractual performance standards and schedules and other factors that may cause actual results to be materially different from those described in such forward-looking statements. Certain of these risks and uncertainties are or will be described in greater detail in our filings with the Securities and Exchange Commission. These forward-looking statements are based on Wuhan General's current expectations and beliefs concerning future developments and their potential effects on the Company. There can be no assurance that future developments affecting Wuhan General will be those anticipated by the Company. Wuhan General undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
For more information, please contact:
Wuhan General Group, Inc.
Mr. Haiming Liu, CFO
Phone: +86-27-5970-0069
Email: haiming.liu@wuhangeneral.com
CCG Investor Relations Inc.
Mr. Crocker Coulson, President
Phone: +1-646-213-1915 (New York)
Email: crocker.coulson@ccgir.com
Mr. Graham Reed, Financial Writer
Email: graham.reed@ccgir.com
Web: http://www.ccgirasia.com
