| SAN BRUNO, CA and SHANGHAI, CHINA--(Marketwire - May 21, 2008) - Worldwide Energy and Manufacturing USA, Inc. ("Worldwide") (OTCBB: WEMU ) ( www.wwmusa.com ), a U.S.-based China engineering and manufacturing company of mechanical, electronics products and solar modules, today announced record revenues and profit for the first quarter ending March 31, 2008. Revenues for the quarter were $5,404,083 compared to revenues of $2,786,799 for the same period in 2007. This increase of $2,617,284, or approximately 93.9%, was the result of an increase in orders in our energy division where we engage in the manufacturing of solar modules. Net income before tax for the quarter was $218,923 compared to a profit of $117,311 for the three months ended March 31, 2007. The increase of $101,612 or approximately 86.6% was the result of new orders for our energy division. Earnings per share for the quarter were $.11 compared to $.05 for the March quarter in 2007. Additionally, the company had a non-cash charge of $110,000 for stock based compensation. Jimmy Wang, CEO of Worldwide, stated, "This is the best first quarter we have ever had in terms of both revenue and profit. Our Energy division is taking off and we seek strong growth in this sector for the remainder of the year. I could not be happier with these results that clearly demonstrate the success of the company's execution of its business plan." Additionally, Mr. Wang commented that 2008 is on track for explosive growth with records for both revenue and profitability. About Worldwide Energy and Manufacturing USA, Inc. Worldwide Energy and Manufacturing USA, Inc. ("Worldwide") is headquartered in San Bruno, California. Subsidiaries include Shanghai Intech Electro Mechanical Products Co., Ltd., Shanghai Intech Electronics Manufacturing Co., Ltd. and Shanghai Intech Precision Mechanical Products Manufacturing Co., Ltd., located in Shanghai, China. Worldwide is a 14-year-old engineering-oriented firm specializing in international contract manufacturing and is also a direct manufacturer of die-casting and electronics components. Its customers include the industries of renewable energy, wireless telecommunications, aerospace, automobiles and medical equipment. Worldwide also manufactures components for industries of instrumentation, machinery, tools, home electrical solutions and electronic parts such as electronic toys. For further information on Worldwide Energy and Manufacturing USA, Inc., please visit www.wwmusa.com . You may register to receive Worldwide Energy and Manufacturing USA, Inc.'s future press releases and to be added to the Company's distribution list by contacting John Ballard. The above news release contains forward-looking statements. These statements are based on assumptions that management believes are reasonable based on currently available information, and include statements regarding the intent, belief or current expectations of the Company and its management. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performances, and are subject to a wide range of business risks, external factors and uncertainties. Actual results may differ materially from those indicated by such forward-looking statements. The Company assumes no obligation to update the information contained in this press release, whether as a result of new information, future events, or otherwise. |
