WUHAN, China, Oct. 16 /Xinhua-PRNewswire/ -- Wuhan General Group (China), Inc. ("Wuhan General" or the "Company") (Nasdaq: WUHN), a leading manufacturer of industrial blowers and turbines based in Wuhan, China, today reiterated its 2008 guidance of $120 million in revenue and $21 million in net income. This would represent year-on-year growth of roughly 45% and 40%, respectively.
"We continue to see high demand in our markets particularly related to electricity generation and environmental protection," stated Mr. Xu Jie, CEO of Wuhan General. "Our backlog remains strong and we continue to see more projects than we have capacity to handle. We are also encouraged by the recent downward trend in raw material costs, particularly steel. As such we are reassuring our shareholders that we will meet our guidance for the year 2008."
About Wuhan General
Wuhan General (Nasdaq: WUHN) designs, manufactures, and distributes industrial blowers and turbines. Blowers are used in a variety of applications where large amounts of air have to be moved. Examples include electricity generation, air pollution control, and ventilation and aeration in subways and vehicular tunnels, mines, and sewage treatment facilities. The Company's steam and water turbines are used for electricity generation in coal, oil, nuclear, and hydroelectric power plants. The Company is located in Wuhan, China, a major industrial city of 8 million people strategically located in the south-central part of China.
Certain statements in this press release, including statements regarding the Company's future revenue and income, future growth in the Company's business, future demand for the Company's products and future raw material costs, 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, the cost of raw materials 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.
