Feb 22 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 $5 million in new equipment contracts.
The first contract totaling $4 million is with China Railway 16th Bureau's No. 5 Engineering Company, for a 900 ton tyre trolley and a 900 ton launching gantry. Both machines are being custom designed to pass through a tunnel, resulting in a narrower and lower machine that still possesses Wowjoint's traditional high functionality. The machines will be utilized in the construction of the Shanghai-Kunming high-speed railway. This represents the 13th order we have received from China Railway in the past 12 months and the 41st high-speed railway contract we have won since we introduced these products.
"Wowjoint is pleased to receive this new order as we further extend our strong relationship with China Railway 16th Bureau. Our equipment offers a high level of special functionality needed to complete the project, while allowing ease of passage through the tunnels during the high-speed railway construction," Mr. Yabin Liu, Chief Executive Officer of Wowjoint remarked. "With a robust pipeline of new railway projects, we continue to see tremendous sales momentum and opportunities in China and abroad."
Sunbird Yacht Company ("Sunbird"), China's largest yacht manufacturer and the only publicly listed China-based yacht company, signed a $1 million contract with Wowjoint to purchase two 150 ton tyre marine hoists. The tyre marine hoist, a new machine developed and designed solely by Wowjoint, represents the first sale into the yacht industry and provides a significant competitive advantage in pursuing additional contracts within this growing niche market. This contract represents the first sale of this product into the yacht industry.
"We are excited about our recent entry into China's yacht industry through our contract with Sunbird," Mr. Liu continued. "They are a leader in the Chinese yacht industry, with approximately $182 million in sales in 2009. As the sole producer of this equipment, we are confident in securing additional orders."
Source: http://www.wowjoint.com/