BEIJING, Feb. 17, 2012 /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 that it signed an agreement with the Zhenjiang City New District government which permits Wowjoint to establish a manufacturing and R&D facility in Zhenjiang City New District. Zhenjiang is located in Eastern China, about 2-3 hours northwest of Shanghai. Wowjoint established a new subsidiary for the property called Zhenjiang Wowjoint Heavy-duty Machinery Co. Ltd. ("Zhenjiang Wowjoint") following the agreement.
The new manufacturing facility under Zhenjiang Wowjoint will cover 200,000 square meters of land. Zhenjiang Wowjoint presently owns 48,000 square meters of the land and may purchase the remaining land in stages over the next couple of years. Construction will be split into two phases, with construction commencing in early 2012. Phase one has an estimated completion time of six months, which would be in late 2012. The new manufacturing facility will be focused on producing and providing maintenance services for Wowjoint's launch gantries, lifting equipment, railway transportation equipment and railway testing equipment.
In addition, Wowjoint established a new R&D center in Zhenjiang in conjunction with Beijing Jiaotong University's Yangtze River Delta R&D Transportation Institute in December 2011. Zhenjiang City New District government provided Wowjoint with 860 square meters of office building space at no cost to the Company. The new R&D center will concentrate on working with the new manufacturing facility, Zhenjiang Wowjoint, to supply enhanced equipment and services to our customers. It will specifically service customers around the Eastern China Yangtze River Delta area, Southern China and international market customers.
"Wowjoint hopes to expand our market share in China and internationally with our strategic development of the new manufacturing base and new R&D center in Zhenjiang," stated Mr. Yabin Liu, Chief Executive Officer of Wowjoint. "We believe it's in a beneficial location close to Shanghai and provides additional resources to capitalize on our international expansion plans."
About Wowjoint Holdings Limited
Wowjoint is a leading provider of customized heavy duty lifting and carrying machinery used in 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.
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.
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SOURCE Wowjoint Holdings Limited