WUHAN, China, June 24 /PRNewswire-Asia/ -- Wuhan General Group (China), Inc. (Nasdaq: WUHN) ("Wuhan General" or the "Company"), a leading manufacturer of industrial blowers and turbines in China, operating through its subsidiaries, Wuhan Blower Co., Ltd. ("Wuhan Blower"), Wuhan Generating Equipment Co., Ltd. ("Wuhan Generating") and Wuhan Sungreen Environment Protection Equipment Co., Ltd. ("Wuhan Sungreen"), today announced it recently won bids for two contracts totaling $4.7 million.
In April 2010, Wuhan Blower won a bid to supply blowers for Qinghai Huanghe Hydropower Development Co., Ltd. for a total amount of RMB 17.1 million (approximately $2.5 million). Under the agreement, Wuhan Blower will provide nine blowers used to control air pollution from electrolytic aluminum production. The Company expects to complete the delivery and installation of these blowers by the end of August 2010.
In May, Wuhan Blower won a bid to supply blowers for Handan Iron & Steel Co., Ltd. for an amount of RMB 15.3 million (approximately $2.2 million). The three blowers required for this project are used to restructure the old facility at Handan Iron & Steel Co., Ltd. Under the agreement, Wuhan Blower will provide one-stop services including design, manufacture, delivery, installation and testing. The Company expects to complete this project by the end of November 2010.
Wuhan Blower also completed two projects for the China Pavilion building at the World Expo in Shanghai and the Expo tunnel in February and March 2010 for a total of RMB 5.5 million (approximately $0.8 million). Both projects received positive feedback.
"These contracts demonstrate Wuhan Blower's superior technical capabilities and our ability to win large projects. Our integrated business model that combines project design with manufacture and services is highly recognized by the market," said Ruilong Qi, Chief Executive Officer of Wuhan General. "We will continue to leverage our industry expertise and technical advantages to expand our customer base, and penetrate new potential markets, creating long-term value for our shareholders."
About Wuhan General Group (China), Inc.
Through its subsidiaries, Wuhan Blower, Wuhan Generating and Wuhan Sungreen, Wuhan General is a leading manufacturer of industrial blowers and turbines in China and the Company is based in Wuhan, Hubei Province, China. Wuhan Blower is a China-based manufacturer of industrial blowers that are principal components of steam-driven electrical power generation plants. Wuhan Generating is a China-based manufacturer of industrial steam and water turbines used for electricity generation in coal, oil, nuclear and hydroelectric power plants. Wuhan Sungreen manufactures silencers, connectors and other general parts for industrial blowers and electrical equipment and produces general machinery equipment. The Company's primary customers are from the iron and steel, power generation, petrochemical and other industries. Led by a strong management team, Wuhan General is well recognized for its technological sophistication and quality construction of blowers and turbines. For more information, please visit http://www.wuhangeneral.com .
Safe Harbor Statement
Certain statements in this press release, including statements regarding our first quarter 2010 financial results, future revenue (including by segment), net income and sales, our liquidity position, growth strategy, future demand for our products, the fulfillment of our backlog orders, improvement in the collection of our accounts receivable, our ability to control costs and our ability to handle larger projects may be forward-looking in nature or "forward-looking statements," as defined by the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks and uncertainties, including all business uncertainties relating to vulnerability of our business to general economic downturn, operating in the People's Republic of China (PRC) generally and the potential for changes in the laws of the PRC that affect our operations, our failure to meet or timely meet contractual performance standards and schedules, our ability to comply with financial covenants in our loan agreement with Standard Chartered and other factors that may cause actual results to be materially different from those described in such forward-looking statements. Certain of these risks and uncertainties are or will be described in greater detail in our filings with the Securities and Exchange Commission. These forward-looking statements are based on Wuhan General's current expectations and beliefs concerning future developments and their potential effects on the Company. There can be no assurance that future developments affecting Wuhan General will be those anticipated by the Company. Wuhan General undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
For more information, please contact:
Wuhan General Group (China), Inc.
Mr. Philip Lo, CFO
Phone: +86-27-5970-0067 (China)
Email: philip.lo@wuhangeneral.com
Web: http://www.wuhangeneral.com
CCG Investor Relations Inc.
Ms. Linda Salo, Financial Writer
Email: linda.salo@ccgir.com
Phone: +1-646-922-0894
Mr. Crocker Coulson, President
Phone: +1-646-213-1915 (New York)
Email: crocker.coulson@ccgir.com
Web: http://www.ccgirasia.com
