BEIJING, Jan. 19, 2011 /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 $4.25 million equipment sales contract with China Railway 6th Bureau Group Co., Ltd.
The contract is for a 900 ton special launching carrier, with anticipated delivery within the first quarter of 2011, and includes Wowjoint's new technology that will be used in a bridge construction project located in a mountainous region. This customized carrier has received numerous accolades from customers, such as the 4th Engineering Company of China Railway 12th Bureau Group Co., Ltd., due to its ability to provide excellent performance during any phase of construction or in any location, which solves complex challenges facing many companies.
Mr. Yabin Liu, Chief Executive Officer of Wowjoint stated, "We are pleased to receive this order from China Railway 6th Bureau Group. This provides further confirmation for the steady improvements in overall customer demand we have witnessed since the third quarter of 2010. We are the only Company to produce this type of special launching carrier which incorporates three types of machines into one, providing our customers greater efficiency. We plan to leverage sales momentum to procure additional orders and are in active discussions with prospective customers in China and internationally."
Wowjoint continues to win contracts with new and existing customers due to its competitive advantage of being able to develop specialized technology to solve mission critical needs, while being able to meet specific delivery timelines. The Company has also made key additions to its sales force, which has been instrumental in expanding the pipeline of new business. Since September 2010, Wowjoint has been awarded contracts with a combined value of approximately $9.7 million. This includes sales contracts of over $5 million, service contracts of $3 million and leasing contracts of approximately $1.5 million.
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.
SOURCE Wowjoint Holdings Limited