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[meinolf67]

Worldwide Energy and Manufacturing Announces Approximately $38M to Date in Solar Division Contracts
Monday October 27, 9:00 am ET

New Contract Valued at 8.2 Million

SOUTH SAN FRANCISCO, CA and SHANGHAI, CHINA--(MARKET WIRE)--Oct 27, 2008 -- Worldwide Energy and Manufacturing USA, Inc. (OTC BB:WEMU.OB - News), a U.S.-based China manufacturing company specializing in products for customers in the industries of solar energy, aerospace, wireless telecommunications, medical equipment and automotive, today announced that its solar division, AmeriSolar, has signed solar module contracts for new orders valued at approximately $8.2 million. The company expects all contracts to be filled and recorded in the 2008 calendar year. These orders demonstrate Worldwide's successful implementation into the renewable energy market.

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Worldwide Energy's Chief Executive Officer Jimmy Wang, stated: "We are pleased by the continued demand for solar modules contracts which is demonstrated by the continued strong demand in our energy division. The worldwide need for alternative energy sources will continue to drive our growth. Our solar energy resources, our Fortune 500 customer base and our aggressive sales team, combined with our recent $4.75 million funding, gives our company tremendous momentum. We are aggressively continuing to grow our solar module market share."

The global solar market is estimated at $30 billion in revenues for 2007, according to Photon Consulting, and solar energy continues to be one of the fastest growing sectors within the clean-tech industry with a recent 40% annual growth rate and an expected 40% continued growth rate in the next few years. Worldwide Energy is becoming one of the fastest growing companies in the clean-tech solar industry.

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 PV panel, mechanical, electronics and fiber optic products manufacturing. The company's worldwide customer base includes the industries of solar energy, 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 further information on Worldwide Energy and Manufacturing USA, Inc., please visit http://www.wwmusa.com. You may register to receive Worldwide Energy and Manufacturing USA, Inc.'s future press releases or request to be added to the Company's distribution list by contacting John Ballard.

[meinolf67]

Worldwide Energy and Manufacturing Announces an Additional $23 Million in New Solar Cell Supply Contracts
Thursday December 18, 9:00 am ET

SOUTH SAN FRANCISCO, CA and SHANGHAI, CHINA--(MARKET WIRE)--Dec 18, 2008 -- Worldwide Energy and Manufacturing USA, Inc. (OTC BB:WEMU.OB - News), a U.S.-based China manufacturing company specializing in products for customers in the industries of solar energy, aerospace, wireless telecommunications, medical equipment and automotive, today announced that its solar division, AmeriSolar, has received three additional solar module contracts valued at approximately US$23 million. These latest orders come on the back of two recently announced solar contracts totaling US$13.7 million, bringing Worldwide's total current backlog of new orders for its solar division to $36.7 million.

"With the advantage of our competitive edge: 'better quality control technology and strong sales contacts,' we believe we will continue generating triple-digit revenue and earnings growth in 2009 and 2010," said Jimmy Wang, CEO of Worldwide Energy.

"With geopolitical events impacting fossil fuel supplies and the general need to find energy alternatives, we anticipate a steady growth rate in the demand for solar energy," continued Wang. "We have implemented our operational strategies to capitalize on this growth, including the opening of our Ningbo solar manufacturing facility in China; and we are very pleased with steady flow of contract orders we are seeing."

According to Solarbuzz, the photovoltaic industry, which converts light energy to clean and affordable power, generated $17.2 billion in global revenues in 2007. The solar industry remains the fastest growing among renewable energy industries, and Worldwide is quickly positioning itself as one of the fastest-growing solar panel producers.

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Worldwide Energy and Manufacturing USA reveals $52 mln backlog in solar module contracts
3/18/2009 10:27 AM ET
(RTTNews) - Worldwide Energy and Manufacturing USA Inc. (WEMU.OB: News ) announced that its solar division has a backlog of $52 million in solar module contracts.

The company noted that it signed new contracts worth about $90 million to date, the majority of which are expected to be recorded during fiscal 2009.

