SOURCE: Worldwide Energy & Manufacturing USA, Inc.

February 11, 2010 12:53 ET

Worldwide Energy and Manufacturing USA Completes Its Financing and Raises a Total of $8.87 Million

Projects Double-Digit Earnings and Revenue Growth Throughout 2010

SOUTH SAN FRANCISCO, CA and SHANGHAI--(Marketwire - February 11, 2010) - Worldwide Energy and Manufacturing USA, Inc. (OTCBB: WEMU) ("Worldwide" or the "Company"), a manufacturer of solar modules, today announced the completion of the second phase of its financing by raising $869,307 in which the Company sold 193,179 shares of its common stock and warrants to purchase 193,179 shares of common stock. The Company closed on the first phase of the capital raise on January 26, 2010 in which it sold $8,000,000 worth of common stock and warrants upon the same terms for a total raise of $8,869,307. Upon closing of the transaction, the Company has 5,642,567 shares of common stock issued.

Additionally, the Company, entered into a share escrow agreement whereby it will place an additional 193,179 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 EBITDA, as adjusted, for the fiscal year ended 2010. In connection with the first phase of the financing, the Company, along with certain insiders, agreed to place an aggregate of 1,777,777 into escrow, to be distributed pursuant to the same terms.

Worldwide will deploy the capital to fund its rapidly growing solar division. The Company announced in January that it had an open backlog for 2010 of $58 million of solar module contracts.

Worldwide will also purchase equipment for a soon-to-be completed PV module factory in Nantong, China, which will initially have a 100MW capacity, which translates into a revenue capacity of almost $200 million at current market prices. Inclusive of fourth-quarter results, which will be filed on Form 10-K by March 31st, the Company expects to show revenue growth of over 30% in 2009 and net income growth of more than 65%. Worldwide's patented solar module technology with its advanced structural properties and high-efficiency ratings has generated strong sales growth in seven countries in Europe as well as Japan, South Korea, Canada and Australia. The Company expects continued double-digit revenue and earnings growth in 2010.

Chief Executive Officer Jimmy Wang stated: "This institutional financing gives us the capital to continue the expansion of our solar division. Worldwide's vision of becoming a world leader in the production and distribution of solar modules is becoming a reality. The demand for our solar modules is growing rapidly. Our technology is innovative and our production and delivery capacity is second-to-none."

Details of the transaction are provided in the Company's 8-K filed with the Securities and Exchange Commission on February 9, 2010.

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 profitable 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, automobile 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.

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