Wowjoint Entered into New Contract to Service High Speed Rail
2012-11-14 15:07:38
Summary：Wowjoint Holdings Limited 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.
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."
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."
Key Words：Wowjoint,Contract