MILWAUKEE, Wisc., Nov. 20, 2007 (PRIME NEWSWIRE) -- Bucyrus International, Inc. (Nasdaq:BUCY) today confirmed that New World Resources N.V. (NWR), a leading producer of hard coal in the Czech Republic and Central Europe, has issued a Letter of Intent (LOI) to purchase ten new longwall systems from the underground mining equipment manufacturing segment of Bucyrus. These systems will be put to work at NWR's wholly owned subsidiary OKD a.s., the Czech Republic's largest hard coal mining company. NWR is a Dutch-based company. This LOI represents a preliminary notice of intent to purchase with the actual purchase and roll-out of the equipment to take place over the next 24 months, according to a news release issued today by NWR.
NWR announced that they have initiated a E300 million capital investment program at OKD, which signifies their commitment to "investing in (our) mining operations to ensure that they are safe, efficient and productive," said by Mike Salamon, Chairman of NWR. In making today's announcement Tim Sullivan, President & CEO of Bucyrus International, Inc. noted this significant LOI by highlighting, "Bucyrus' underground equipment can and will support our customers goal for improved efficiency and increased production and safety. Bucyrus, as a world leader in the design and manufacture of longwall systems, has the experience and know-how to support the customer for long-term success."
About Bucyrus International, Inc.
Bucyrus International, Inc. is a world leader in the design and manufacture of high productivity mining equipment for the surface and underground mining industries. BUCYRUS surface equipment is used for mining coal, copper, iron ore, oil sands and other minerals and BUCYRUS underground equipment is used primarily for mining coal. In addition to machine manufacturing, Bucyrus manufactures high quality OE parts and provide world-class support services for their machines. The headquarters of Bucyrus International, Inc. is located in South Milwaukee, Wisconsin, USA.
Special Note Regarding Forward-Looking Statements
This press release contains statements that constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by the use of predictive, future tense or forward looking terminology, such as "believes," "anticipates," "expects," "estimates," "intends," "may," "will" or similar terms. We caution that any such forward-looking statements are not guarantees of our future performance and involve significant risks and uncertainties, and that actual results may differ materially from those contained in the forward-looking statements as a result of various factors, and should be read in conjunction with the other cautionary statements and risk factors included in Bucyrus' prospectus supplement filed with the Securities and Exchange Commission on May 7, 2007 in connection with the recent public offering of its common stock and Bucyrus' Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 10, 2007 and other cautionary statements described in other reports filed by Bucyrus with the Securities and Exchange Commission. All forward-looking statements attributable to Bucyrus are expressly qualified in their entirety by the foregoing cautionary statements. Bucyrus undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.