HONG KONG, Dec. 2, 2008 (GLOBE NEWSWIRE) -- Highway Holdings Limited (Nasdaq:HIHO) today announced it has received a tooling order from UMC Electronics Co., Ltd. which will be used to produce several metal components for a new Windows CE-based personal mobile terminal product sold by a leading Japanese electronic products manufacturer.
Based on UMC's non-binding annual forecasts, Highway Holding expects its business with UMC, a current customer, will increase by approximately 30 percent to $1.5 million.
"We are gratified by UMC's confidence in our capabilities and quality and look forward to additional opportunities to work together," said Roland Kohl, president and chief executive officer of Highway Holdings.
"Our ongoing success in securing additional business from well-recognized global customers is particularly gratifying during these challenging economic times. Despite the current global economic situation, we are confident in our continued success and potential to gain additional business across a variety of product lines from existing and new customers," Kohl added.
About UMC
Based in Saitama, Japan, UMC Electronics Co., Ltd is a privately held electronics manufacturing company with annual revenues of approximately $800 million. It serves numerous leading Japanese electronic manufacturers, providing ODM and/OEM services.
About Highway Holdings
Highway Holdings produces a wide variety of high-quality products for blue chip original equipment manufacturers -- from simple parts and components to sub-assemblies. It also manufactures finished products, such as light fixtures, LED lights, radio chimes and other electronic products. Highway Holdings is headquartered in Hong Kong and operates four manufacturing facilities in the People's Republic of China.
Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements which involve risks and uncertainties, including but not limited to economic, competitive, governmental, political and technological factors affecting the company's revenues, operations, markets, products and prices, and other factors discussed in the company's various filings with the Securities and Exchange Commission, including without limitation, the company's annual reports on Form 20-F.