BEIJING, April 16, 2013 /PRNewswire/ -- Wowjoint Holdings
Limited (OTCQB: BWOWF) ("Wowjoint" or the "Company"), China's innovative infrastructure solutions
provider of customized heavy duty lifting and carrying machinery
announced today it is issuing a correction to the Company's
previous SEC filings and press releases in reference to the
ownership breakdown of one of its substantial shareholders.
Affiliates of Realink Group Limited ("Realink") may be deemed to
beneficially own approximately 54.8% of Wowjoint's voting power.
Realink is controlled by some of the Company's executive officers.
Mr. Yabin Liu, Chief Executive
Officer and Chairman of Wowjoint, is a 44.4% holder of Realink; a
British Virgin Island company. Mr. Fude Zhang, Wowjoint's Chief Technical Officer
and director, is a 39.5% holder of Realink, and Mr. Liguo Liu, Wowjoint's Chief Marketing Officer,
is a 5.4% holder of Realink.
The remaining 10.7% shares of Realink are held by Mr.
Huijing Liu and have been since
November 2009 and he does not hold
any executive positions in Wowjoint at this time. The Company had
not corrected the ownership breakdown of Realink in its SEC filings
and press release in April 2010 and
had incorrectly listed a previous executive officer who is
deceased, versus the accurate owner, Mr. Huijing Liu, who is the nephew of the Company's
CEO.
This information does not affect the Wowjoint's business
operations or other shareholders' interests.
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 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
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 of Investor Relations
Tel: (530) 475-2793
Email: aubrye@wowjoint.com
Website: www.wowjoint.com
SOURCE Wowjoint Holdings Limited