$4.5M contract w/ China Railway
BEIJING, Aug. 9 /PRNewswire-Asial/ -- Wowjoint Holdings Limited ("Wowjoint," or the "Company") (Nasdaq: BWOW, BWOWU, BWOWW), a leading provider of customized heavy duty lifting and carrying machinery used in large scale infrastructure projects such as railway, highway and bridge construction, today announced it has signed two contracts with China Railway Construction Company ("CRCC") totaling approximately $4.5 million. One contract, valued at approximately $2.1 million, is a service agreement providing for monthly payments pursuant to which Wowjoint will operate CRCC-owned lifting and/or carrying machinery to be used in a high-speed railway construction project. The second contract, valued at approximately $2.4 million, also provides for monthly payments with respect to the lease and operation of a special-purpose lifting and/or carrying machine for use in a separate CRCC high-speed railway construction project.
Mr. Yabin Liu, Chief Executive Officer of Wowjoint, stated: "We are pleased to announce these contracts with China Railway Construction Company. Our entry into these equipment leasing and service contracts further diversifies Wowjoint's revenue stream and provides the Company with recurring revenues. Combined with the recently announced equipment lease agreement with China Railway Group, this brings the value of contracts announced since July 29th to $6.7 million. Given the benefits of such contracts to Wowjoint, we intend to pursue additional equipment leasing and equipment operating service agreements in the future."
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