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nasdaq listing im mai
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Worldwide Energy and Manufacturing Announces Additional Line of Credit of $3 million to Finance Its Solar Orders

* On Monday May 18, 2009, 11:06 am EDT

*
Buzz up!
* Print

Related:

* Worldwide Energy & Manufacturing USA, Inc.

SOUTH SAN FRANCISCO, CA and SHANGHAI, CHINA--(MARKET WIRE)--May 18, 2009 -- Worldwide Energy and Manufacturing USA, Inc. (OTC BB:WEMU.OB - News), a U.S.-based China manufacturing company specializing in products for customers in the industries of solar energy, aerospace, wireless telecommunications, medical equipment and automotive, today announced that Bank of the West has extended the company's working capital line of credit and has provided an additional line of $3 million to help finance the company's growing solar order contracts and business.
Related Quotes
Symbol Price Change
WEMU.OB 4.85 +0.19
Chart for WORLDWIDE ENE & MFG
{"s" : "wemu.ob","k" : "c10,l10,p20,t10","o" : "","j" : ""}

Worldwide Energy's Chief Executive Officer Jimmy Wang stated: "This additional line of credit provides us with the capital needed to help finance our growing solar division. Bank of the West has worked closely with us to make sure our financial needs are being met."

About Worldwide Energy and Manufacturing USA, Inc.

Worldwide Energy and Manufacturing USA, Inc. ("Worldwide"), headquartered in South San Francisco, California, is a 15-year-old engineering-oriented firm specializing in photovoltaic (PV) panel, mechanical, electronics and fiber optic products manufacturing. The company's worldwide customer base includes the industries of solar energy, wireless telecommunications, aerospace, automobiles and medical equipment. Subsidiaries include: Worldwide Energy and Manufacturing Ningbo (Solar factory) Co., Ltd, Shanghai Intech Electro Mechanical Products Co. Ltd., Shanghai Intech Electronics Manufacturing Co. Ltd., Shanghai Intech Precision Mechanical Products Manufacturing Co. Ltd. And Shanghai Intech Electric and Electronics Co., Ltd., located in Shanghai and Ningbo, China.

For further information on Worldwide Energy and Manufacturing USA, Inc., please visit http://www.wwmusa.com. You may register to receive Worldwide Energy and Manufacturing USA, Inc.'s future press releases or request to be added to the Company's distribution list by contacting John Ballard.

About Bank of The West

Founded in 1874, $66 billion-asset Bank of the West (www.bankofthewest.com) offers a full range of business, corporate, personal, trust and international banking services and currently operates more than 700 branch locations and commercial banking offices in 19 Western and Midwestern states. Bank of the West's holding company, BancWest Corporation, is a subsidiary of BNP Paribas, among the six strongest banks in the world, according to Standard & Poor's.

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Jul 27, 2009 11:16 ET
Worldwide Energy and Manufacturing Announces New 3.8 MW Spanish Solar Contract Valued at $8.8M
Highlighted Links


www.wwmusa.com


MacReport Media Publishing

SOUTH SAN FRANCISCO, CA and SHANGHAI, CHINA--(Marketwire - July 27, 2009) - Worldwide Energy and Manufacturing USA, Inc. (OTCBB: WEMU), a U.S.-based China manufacturing company specializing in products for customers in the industries of solar energy, aerospace, wireless telecommunications, medical equipment and automotive, today announced that its solar division, AmeriSolar, has received a new 3.8 MW solar module contract for a customer in Spain. The contract is valued at approximately US$8.8 million and has been scheduled for delivery over a six-month period: August, September, November, December 2009; and January, February 2010.

Jimmy Wang, chief executive officer of Worldwide Energy, stated: "This contract further validates are unique business model and our superior solar technology. We have simply built a better solar module with more structural integrity and better long-term efficiency. Further, our unique combination of in-house manufacturing and outsourced solar panel manufacturing gives us the ability to deliver high-quality solar panels quickly and efficiently while maintaining competetive gross margins."

Worldwide now sells it solar panels in ten countries including Germany, Italy, Switzerland, Portugal, France, Spain, Australia, South Korea, Japan, and the United States.

