MWW Automotive Issues 2010 Year-in-Review Letter To Shareholders
HOWELL, Mich., Jan. 11, 2011 /PRNewswire/ -- MWW Automotive Group (OTC Bulletin Board:MWWC), a global automotive firm providing design and engineering services and manufacturing of accessories to many of the world's leading automotive manufacturers, issued today an annual letter to shareholders from its newly appointed CEO of the Company Chuck Pinkerton. The full text of the shareholder letter can also be reviewed on the Company's web site at www.mwwautomotive.com in the section "Investor Relations"; under subsection "Press Releases."
Dear Fellow Shareholders:
As the new CEO of MWW Automotive, I am pleased to present to you today a 2010 year-end review of MWWC's business and discuss some of those achievements that are positioning us for an exciting and prosperous 2011. During the last year, MWWC has met the challenges of 2010 head-on. I believe we have been able to not only solidify, but improve our position within the automotive marketplace. We have been successful in improving our financial performance by implementing dynamic structural, managerial and operational changes, during a time when many competitors have fallen victim to the largest and most drastic downturn in the automotive industry in decades.
Highlights of some of MWWC's achievements and changes in 2010 show our improving business model, including:
- We have streamlined our organizational and structural processes at our headquarters in Howell and instituted "Best-In-Class" production improvements to our ISO Certified "Class A" painting facility in Baroda, resulting in further enhancements to our product quality and increasing our production capacity.
- Jim Davis, who joined the company in early 2010, will continue in his position as the CFO; Michael Winzkowski has moved to the position of President & Chairman; and Rainer Poertner will continue to head up our Investor Relations and Investment Banking Relationships.
- In 2010, MWWC has received and submitted more Requests for Quotes (RFQs) for a wider range of projects from new customers than at any other time.
- MWWC has generated new business from newly emerging demand for smaller, but more frequent production runs, from large Original Equipment Manufacturer (OEMs) customers. Their large, automated and fully robotic production facilities cannot economically fill this trend, while MWWC is squarely positioned to do so.
- Orders and forecasts from our large global customers are increasing, and our customer base is rapidly diversifying beyond our established customers.
- Based on expanding production volume, MWWC will add a second shift in its painting facility. Accordingly, MWWC will be moving a large segment of its manufacturing and fulfillment program currently being executed in its headquarters in Howell, to its 40,000 square foot Baroda facility. This move will not only result in lower overhead and subsequently improved margins, but will also increase our production effectiveness and perfect the timing on deliverables to our clients with "just-in-time inventory."
- In order to better control our fixed and overhead costs, and focus on our core business in the United States, MWWC has decided to discontinue its German design operation.
- MWWC expects to report stronger year-over-year operational and financial results, the full details of which will be released in our annual report to be filed with the SEC on or before January 15, 2011.
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