This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Wowjoint Holdings Limited Entered Into Six New Contracts With A Total Value Of $6.2 Million

BEIJING, Sept. 24, 2013 (GLOBE NEWSWIRE) -- Wowjoint Holdings Limited ("Wowjoint" or the "Company") (OTC:BWOWF), China's innovative infrastructure solutions provider of customized heavy duty lifting and carrying machinery, today announced that it has entered into six new contracts for projects and services. The contracts are for projects in China and Malaysia with a total value of approximately $6.2 million. The contracts consist of two sales contracts and four technical service contracts, with approximately 50% of the contract value expected to be recognized in 2013.

"We're very pleased with our recent orders from China and Malaysia," stated Mr. Yabin Liu, Chief Executive Officer of Wowjoint. "These contracts demonstrate Wowjoint's continued pursuit of diversifying its revenue stream with the technical service sales and additional sales internationally. We are also happy to see an improvement in the domestic Chinese market and anticipate this trend will continue as infrastructure spending in China returns. We believe our world-class products and services, strong client relationships and our ability to provide unique solutions to our customers will result in continued growth both in China and international markets."

The first contract Wowjoint entered into is a sales contract with BBE Solutions Sdn. Bhd ("BBE") to provide one overhead launching gantry for the Klang Valley Mass Rapid Transit project in Malaysia. Production on the equipment began in July 2013 and delivery is expected to occur by December 2013. The value of the contract is $935,000 and is expected to be recognized as revenue in 2013. This is Wowjoint's second project in Malaysia, following the successful completion of a highway bridge construction project in 2012.

Wowjoint also entered into a technical service contract with a subsidiary of China Railway Group, No. 1 Engineering Co., Ltd. of China Railway Group 25 th Bureau. The contract is to redesign Wowjoint's proprietary 900-ton special launching carrier to enable it to transport railway beams passing through the tunnel with a very small radius and a unique bridge erection curve radius. Production began in July 2013, with completion of delivery and installation of the product expected by December 2013. The value of the contract is approximately $389,000 and is expected to be recognized as revenue in 2013.

The third contract Wowjoint entered into was a technical service contract with a subsidiary of China Railway Group, Haqi High-speed Rail Project Department 2 nd Branch, of China Railway Group 16 th Bureau. Wowjoint will provide the disassembly, maintenance, and transportation to a new jobsite and then reassembling a 900-ton special carrier and a 900-ton beam carrier. Service commenced in July 2013 and is expected to be completed by the end of September 2013. The total value of the contract is approximately $514,000 and will be recognized as revenue in 2013.

In September 2013, Wowjoint entered into a sales contract with Hainan Huarun Shimei Bay Tourism Development Co., Ltd., a subsidiary of one of the largest state-owned enterprises in China, China Resources (Holdings) Co., Ltd. for an 80-ton marine hoist. The Company commenced production and delivery and installation is expected by the end of December 2013. The contract value is approximately $453,000 and is expected to be recognized as revenue in 2013.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,070.40 +46.34 0.26%
S&P 500 2,114.49 +6.20 0.29%
NASDAQ 5,016.9290 +11.5380 0.23%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs