Wowjoint Holdings Limited Signs Contract with Titan Peru S.A.C.
First Contract in South America Continues International Expansion
BEIJING, May 11, 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 it entered into an agreement to provide a tire gantry to a Peruvian company.
The agreement is with Titan Peru S.A.C., an import/export company in the construction industry, for a 50 ton Rubber Tire Gantry. The equipment is used for transporting precast concrete beams from the yard to the project site. The Company has started production and received 30% of the contract price as an advance payment. This is an initial contract with Titan Peru and we expect to have future contracts to export other Wowjoint products to Peru.
"We are pleased to have another new customer and to continue our International expansion with our first sale into South America," Mr. Yabin Liu, Chief Executive Officer of Wowjoint stated. "Our sales team has continued to focus on our expansion into new markets and we're pleased to see the progress we've made with the recent agreement with customers in Malaysia and now in Peru. Wowjoint has been successful in developing a sales team and business network covering East Asia, Southeast Asia, Europe, the Middle East, North American and South America. We are excited about the opportunities we have in these new markets."
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, marine hoists and special purpose equipment. The Company's innovative design capabilities have resulted in patent grants and proprietary products. Wowjoint believes it 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
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