BEIJING, Oct. 29, 2012 /PRNewswire/ -- 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 has entered into a
contract for leasing and servicing the construction of high
speed rail in China.
Wowjoint entered into a contract with a subsidiary of China
Railway Group, Beijing-Fujian Railway Section VI Project Department
of China Railway Tunnel Stock Co., Ltd. ("China Railway"), for the
lease and servicing of a special launching carrier. This special
launching carrier will be used in the construction of the
Beijing-Fuzhou passenger high speed railway line.
Wowjoint will lease to China Railway a 900 ton special launching
carrier specifically designed for this project to pass through the
tunnels and install approximately 146 spans of railway box beams.
The contract value is approximately $2.7
million and the service is scheduled to be performed from
November 2012 to September 2013.
"We continue to pursue our leasing and servicing business where
we operate the machines for our customers. We are pleased with our
newest contract with China Railway." stated Mr. Yabin Liu, Chief Executive Officer of Wowjoint.
"This is our second service contract this year and we anticipate
these types of contracts to continue as we enter the
subcontracting/servicing field. In this project, the launching
carrier is required to pass through over 20 tunnels. Our
special launching carrier is patented and is the only launching
carrier in China today that can go
through the tunnels and place box beam segments. We think this is
one of the reasons why Wowjoint was selected to be the provider for
this project. We believe our servicing business will continue to
expand as a profitable business segment of the Company."
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, marine hoists and special purpose equipment. The
Company's innovative design capabilities have resulted in patent
grants and proprietary products. Wowjoint believes it 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