ORLANDO, Fla., Dec. 16, 2008 (GLOBE NEWSWIRE) -- RedChip Independent, a division of RedChip Companies, Inc., has issued a third quarter 2008 research update on Worldwide Energy and Manufacturing USA, Inc. (OTCBB:WEMU), a 15-year-old, U.S.-based engineering, contract manufacturing and direct manufacturing company specializing in international manufacturing of solar modules, electronics, mechanical and fiber optic products, primarily in China.
Neha Bhargava, MBA, RedChip Research Analyst, reported:
"WEMU's 3Q08 revenue catapulted sixfold year-over-year to $19.1 million and was up 179% sequentially largely driven by increasing solar module sales by AmeriSolar, the Company's energy division. Since its inception in February 2008, AmeriSolar has witnessed substantial business buildup with solar module contracts reaching $38 million."
"In October 2008, WEMU announced the acquisition of Detron Electric Co. (Detron), a Shanghai-based power supply company. The Detron acquisition brings not only technological, design and R&D capabilities to WEMU but also a strong customer base," she continued.
"WEMU continues to be on a high revenue trajectory driven primarily by its growing solar module business. In spite of the projected softness in solar module demand in 2009 that has led some of the leading Chinese solar companies to reduce their production and sales targets for 2009, we believe WEMU will continue to add to its solar module contracts on the strength of repeat orders from its existing customers as well as the addition of new customers in the last two quarters. The Company's target of achieving $62 million in solar module contracts in 2009 seems highly achievable as WEMU's own production facility comes online in early 2009," Bhargava concluded.
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Disclosure
Neither RedChip Companies nor the analyst has received any compensation from Worldwide Energy and Manufacturing USA, Inc. or any other party for the writing and preparation of this equity research report. The analyst(s) contributing to this report do not hold any shares of the subject securities. This report is based on data obtained from sources we believe to be reliable but is not guaranteed as to accuracy and does not purport to be complete. Neither the information nor any opinion expressed constitutes an offer, or an invitation to make or garner an offer, to buy or sell any securities or any options, futures, or other derivatives related to such securities. The subject security is currently engaged by RedChip Companies' investor relations division to provide investor awareness services, which is in no way related to RedChip Companies' Independent Research division. Worldwide Energy and Manufacturing USA, Inc. agreed to pay RedChip Companies, Inc. a fee of $2,500 in cash per month and 5,000 shares of common stock under Rule 144 for six months of service.