Wang added: "With our competitive edge, better quality control technology and strong sales contacts we continue to win new customers while continuing to grow our revenues and earnings quarter-over-quarter and year-over-year."

[Popeye82]

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04 December 2009 | By Alissa Holly | News > PV Modules

*Worldwide Energy and Manufacturing USA, a U.S.-based solar module technology and manufacturer of products for customers in industries such as solar energy, aerospace, wireless telecommunications, medical equipment and automotive, has announced two new solar panel contracts. Totalling 23MW and valued at approximately US$46 million, the solar contracts will be shipped in 2010.

Worldwide Energy and Manufacturing believes that the structural technology, perceived cost efficiencies of its solar panels and quick turnaround and delivery ability aided in securing the contracts. Currently, the company has filed 14 patents on its solar panel technology.

Chief executive officer of Worldwide Energy and Manufacturing, Jimmy Wang referred to his elation: "I am extremely pleased with these new contracts. We continue to prove again and again that Worldwide solar panel technology is better than its competitors and that we can continue to win new contracts. I want to note that while many solar panel manufacturers are losing money, we continue to grow our revenue and profits. Today, the president of our solar division was very confident in projecting that we will ship at least 50% more megawatts in 2010 than in 2009. I look forward to very strong growth in 2010."

Worldwide Energy and Manufacturing USA, a 16 year-old firm, has headquarters in San Francisco, California, where it specialises in photovoltaic (PV) panel, electronics, mechanical, and fiber optic products manufacturing. The company has subsidiaries based in Shanghai, China.

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Jan 12, 2010 11:41 ET
Worldwide Energy and Manufacturing Announces $58 Million Year-to-Date in Solar Division Contracts
Latest Solar Order Backlog Totals Approximately 29 MW
SOUTH SAN FRANCISCO, CA and SHANGHAI, CHINA--(Marketwire - January 12, 2010) - Worldwide Energy and Manufacturing USA, Inc. (OTCBB: WEMU) ("Worldwide Energy"), a U.S.-based solar module technology and China manufacturing company specializing in products for customers in the solar energy, aerospace, wireless telecommunications, medical equipment and automotive industries, today announced that contract orders for its solar division, AmeriSolar, have reached an estimated $58 million, as of January 11, 2010. These solar module contracts include mostly new orders received during the fourth quarter of 2009 and some orders that were received earlier in 2009 which have been re-signed as new orders with their shipments pushed out to 2010. Shipments of all these orders are expected to be completed in 2010.
Worldwide Energy's Chief Executive Officer Jimmy Wang stated: "I am extremely pleased with the backlog of orders for our solar division at this early stage in the new year. We remain confident in projecting that we will ship at least 50% more megawatts in 2010 than in 2009. I continue to look forward to very strong growth in 2010. We continue to aggressively grow our solar module market share by focusing on providing a technologically superior, more durable and efficient, solar panel product to our customers at a competitive price."
According to Lux Research, the global solar energy market is expected to double in the next five years from $36 billion in 2008 to $70 billion in 2013. For the first nine months of 2009, Worldwide Energy's solar module revenue was $29.4 million, a 36% increase over the nine-month period in 2008. The company shipped approximately 10 MW of solar backlog during the fourth quarter 2009.
Worldwide currently sells its advanced solar modules under the AmeriSolar brand name in more than ten countries including the United Kingdom, Germany, Italy, Switzerland, Portugal, France, Spain, Australia, South Korea, and the United States.

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Worldwide Energy and Manufacturing USA Enters Into Definitive Agreements to Raise Approximately $8 Million
Net Proceeds Raised Will Largely Fund Planned Expansions for the Company's Solar Division

Press Release Source: Worldwide Energy & Manufacturing USA, Inc. On Wednesday January 27, 2010, 10:07 am EST

SOUTH SAN FRANCISCO, Calif. and SHANGHAI, Jan. 27, 2010 (GLOBE NEWSWIRE) -- Worldwide Energy and Manufacturing USA, Inc. (OTCBB:WEMU - News) (“Worldwide” or the “Company”), a U.S.-based solar module technology and China manufacturing company specializing in products for customers in the solar energy, aerospace, wireless telecommunications, medical equipment and automotive industries, today announced that the Company has entered into definitive agreements with institutional and accredited investors to raise funds in a private placement of restricted common stock and warrants, which will generate gross proceeds of approximately $8 million.

