BEIJING, Feb. 17, 2012 /PRNewswire-Asia/ -- Wowjoint
Holdings Limited ("Wowjoint," or the "Company") (Nasdaq: BWOW,
BWOWU, BWOWW), China's innovative
infrastructure solutions provider of customized heavy duty lifting
and carrying machinery, today announced that it signed an agreement
with the Zhenjiang City New District government which permits
Wowjoint to establish a manufacturing and R&D facility in
Zhenjiang City New District. Zhenjiang is located in Eastern China, about 2-3 hours northwest of
Shanghai. Wowjoint established a
new subsidiary for the property called Zhenjiang Wowjoint
Heavy-duty Machinery Co. Ltd. ("Zhenjiang Wowjoint") following the
agreement.
The new manufacturing facility under Zhenjiang Wowjoint will
cover 200,000 square meters of land. Zhenjiang Wowjoint presently
owns 48,000 square meters of the land and may purchase the
remaining land in stages over the next couple of years.
Construction will be split into two phases, with construction
commencing in early 2012. Phase one has an estimated
completion time of six months, which would be in late 2012. The new
manufacturing facility will be focused on producing and providing
maintenance services for Wowjoint's launch gantries, lifting
equipment, railway transportation equipment and railway testing
equipment.
In addition, Wowjoint established a new R&D center in
Zhenjiang in conjunction with Beijing Jiaotong University's Yangtze
River Delta R&D Transportation Institute in December
2011. Zhenjiang City New District government provided Wowjoint
with 860 square meters of office building space at no cost to the
Company. The new R&D center will concentrate on working with
the new manufacturing facility, Zhenjiang Wowjoint, to supply
enhanced equipment and services to our customers. It will
specifically service customers around the Eastern China Yangtze
River Delta area, Southern China
and international market customers.
"Wowjoint hopes to expand our market share in China and internationally with our strategic
development of the new manufacturing base and new R&D center in
Zhenjiang," stated Mr. Yabin Liu,
Chief Executive Officer of Wowjoint. "We believe it's in a
beneficial location close to Shanghai and provides additional resources to
capitalize on our international expansion plans."
About Wowjoint Holdings Limited
Wowjoint is a leading provider of customized heavy duty lifting
and carrying machinery used in large scale infrastructure projects
such 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.
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. 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.
For additional information contact:
Wowjoint Holdings:
Aubrye Foote, Vice President Investor Relations
Tel: +1-530-475-2793
Email: aubrye@wowjoint.com
Website: www.wowjoint.com
SOURCE Wowjoint Holdings Limited