ORLANDO, Fla., July 16, 2008 (PRIME NEWSWIRE) -- RedChip Companies, Inc. today announced that it has moved Worldwide Energy and Manufacturing USA, Inc. (OTCBB:WEMU) from its Small-Cap Visibility Index, which lists companies participating in RedChip's small-cap awareness program, to its Independent Index, a select index of small-capitalization companies selected for RedChip Independent Research coverage.
Matthew Kantrowitz, Director of Equity Research at RedChip Companies, commented on the move:
"We're pleased to have Worldwide Energy and Manufacturing as a new addition to our Independent Index. RedChip Visibility published the Initial Research Report* on WEMU in September 2007 when the Company's shares were trading around $5.00. Since then, Worldwide's first quarter revenue has increased 94% year-over-year and the Company has expanded its manufacturing business into solar module production through its new solar division, AmeriSolar. These successes coupled with AmeriSolar's recent contract wins valued at approximately $15 million have translated into WEMU shares appreciating over 40%. This impressive top-line growth for the first half of 2008, which has already surpassed the Company's total revenue in 2007, and our belief in the Company's ability to achieve its vision of becoming the preferred global manufacturer of solar products merit Worldwide's addition to the RedChip Independent Index."
Kantrowitz added: "One of our five fundamental criteria in qualifying securities for Independent Research coverage is effective management, and we believe that Worldwide's CEO Jimmy Wang has the vision and experience to maintain the company's momentum, as evidenced by their successful expansion into the emerging solar market. The numbers here speak for themselves: $15 million in signed solar module contracts and almost $5 million in funding. These recent successes are strong catalysts for future growth."
To qualify for Independent Research coverage and listing on the Independent Index, Companies undergo an incisive process of scrutinization by RedChip analysts and must achieve full approval on each of RedChip Research's five fundamental investment criteria: effective management, mass appeal, growing sales, improving margins, and profitability or near-term profitability. The RedChip Independent Index currently boasts an average return of 24.73%, well above average market returns, and a post-coverage high return of nearly 82%.
*For more information about WEMU, including all RedChip Visibility Research Reports, visit: http://www.redchip.com/visibility/investor.asp?symbol=WEMU
About Worldwide Energy and Manufacturing USA, Inc.
Worldwide Energy and Manufacturing USA, Inc. ("Worldwide"), headquartered in South San Francisco, California, is a 14-year-old engineering-oriented firm specializing in solar energy, mechanical, electronics and fiber optic products manufacturing. The company's worldwide customer base includes the industries of wireless telecommunications, aerospace, automobiles and medical equipment. 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. For more information on Worldwide Energy and Manufacturing USA, Inc., please visit http://www.wwmusa.com.
About RedChip Independent(tm)
RedChip Companies, Inc., is a well-established source of independent research and information on the small-cap market. Dedicated to "Discovering Tomorrow's Blue Chips Today", its analysts seek out up-and-coming and undiscovered small-cap companies before they show up on Wall Street's radar. To view the full version of the RedChip Independent research reports, including the investment conclusion and target price, subscribe to RedChip's Research Community online by visiting http://www.redchip.com/research/researchmain.asp or call 1-800-REDCHIP (733-2447), Ext. 106.
The RedChip Companies, Inc. logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=2761
Disclosure
The analyst(s) contributing to the equity research reports for WEMU do not hold any shares of the subject security. The equity research reports are based on data obtained from sources we believe to be reliable but are not guaranteed as to accuracy and are not purported 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 $10,000 in cash per month for twelve (12) months of these investor relations services. To the fullest extent permissible under applicable law, RedChip Companies, Inc. will not be liable to you or anyone else for the quality, accuracy, completeness, reliability, or timeliness of this information.