BEIJING, May 14, 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 held a ground breaking ceremony for its new manufacturing and R&D facility in Zhenjiang City New District. Wowjoint's CEO, Yabin Liu, gave a speech at the event. Wowjoint's newly established subsidiary, Zhenjiang Wowjoint Heavy-duty Machinery Co. Ltd. ("Zhenjiang Wowjoint"), will be operating this facility.
The new manufacturing facility under Zhenjiang Wowjoint will cover 200,000 square meters of land, including 14,000 square meters of production workshop, 7,000 square meters of office space and a shipping field and testing grounds. Construction will be implemented in two phases. Phase one is estimated to be completed within six months. The new manufacturing facility will be focused on producing and providing maintenance services for Wowjoint's launching gantries, lifting equipment, railway transportation equipment and railway testing equipment.
The new R&D center to be housed in this facility was established by Wowjoint in conjunction with Beijing Jiaotong University's Yangtze River Delta R&D Transportation Institute. The R&D center will concentrate on working with the new manufacturing facility to supply enhanced equipment and services to Wowjoint's customers. It will specifically focus on special projects for rail transportation and logistics, as well as projects in Southern China and the international markets.
"We're excited to have broken ground our new manufacturing base and new R&D center in Zhenjiang," stated Mr. Yabin Liu, Chief Executive Officer of Wowjoint. "The facilities are located in an economically developed area of the Yangtze River Delta, which is a strategic benefit to or business. We also believe that its proximity to Shanghai 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, 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