Wowjoint Holdings Limited Signs Contract With Shenzhen Land Investment & Development Center
BEIJING, July 22, 2011 /PRNewswire-Asia-FirstCall/ -- 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 it has signed a new equipment contract for a marine hoist.
Shenzhen Land Investment & Development Center, a government control center, signed a contract with Wowjoint for approximately $400,000 to purchase a 50 ton marine hoist. The marine hoist will be used as a yacht hoist in the 2011 Shezhen Universiade. This represents the second industry that Wowjoint has been able to penetrate with its customized marine hoist and is a large market that can lead to future sales.
"This contract with Shenzhen Land Investment & Development Center represents a substantial opportunity for Wowjoint and we are extremely pleased about our entry into this market," Mr. Yabin Liu, Chief Executive Officer of Wowjoint stated. "In February 2011, we entered the yacht industry with the sale of our marine hoist to Sunbird Yacht Company. Entering an additional market with our marine hoist demonstrates our focus on diversifying our revenue streams as well as our ability to utilize our core competency of engineering high quality machines that provide a value to our customers. We believe we will be able capitalize on our entry into this market as well as penetrating the yacht and wind power industries that we entered earlier this year."
About Wowjoint Holdings LimitedWowjoint 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
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