Wowjoint Holdings Limited Awarded First US Based Contract Valued at $1 Million

USA - English

• USA - English
• USA - English

BEIJING, March 24 /PRNewswire-Asia/ -- Wowjoint Holdings Limited ("Wowjoint") (OTC Bulletin Board: CFQCF, CFQWF, CFQUF), f/k/a China Fundamental Acquisition Corporation, today announced that its operating subsidiary Beijing Wowjoint Machinery Co., Ltd. has been awarded a contract with PCL/Archer Western, A Joint Venture ("PCL/AWJV"), to provide customized heavy duty equipment which will be utilized in construction of the Interstate-4/Lee Roy Selmon Crosstown Expressway Connector Interchange in Tampa, Florida. Wowjoint was successful in winning the contract, valued at $1 million, among a host of competitors.

Wowjoint will provide PCL/AWJV with two of its customized Mobilifters, which will be produced to specifically address the needs of the I-4/Connector project, including lifting and placing various bridge segments.

The project, which commenced in March 2010, consists of 23 new bridges and the rehabilitation of existing bridges between Interstate-4 and Lee Roy Selmon Crosstown Expressway, and is expected to be completed in March 2013.

"We are extremely pleased to have won our first US-based project," stated Mr. Yabin Liu, Chief Executive Officer of Wowjoint. "Working with PCL/AWJV is a great opportunity for Wowjoint, and we believe our equipment will be a cost- effective solution for allowing them to complete this project. We are hopeful that the relationship with PCL/AWJV will lead to future opportunities that will be mutually beneficial to both parties.

"This first contract resulted from our successful marketing efforts and confirms our expansion plans for the US market," continued Mr. Liu. "We have established a presence to pursue multiple opportunities that exist in numerous cities which have plans for bridge repairs, new bridge projects, marine developments and high speed railways."

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 constructions. Wowjoint's main products 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 .

About PCL/Archer Western, A Joint Venture (Tampa):

PCL/Archer Western, A Joint Venture was created for construction of the I-4/Connector project. The two companies that form the joint venture are PCL Civil Constructors, Inc. and Archer Western Contractors, Ltd.

About PCL Civil Constructors, Inc. (Tampa):

The PCL family of companies is a group of independent construction companies which carry out diverse operations in the civil infrastructure, heavy industrial, and buildings markets. Together, these companies have an annual construction volume of more than $6 billion, making them the seventh largest contracting organization in the United States. Offices are strategically located in 27 major North American centers to support work across the continental United States, Alaska, the Hawaiian Islands, the Caribbean and Canada. For more information visit PCL's web site at http://www.pcl.com

About Archer Western Contractors, Ltd. (Tampa):

Archer Western Contractors, Ltd is a general contracting, construction management and Design-Build firm. Archer Western is a wholly owned subsidiary of The Walsh Group, a firm currently ranked among the nation's Top 20 Contractors according to Engineering News-Record. The company performs work in various building, civil and transportation sectors across the United States. The Walsh Group has invested over $500 million in equipment and regularly employs over 6,000 professionals. For more information visit The Walsh Group's web site at http://www.walshgroup.com

About China Fundamental Acquisition Corporation:

China Fundamental Acquisition Corporation was a special purpose acquisition company which was formed for the purpose of acquiring, through a merger, share exchange, asset acquisition, reorganization or other similar business combination, or contractual arrangements, an operating business, or control of such operating business, that has its principal operations located in the People's Republic of China, including Hong Kong and Macau. China Fundamental completed its initial public offering on May 21, 2008.

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. China Fundamental, Wowjoint and PCL/AWJV undertake no obligation and do 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 China Fundamental, Wowjoint and PCL/AWJV or other matters and attributable to China Fundamental, Wowjoint and PCL/AWJV or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above. China Fundamental, Wowjoint and PCL/AWJV do 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:

    Wowjoint Holdings Limited
     Amy Kong, Senior Vice President of Capital Markets
     Tel:   +1-347-416-2705
     Email: [email protected]

    HC International, Inc.
     Scott Powell, Vice President
     Tel:   +1-917-721-9480
     Email: [email protected]

SOURCE Wowjoint Holdings Limited