SOURCE: Winland Online Shipping Holdings Corp.

Winland Online Shipping Holdings Corp.

March 26, 2010 16:17 ET

Winland Online Shipping Reports 2009 Results

NEW YORK, NY--(Marketwire - March 26, 2010) - Winland Online Shipping Holdings Corporation (OTCBB: WLOL), a global shipping company which also owns and operates China's largest shipping website portal "Shipping Online" (, announced today that the Company's revenues continued to be affected in 2009 by the global economic slowdown and the depressed global shipping market.

The Company reported revenues for the year ended December 31, 2009 decreased 40.4% to $50,178,721 compared with $84,206,001 in 2008. Net income in 2009 decreased to a loss of $(6,958,956) compared with net income of $19,071,337 in 2008.

While continuing to feel the effects of the downturn in the global economy, as reflected in the 57% year over year decrease in the Baltic Dry Index, during the year the Company continued to look to expand its online portal and overall shipping capabilities.

Ms. Xue Ying, CEO of the Company, commented, "Although 2009 was a difficult year, we're pleased we were able to complete the purchase of a new vessel to increase our capacity, and that we continued to diversify our business. Of note, 'other activities,' which include shipping agency, freight forwarding and online services contributed 9% of consolidated operating revenue in 2009 as opposed to 6% in 2008. As sales continued to increase in our online services, our vessel operating and service costs were down 16.7% and 33.5% respectively, compared to 2008."

Description of Winland Online Shipping Holdings Corporation

Winland Online Shipping Holdings Corporation is a global shipping company with a fleet of 13 Company-owned vessels, mainly in the handysize and MPP (Multi-Purpose Vessel) category, engaged in international bulk cargo transportation. The Company also owns and operates "Shipping Online" -- -- which is China's largest shipping industry portal. Helping to transform the shipping industry in China, the site functions as not just an information provider, but as a business platform, providing on-line and off-line international shipping and logistics services, such as bulk cargo chartering, container booking, shipping agents, ship trading and building, spare parts supplies, crew recruitment as well as shipping news and data.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995:

This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations or beliefs, including, but not limited to, statements concerning the Company's operations, financial performance and condition. For this purpose, statements that are not statements of historical fact may be deemed to be forward-looking statements. The Company cautions that these statements by their nature involve risks and uncertainties, and actual results may differ materially depending on a variety of important factors, including, but not limited to, the impact of competitive services and products, pricing and new technology; changes in customer preferences and effectiveness of marketing; changes in laws and regulations; fluctuations in costs of doing business, and other factors as those discussed in the Company's reports filed with the Securities and Exchange Commission from time to time. In addition, the company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.

No securities regulatory authority has either approved or disapproved the contents of this news release.

Results of Operations

Results of Operations for the Years Ended December 31, 2009 Compared With
the Year Ended December 31, 2008 (in U.S. dollars, except otherwise as

                                  For The Year Ended December 31,
                                  2009                      2008
                        ------------------------  ------------------------
                                         % of                      % of
                          Amount       Revenues     Amount       Revenues
                        -----------  -----------  -----------  -----------
Revenues                 50,178,721        100.0%  84,206,001        100.0%

Vessel operating costs   40,200,329         80.1%  48,243,078         57.3%

Service costs             3,423,667          6.8%   5,151,894          6.1%

Depreciation and
 amortization             7,481,360         14.9%   7,035,338          8.4%

General and
 administrative expense   4,106,919          8.2%   3,647,435          4.3%

Selling expense             343,289          0.7%           -          0.0%

Interest expense, net       627,836          1.3%     817,202          1.0%

Other expense, net          649,731          1.3%     209,227          0.2%

Income tax expense          (90,084)        (0.2%)    (17,827)         0.0%

Net loss from
 discontinued operation    (214,461)        (0.4%)    (12,663)         0.0%

Net (loss) income        (6,958,956)       (13.9%) 19,071,337         22.6%

Weighted average shares
   Basic                130,000,000               115,877,596

   Diluted              130,000,000               115,877,596

Net (loss) income per
   Basic                      (0.05)                     0.16

   Diluted                    (0.05)                     0.16

                          Increase (Decrease)
                         In Amount       In %
                        -----------  -----------
Revenues                (34,027,280)     (40.4%)

Vessel operating costs   (8,042,749)     (16.7%)

Service costs            (1,728,227)     (33.5%)

Depreciation and
 amortization               446,022        6.3%

General and
 administrative expense     459,484       12.6%

Selling expense             343,289        0.0%

Interest expense, net      (189,366)     (23.2%)

Other expense, net          440,504      210.5%

Income tax expense          (72,257)     405.3%

Net loss from
 discontinued operation    (201,798)    1593.6%

Net (loss) income       (26,030,293)    (136.5%)

Weighted average shares
   Basic                 14,122,404       12.2%

   Diluted               14,122,404       12.2%

Net (loss) income per
   Basic                      (0.21)    (131.3%)

   Diluted                    (0.21)    (131.3%)

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