Wowjoint Holdings Limited Announces Executives to Conduct Stock Purchases Demonstrates Continued Confidence in the Company
BEIJING, Dec. 19, 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 that certain of its Executive Officers will conduct purchases of the Company's stock on the open market ("Purchase Plan").
Yabin Liu, Chief Executive Officer & Director; Fude Zhang, Chief Technology Officer & Director; and Liguo Liu, Senior Vice President of Marketing will be participating in the Purchase Plan. Between January 1, 2012 and June 15, 2012 these executives will collectively purchase up to $200,000 worth of shares on the open market, which as of the closing price on December 15, 2011 is approximately 500,000 shares. These purchases will occur each month, with a minimum of 5,000 shares purchased during each month.
"Our executive officers believe that the Company's stock is greatly undervalued and we have a strong conviction for Wowjoint's future success. We are dedicated to the Company and are demonstrating our dedication through buying stock in the open market," stated Mr. Yabin Liu, Chief Executive Officer of Wowjoint. "We've discussed our desire to conduct an executive stock purchase with the board of directors following the determination that it's not the best use of Wowjoint's current cash to conduct a stock buyback, as its best used for business expansion purposes. The board supports our decision and we look forward to commencing our Purchase Plan at the beginning of the year."
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.
SOURCE Wowjoint Holdings Limited