ORLANDO, Fla., Oct. 1, 2008 (GLOBE NEWSWIRE) -- RedChip Independent, a division of RedChip Companies, Inc., has issued a second quarter 2008 research update for Worldwide Energy and Manufacturing USA, Inc. (OTCBB:WEMU), a 15-year-old engineering, contract manufacturing and direct manufacturing company based in the United States specializing in international manufacturing for solar modules, electronics, mechanical and fiber optic products.
Neha Bhargava, MBA, RedChip Research Analyst, reported:
"WEMU continued to exceed our expectations both in terms of revenue and earnings growth in 2Q08, further strengthening our optimistic view of the Company's growth potential. The Company has already surpassed its own revenue projections for its solar division for 2008 and continues to experience steady growth in its contract manufacturing business, further adding to WEMU's rapid revenue growth in recent quarters."
"The billion dollar solar industry remains the fastest growing among renewable energy industries, and we think WEMU will benefit greatly as it strives to become a dominant player in the space. The Company's strategic shift toward solar cell manufacturing, which has been validated by an impressive inflow of over $30 million worth of signed solar module manufacturing contracts, and the expansion of its electronic segment were the key drivers of revenue and business growth during the quarter," she continued.
"We maintain our 'Buy' recommendation on WEMU as the Company's revenue and earnings growth are constantly achieving higher levels," 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 800 shares of common stock under Rule 144 for six months of these services. RedChip Securities, a FINRA broker-dealer, was the underwriter of a five million dollar capital raise in June 2008 for Worldwide Energy and Manufacturing USA, Inc. for which RedChip Securities received banking fees. RedChip Securities is not owned or operated by RedChip Companies or RedChip Independent. RedChip Companies and RedChip Independent are not owned or operated by RedChip Securities.