BEIJING, Dec. 30, 2010 /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 it has signed a $1 million equipment sales contract with China Railway Fangshan Bridge Co., Ltd with delivery anticipated in March 2011. The equipment includes two customized 160-ton special carriers that will be used in a highway bridge construction project administered by the Erdos Project Department in Batuta-Junggar. Due to the location of the project, the equipment will offer an environmental protection function for the surrounding mountain area.
During the fourth quarter, Wowjoint signed approximately $3 million in service contracts which continue to diversify its revenue base. These include an $860,000 technical service contract with China Railway 14th Bureau Group Co., Ltd and China Railway 16th Bureau Group Co. Ltd and a $290,000 technical service contract with No. 1 Engineering Company, Ltd, a division of CCCC First Harbor Engineering Company Ltd.. In addition, Wowjoint signed a 190 day, $1.77 million beam erection service contract with China State Construction Railway Co., Ltd.. Wowjoint will provide transportation and erection services, utilizing its special launching carrier for mountainous terrain for the Shenyang-Dandong high-speed railway, specifically the difficult bridge-tunnel connection areas of the railway.
"Wowjoint is very pleased to sign this contract with China Railway Fangshan Bridge Co.," stated Mr. Yabin Liu, Chief Executive Officer of Wowjoint. "This is a new product that we developed specifically for this highway project, which will also provide a cost savings to our client. We continue to grow our core equipment manufacturing business while focusing on diversifying our revenue, which is evidenced by our new service contracts. Our specialized technical capability is highly regarded by our customers, and this key competitive advantage is the main reason Wowjoint secured these additional service contracts faster than initially expected."
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 .
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