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HONG KONG, Oct. 18, 2010 (GLOBE NEWSWIRE) -- Highway Holdings Limited (Nasdaq:HIHO) today announced it has received orders valued at approximately $5.56 million for protective cases for a popular mobile phone from a U.S.-based supplier of these accessories.
The manufacture of protective cases for the initial two-month order has commenced and delivery is expected to be completed within sixty days. Highway Holdings anticipates receiving similar ongoing monthly orders upon achieving full production capacity.
"We are gratified by the confidence of this new customer in our quality and technical capabilities and look forward to developing a long-term business relationship as a key supplier," said Roland Kohl, president and chief executive officer.
He noted that the mobile phone protective cases will be produced by the company's Golden Bright Plastic Manufacturing subsidiary, which was acquired in 2006 and subsequently integrated to further enhance Highway Holdings' manufacturing capabilities.
About Highway Holdings
Highway Holdings produces a wide variety of high-quality products for blue chip original equipment manufacturers -- from simple parts and components to sub-assemblies. It also manufactures finished products, such as light fixtures, LED lights, radio chimes and other electronic products. Highway Holdings is headquartered in Hong Kong, and currently operates with its principal manufacturing facility in Shenzhen and a factory in Wuxi in the People's Republic of China.
Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements which involve risks and uncertainties, including but not limited to economic, competitive, governmental, political and technological factors affecting the company's revenues, operations, markets, products and prices, and other factors discussed in the company's various filings with the Securities and Exchange Commission, including without limitation, the company's annual reports on Form 20-F.
CONTACT: Maier & Company, Inc.
Gary S. Maier