ORLANDO, Fla., Dec. 22, 2009 (GLOBE NEWSWIRE) -- RedChip Visibility, a division of RedChip Companies, Inc. today announced that it has issued a third quarter 2009 research update on Worldwide Energy and Manufacturing USA, Inc. (OTCBB:WEMU), an engineering firm specializing in international manufacturing for electronics, mechanical, fiber optic products, and solar modules.
Rahul Sowani, RedChip Research Analyst, wrote in the report:
"The market for WEMU has changed for both the contract manufacturing and solar sides of the business with the Company's AmeriSolar brand continuing to drive the top line accounting for 83% of total revenue in the third quarter. The Company has been able to establish itself in the solar module market within two years of operation and is poised to grow at double-digit rates based on its new solar orders and existing backlog."
"In 2008 WEMU shipped a total of 7.2 megawatts (MW), generating $31 million in solar revenues; and, in the first nine months of 2009 alone, the Company shipped 13 megawatts, generating solar revenues of $29.4 million -- despite the sharp fall in market prices. We expect WEMU to ship over 18 MW in 2009; and, for 2010, we estimate that the Company will be able to ship at least 29 MW," Sowani continued.
"We expect WEMU to post record results in 2010 given the Company's continued emphasis on its growing solar business coupled with improving conditions in the solar market. We are upgrading WEMU shares from Hold to a Speculative Buy rating and raising our target price to $8.00," he concluded.
To download a complimentary copy of the RedChip Visibility 3Q 2009 Research Report for WEMU, please visit: http://www.redchip.com/about/aboutmain.asp?pg=vr&rid=211
To learn more about Worldwide Energy and Manufacturing USA, Inc., visit http://www.redchip.com/visibility/investor.asp?symbol=WEMU
About RedChip Companies, Inc.
RedChip Companies is an international, small-cap research and financial public relations firm headquartered in Orlando, Florida; with affiliate offices in Paris; Qingdao and Beijing, China. RedChip delivers concrete, measurable results for its clients through its extensive national and international network of small-cap institutional and retail investors. RedChip has developed the most comprehensive platform of products and services for small-cap companies, including: RedChip Research(TM), Traditional Investor Relations, Digital Investor Relations, Institutional and Retail Conferences, RedChip Small-Cap TV(TM), Social Media Services, and RedChip Radio(TM). To learn more about RedChip's products and services please visit: http://www.redchip.com/visibility/productsandservices.asp.
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Disclosure
The analysts contributing to this report do not hold any shares of Worldwide Energy and Manufacturing USA, Inc. ("WEMU"). RedChip certifies that no part of the analyst's compensation was, is, or will be, directly or indirectly, related to the specific recommendation or views expressed by the analyst in the report. The equity research report(s) are not a recommendation of a solicitation to purchase or sell any security, nor do they constitute investment advice. In July 2007, Worldwide Energy and Manufacturing USA, Inc. ("WEMU"), paid RedChip Visibility, a division of RedChip Companies, Inc., fifteen thousand dollars for twelve months of RedChip Visibility Program services, which included the preparation of the equity research reports. In July 2008, the subject security was determined to meet RedChip Companies' criteria for independent research coverage. Since July 2008, RedChip Companies has not received any compensation from Worldwide Energy and Manufacturing USA, Inc., or any other party for the writing and preparation of the equity research reports. WEMU is a client of RedChip Companies, Inc. and of RedChip Visibility, a division of RedChip Companies. RedChip Companies, Inc., is currently engaged by this company to provide investor awareness services. Investor awareness services and programs are designed to help small-cap companies communicate their investment characteristics. These services may include investor conferences, digital and print distribution of investor-related materials and radio programming. Beginning July 26, 2007 and continuing through December 31, 2008, RedChip received a monthly fee of ten thousand dollars in cash for investor relations services. In 2008, RedChip Capital LLC, a RedChip Company, was paid a one-time consulting fee of one hundred fifteen thousand dollars for consulting services related to financial public relations in 2008. In January 2009, WEMU agreed to pay RedChip Companies, Inc. a monthly fee of seven thousand five hundred dollars in cash for twelve months of investor relations services. RedChip Companies, Inc., employees and affiliates may have positions and affect transactions in the securities or options of the issuers mentioned herein.