Ladenburg Thalmann & Co. Inc., a subsidiary of Ladenburg Thalmann Financial Services Inc. (AMEX:LTS - News), acted as the exclusive placement agent for the transaction. The securities placed included approximately 1.7 million shares of common stock priced at $4.50 per share, and warrants to purchase approximately 1.7 million shares of Worldwide’s common stock at an exercise price of $5.65 per share for a period of five years.

“This institutional financing is a significant event for Worldwide as we continue to grow and expand our PV solar sales and manufacturing facilities,” said Jimmy Wang, Chief Executive Officer of Worldwide. “We continue to expect our total megawatt shipments in 2010 to be at least 50% greater than what we have shipped in 2009, and we are very pleased with the strong demand we are seeing for our advanced, durable solar modules. This financing will allow us to accelerate our production schedules and increase capacity to meet the growing demand.”

Worldwide expects to use the proceeds as working capital to fund the Company’s growth including the purchase of raw materials to fulfill an existing backlog of approximately $58 million in solar contracts. The Company will also purchase equipment for a soon-to-be-completed PV module factory in Nantong, China. On May 29, 2009, Worldwide’s Solar Division entered into an official agreement with the Department of Civil Engineering for the City of Nantong on construction plans for the new facility. In addition, the proceeds will assist in funding potential acquisitions.

Additionally, certain executives of Worldwide, along with the Company, entered into a share escrow agreement whereby they will place an aggregate of approximately 1.7 million shares of Worldwide’s common stock into escrow, to be distributed to the investors on a pro-rata basis, if the Company does not achieve $4,000,000 in EBIDTA, as adjusted, for the fiscal year ending December 31, 2010.

This communication shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

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Apr 13, 2010 14:21 ET
Worldwide Energy and Manufacturing USA Announces Conference Call to Discuss Fourth Quarter and Year End 2009 Financial Results

SOUTH SAN FRANCISCO, CA and SHANGHAI, CHINA--(Marketwire - April 13, 2010) - Worldwide Energy and Manufacturing USA, Inc. (OTCBB: WEMU), a U.S.-based China manufacturing company specializing in products for customers in the industries of solar energy, aerospace, wireless telecommunications, medical equipment and automotive industries, will hold a conference call April 16th to discuss financial results for the fourth quarter and year ended December 31, 2009. The conference call is scheduled for Friday, April 16, 2010 at 10:00 a.m. Eastern time (7:00 a.m. Pacific). The Company plans to release fourth quarter and full year 2009 results on Thursday, April 15, 2010, after the market closes.

To participate in the call please dial [phone], or [phone] for international calls, approximately 10 minutes prior to the scheduled start time. Interested parties can also listen via a live Internet webcast, which can be found at the Company's website at http://www.wwmusa.com or alternately at http://viavid.net.

A replay of the call will be available for two weeks from 1:00 p.m. April 16, 2010, EDT until 11:59 p.m. EDT on April 30, 2010. The number for the replay is [phone]; the passcode for the replay is 4284236. In addition, a recording of the call will be available via the company's website at http://www.wwmusa.com for one year.

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Worldwide Energy and Manufacturing USA Announces Record Revenue for Fiscal Year 2009

* Company Reports Record Revenue of $62.2 Million, up 35.5% Year-Over-Year

* EBITDA up 89% Year-Over-Year (excluding derivative liability)

* Solar Division Revenue up 54% Year-Over-Year

* Solar Division Gross Profit up 175%

* Solar Division Gross margins up from 5.5% in fiscal 2008 to 9.9% in fiscal 2009

* Total Assets up 81% Year-Over-Year, from $19.13 Million to $34.65 Million

* Cash and Cash Equivalents increased 80.3% to $9.18 million Year-Over-Year

SOUTH SAN FRANCISCO, Calif. and SHANGHAI, China, April 16, 2010 (GLOBE NEWSWIRE) -- Worldwide Energy and Manufacturing USA, Inc. (OTCBB:WEMU), a U.S.-based solar module technology and China manufacturing company specializing in products for customers in the industries of solar energy, aerospace, wireless telecommunications, medical equipment and automotive industries, today announced financial results for the full year ended December 31, 2009.

