Jan 3 2011
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."
Source: http://www.wowjoint.com/