BEIJING, Oct. 14 /PRNewswire-Asia/ -- Wowjoint Holdings Limited ("Wowjoint," or the "Company") (Nasdaq: BWOW, BWOWU, BWOWW), a leading provider of customized heavy duty lifting and carrying machinery used in large scale infrastructure projects such as railway, highway and bridge construction, today announced primary cooperation agreements to develop its new railway work testing vehicles with two Railway Bureaus. Additionally, the Company has applied for 9 patents in China and the US for new products and technologies in 2010.
Wowjoint is accelerating its development of new products, including new railway work vehicles to test and maintain China's rapidly growing network of high-speed railways. The primary cooperation agreement with two of China's largest railway bureaus commits the bureaus to a trial period to test and use the work vehicles in the near future, and to aid in their further development.
In the first half of 2010, Wowjoint applied for 9 patents as it continues to develop new technologies, including patents for its launching carriers used for bridge erection. By the end of 2010, contracts for equipment utilizing its launching carrier technology are estimated to total approximately USD $22 million. An additional patent has been filed in the United States for its special machine, which utilizes new technology in bridge renovation.
"As the expansion and growth of high-speed railways continue in both China and internationally, and as renovation projects for existing bridges accelerate, we are focused on developing new equipment and technology to build and service these projects. Hopefully our special machine is a product that will be extremely useful within the U.S. market due to the numerous freeway overpasses and the renovation occurring are various highway bridges," said Mr. Yabin Liu, Chief Executive Officer of Wowjoint. "Our collaboration with the railway contractors will contribute to the adoption and use of our new products, as we continue to work on diversifying our revenue stream."
About Wowjoint Holdings Limited
Wowjoint is a leading provider of customized heavy duty lifting and carrying machinery used in such large scale infrastructure projects 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.
Forward Looking Statements
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.
For additional information contact:
Anthony (Tony) Hung
Chief Financial Officer
Tel: +86-10-8957-9330 x8011
HC International, Inc.:
SOURCE Wowjoint Holdings Limited