Full Year Highlights

* 2009 Revenue increased by 35.5% to $62.2 million compared to net sales of $45.9 million in the full year 2008.
* 2009 Solar Module revenue was $47.8 million compared to solar module sales of $31.0 million for 2008, an increase of over 54.0%.
* 2009 EBITDA (excluding derivative liability) was $0.69 per share, or $2.5 million compared to $0.45 per share, or $1.3 million, for the full year 2008.
* Total Assets were up 81% year-over-year, from $19.13 million in 2008 to $34.65 million in 2009.
* Cash and Cash Equivalents increased 80.3% to $9.18 million year-over-year.
* Net Income (excluding derivative liability) was $1.72 million, or $0.48 per share in 2009, compared to $0.79 million, or $0.27 per share, in 2008.
* Net Income (Loss) was $(0.58) million, or $(0.16) per share in 2009 compared to $3.88 million, or $1.33 per share, in the full year 2008.

Jimmy Wang, Chairman and CEO of Worldwide Energy and Manufacturing, said: "In many ways 2009 was a banner year for our company. We strengthened our board of directors, brought on a big-four Chief Financial Officer, and produced the biggest revenue year in the history of the company. Though our net income suffered due to a warrant derivative, our EBITDA was up substantially, and our gross margins were up significantly in our fast-growing solar division. I expect a strong first quarter and another record revenue year in 2010."

Full Year Ended December 31, 2009 Financial Results

For the fiscal year ended December 31, 2009, net income before tax was $0.78 million compared to net income of $4.18 million in the same period of 2008. The decrease of $3.40 million, or approximately 81.3%, was primarily due to the unfavorable change in the warrant derivative liability of $1.14 million in 2009 and the favorable change in the warrant derivative liability of $3.09 million in 2008.

Net income (loss) after tax for the fiscal year ended December 31, 2009 was $(0.58) million compared to a net profit of $3.88 million for the same yearly period of 2008. The decrease of $4.46 million was primarily due to the same aforementioned changes in the warrant derivative liability between 2008 and 2009.

Net sales for the fiscal year ended December 31, 2009 were $62.2 million compared to sales of $45.9 million for 2008. The increase of $16.3 million, or approximately 35.5%, was the result of an increase in shipments from the Solar division. The Company continues to focus on market penetration for its PV Solar Modules. Solar modules revenues comprised approximately 76.8% of the Company's gross sales in full fiscal year ended December 31, 2009 compared to 67.5% for 2008.

For the fiscal year ended December 31, 2009, gross profit was $8.40 million compared to gross profit of $5.45 million in the same yearly period of 2008. This represents an increase of $2.95 million, or 54.1%, due primarily to robust sales in the Company's Solar division for the period. The gross profit for the fiscal year ended December 31, 2009 for the solar division was $4.72 million compared to $1.72 million in the same yearly period of 2008. This represents an increase of $3.01 million in gross profit in the fiscal year ended December 31, 2009, or an approximate increase of 175.0%. The gross profit for contract manufacturing for the fiscal year ended December 31, 2009 was $3.68 million compared to $4.45 million in the same yearly period of 2008, a decrease of $0.77 million, or approximately 17.4%.

Cost of goods sold for the fiscal year ended December 31, 2009 was $53.8 million compared to $40.4 million for the same period of 2008. The increase of $13.4 million, or approximately 33.3%, was the result of greater revenues in the energy division. The cost of goods for solar modules for the fiscal year ended December 31, 2009 was $43.0 million compared to $29.3 million for the same yearly period of 2008. The increase of $13.7 million, or 46.9%, was due to the higher sales. The costs of goods sold for contract manufacturing was $10.8 million for the fiscal year ended December 31, 2009 compared to cost of goods sold of $10.5 million in the same yearly period of 2008.

