BEIJING, Dec. 19, 2011 /PRNewswire via COMTEX/ -- 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 certain of its Executive Officers will conduct purchases of the Company's stock on the open market ("Purchase Plan").
Yabin Liu, Chief Executive Officer & Director; Fude Zhang, Chief Technology Officer & Director; and Liguo Liu, Senior Vice President of Marketing will be participating in the Purchase Plan. Between January 1, 2012 and June 15, 2012 these executives will collectively purchase up to $200,000 worth of shares on the open market, which as of the closing price on December 15, 2011 is approximately 500,000 shares. These purchases will occur each month, with a minimum of 5,000 shares purchased during each month.
"Our executive officers believe that the Company's stock is greatly undervalued and we have a strong conviction for Wowjoint's future success. We are dedicated to the Company and are demonstrating our dedication through buying stock in the open market," stated Mr. Yabin Liu, Chief Executive Officer of Wowjoint. "We've discussed our desire to conduct an executive stock purchase with the board of directors following the determination that it's not the best use of Wowjoint's current cash to conduct a stock buyback, as its best used for business expansion purposes. The board supports our decision and we look forward to commencing our Purchase Plan at the beginning of the year."