Worldwide Energy and Manufacturing USA, Inc., a U.S.-based China manufacturing company focused on producing products for customers in the industries of solar energy, aerospace, wireless telecommunications, medical equipment and automotive, today issued a press release containing CEO Jimmy Wang’s letter to shareholders. The entire letter has been posted below.
I want to personally thank you for your support of Worldwide Energy and Manufacturing USA, Inc. (”Worldwide”). I also want to report to you our achievements over the last twelve months, as well as our future plans.
First, I want you to know that we recently applied for listing on NASDAQ. Along with our 4th quarter numbers, we will qualify for NASDAQ:CM when we reach a bid price of $4.00 for two consecutive days. As you know, a NASDAQ listing will increase our visibility dramatically, and will open up a vast network of stockbrokers who can purchase our stock for their investors. We are working on various investor outreach programs through RedChip Companies. We have participated in 5 investor conferences, appeared on RedChip national radio numerous times, met with dozens of fund managers and hundreds of stock brokers and investors. We will continue with these efforts with the intent of creating greater awareness of our Company, our goals and achievements. A major impetus for applying for a NASDAQ listing is due to the many stockbrokers who have expressed interest in our stock, but who have been unable to take a position because our stock was not listed on the NASDAQ exchange.
As you know, I founded Worldwide Energy and Manufacturing USA, Inc. in 1993. We went public in 2004 through a reverse merger. We began as a contract manufacturer, making mechanical, electronics, and fiber optic products for customers in the aerospace industry, in wireless telecommunications, in the semi-conductor industry, in instrumentation, in the medical equipment industry, and in the automotive industry. Every year since going public we have achieved a four year average revenue growth of 83.83% and profit growth of 46.75%. We have built a very elite customer list that includes Danaher, General Electric, Tyco Electronics, Smith Industries and about one hundred more.
In January of 2008, we launched our solar division, recruiting top flight sales reps and scientists from very large solar manufacturers. This division has already delivered revenues of $34.47 million and we now have a backlog of $54 million for solar orders for 2009. We expect to see continued triple digit growth in 2008-2010 and beyond. My vision is to build a $1 billion company within 5-7 years. I believe we will reach approximately $100 million in revenue in fiscal 2009, from a projected $45 million in fiscal 2008. We will report our year-end results in the next few weeks.
On March 4th, 2009 we announced that we filed eight patents on our solar technology. We believe that we have developed a better, more efficient, more structurally sound solar module than our competitors, thus providing us with a strong competitive advantage.
Some investors may ask how the world- wide recession will affect our growth in 2009. As I stated earlier, we currently have $54 million in solar orders for 2009 and believe that we will continue to receive new orders from our existing and new customers.
In July of 2008, we completed our first financing of $5 million at $4.50 per share. This was a straight equity deal with warrants priced at $7.00 and $9.00. This money was used to build our own solar factory in Ningbo, China, along with the acquisition of Detron, a power supply company located in Shanghai, China, that has research and development capabilities. The solar factory has the capacity of 80MW, which translates into approximately $224 million in revenue at full capacity. We expect to have higher gross and net margins in our solar division now that we have our own factory along with continued improvement in quality and development of our solar modules.
We continue to explore opportunities as well as expand our solar sales and distribution in the USA and Latin America. We currently sell our products in Europe and South Korea. Our research shows that the USA has an abundance of solar rebate programs for both the commercial and residential markets at the local, state and federal level. We are well-positioned to sell our solar modules to large institutions in the U.S. Our current projections of $100 million in revenue do not actually include any sales forecasts in the U.S.
Despite the difficult economic environment, I remain confident that our company will continue to grow and prosper. My vision remains clear regarding the opportunities that exist and the ones that will develop in the United States this year, and perhaps in years to come. I appreciate the loyal support I have received from many of Worldwide’s shareholders, and will continue to do everything possible to be worthy of this loyalty.
CEO, Worldwide Energy and Manufacturing USA, Inc.