For a full discussion of our fiscal 2009 results, please see the Company's Form 10-K filed April 15, 2010 with the Securities and Exchange Commission.

Conference Call and Webcast

The Company will hold a conference call to discuss these 2009 financial results on Friday, April 16, 2010 at 10:00 a.m. Eastern time (7:00 a.m. Pacific).

To participate in the call please dial [phone], or [phone] for international calls, approximately 10 minutes prior to the scheduled start time. Interested parties can also listen via a live Internet webcast, which can be found via the Company's website at http://www.wwmusa.com or alternately at http://viavid.net.

A replay of the call will be available for two weeks from 1:00 p.m. April 16, 2010, EDT until 11:59 p.m. EDT on April 30, 2010. The number for the replay is [phone]; the passcode for the replay is 4284236. In addition, a recording of the call will be available via the company's website at http://www.wwmusa.com for one year.

About Worldwide Energy and Manufacturing USA, Inc.

Worldwide Energy and Manufacturing USA, Inc. (http://www.wwmusa.com), headquartered in South San Francisco, California, is a 16-year-old engineering-oriented firm specializing in photovoltaic (PV) panel, mechanical, electronics and fiber optic products manufacturing. The company's worldwide customer base includes the industries of solar energy, 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.

Forward-looking statements:

The above news release contains forward-looking statements. The statements contained in this document that are not statements of historical fact, including but not limited to, statements identified by the use of terms such as "anticipate," "appear," "believe," "could," "estimate," "expect," "hope," "indicate," "intend," "likely," "may," "might," "plan," "potential," "project," "seek," "should," "will," "would," and other variations or negative expressions of these terms, including statements related to expected market trends and the Company's performance, are all "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and involve a number of risks and uncertainties. These statements are based on assumptions that management believes are reasonable based on currently available information, and include statements regarding the intent, belief or current expectations of the Company and its management. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performances, and are subject to a wide range of external factors, uncertainties, business risks, and other risks identified in filings made by the company with the Securities and Exchange Commission. Actual results may differ materially from those indicated by such forward-looking statements. The Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statement contained herein to reflect any change in the company's expectations with regard thereto or any change in events, conditions or circumstances upon which any statement is based.


WORLDWIDE ENERGY AND MANUFACTURING USA, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS

December 31
2009 December 31
2008
ASSETS (as restated)

Current assets:
Cash and cash equivalents $ 9,180,974 $ 5,092,476
Restricted cash (Note 10) 2,456,040 --
Accounts receivable, net of allowances of $312,000 and $46,000 at December 31, 2009
and 2008, respectively
12,239,790
4,790,506
Notes receivable 40,680 269,507
Inventories 4,567,343 3,754,765
VAT tax receivable 570,615 --
Advances to suppliers 488,395 99,824
Deferred tax asset 100,000 --
Note receivable from officer 50,000 --
Other receivables -- 185,400
Prepaid and other current assets 363,309 206,770
Total current assets 30,057,146 14,399,248

Property and equipment, net 2,968,958 1,353,539
Intangible assets 1,101,000 1,101,000
Goodwill 285,714 285,714
Investment at cost -- 51,892
Deposits paid for contracts in process -- 1,673,084
Long term receivable – related party 237,305 260,973
Other assets -- 7,559

Total assets $ 34,650,123 $ 19,133,009

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:
Accounts payable $ 14,177,570 $ 3,400,253
Accrued expenses 2,869,069 1,073,994
Lines of credit 2,679,167 --
Warrant derivative liability 1,626,586 486,356
Acquisition cost payable -- 285,714
Tax payable 768,289 364,213
Due to related parties 1,646,114 1,243,024
Customer deposits 280,616 964,998
Total current liabilities 24,047,411 7,818,552

Non-current liabilities
Line of credit -- 937,075
Loan payable to stockholders -- 60,024
Total non-current liabilities -- 997,099
Total liabilities 24,047,411 8,815,651

Stockholders' equity
Common stock (No Par Value: 100,000,000 shares authorized; 3,671,611 and
3,493,511 shares issued and outstanding at December 31, 2009 and 2008, respectively) 2,920,372 2,535,652
Retained earnings 6,104,586 6,681,589
Accumulated other comprehensive income 551,943 487,478
Total equity attributable to Worldwide 9,576,901 9,704,719
Non-controlling interest 1,025,811 612,639
Total stockholders' equity 10,602,712 10,317,358

Total liabilities and stockholders' equity $ 34,650,123 $ 19,133,009


WORLDWIDE ENERGY AND MANUFACTURING USA, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS

For The Year Ended
December 31
2009 2008
(AS RESTATED)
Sales $ 62,212,252 $ 45,913,957
Cost of goods sold 53,813,483 40,367,870
Gross profit 8,398,769 5,546,087

Operating Expenses
Selling, general and administrative expenses 5,560,615 3,417,482
Management and professional fees paid to stockholders 335,000 306,000
Stock based compensation 384,720 128,597
Depreciation 502,488 122,923
Total operating expenses 6,782,823 3,975,002
Net operating income 1,615,946 1,571,085

Other Income (Expenses)
Interest income 17,448 21,995
Interest expense (77,328) (120,038)
Interest expense paid to stockholders -- (27,284)
Other income (expense) (833,690) 2,956,663
Dividend income -- 242,770
Exchange gain (loss) 57,880 (364,067)
Loss on disposal of subsidiary -- (101,982)
Total other income (expenses) (835,690) 2,608,057

Income before income taxes 780,256 4,179,142
Income taxes (953,000) (284,368)
Income (loss) from continuing operations (172,744) 3,894,774
Income from discontinued operations, net of tax -- 2,385
Net income (loss) $ (172,744) $ 3,897,159
Less: Net income attributable to non-controlling interest (404,259) (15,843)
Net income (loss) attributable to Worldwide $ (577,003) $ 3,881,316

Amounts attributable to Worldwide common Stockholders:
(Loss) income from continuing operations $ (577,003) $ 3,878,931
Income from discontinued operations -- 2,385
Net (loss) income $ (577,003) $ 3,881,316

Earnings per share attributable to Worldwide stockholders:
Basic and diluted earnings (loss) per share from continuing operations $ (0.16) $ 1.33
Basic and diluted earnings per share from discontinued operations $ 0.00 $ 0.00
Basic and diluted earnings (loss) per share $ (0.16) $ 1.33

Basic and diluted weighted average shares outstanding 3,596,851 2,911,599

This information is intended to be reviewed in conjunction with the Company's filings with the Securities and Exchange Commission.

CONTACT: Worldwide Energy and Manufacturing USA
Jimmy Wang
650-794-9888, Ext. 221
[e-mail]
http://www.wwmusa.com

RedChip Companies, Inc.
Investor relations:
Dave Gentry
1-800-REDCHIP (733-2447), Ext. 104
[e-mail]
http://www.RedChip.com

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Worldwide Energy Opens PV Module Factory In China
Published: 09-Aug-2010
Worldwide Energy and Manufacturing USA has opened a 129,000sqft photovoltaic (PV) solar module production facility and R&D center in Nantong, China.

The facility will have an initial production capacity of 100MW per year and is scheduled to begin initial operations in the third quarter of 2010.

Worldwide Energy claims that the location is large enough to accommodate two building expansions that will bring the total manufacturing capacity to 300MW per year. In addition to the manufacturing plant, the facility also houses an 11,000sqft research center for the development of the company's 'Amerisolar' brand solar modules as well as complete PV solar energy systems.

Unlike its leased facility in Ningbo, China, Worldwide Energy owns the Nantong facility outright, as well as the 484,000sqft parcel of land on which it is situated.

Worldwide Energy is an engineering-oriented firm specializing in PV panel, mechanical, electronics and fiber optic products manufacturing.