Symax Lift (Holding) Co. Ltd.

Symax Lift (Holding) Co. Ltd.

October 23, 2014 16:05 ET

Symax Lift (Holding) Co. Ltd. Announced Completion of New Facility Construction

TORONTO, ONTARIO--(Marketwired - Oct. 23, 2014) - Symax Lift (Holding) Co. Ltd. ("Symax") (TSX VENTURE:SYL), a developer and manufacturer of elevators, escalators and chairlifts with primary manufacturing base in China, is pleased to announce that it has completed the construction of its new manufacturing facility in Wanzhou, Chongqing, China.

Construction of the Wanzhou manufacturing plant commenced in 2012 and was completed in September 2014. The Wanzhou plant includes two production lines, both of which are ready to be put into production. The plant measures 496,000 square feet, of which the workshop is 174,000 square feet. The total investment in this project was RMB56 million, or C$10 million.

In accordance with the business development strategies of Symax, the Wanzhou facility will cover markets in Western China and the Russian Commonwealth. In China, these markets include Chongqing and another 6 provinces, representing 35% of the Chinese population. In Russia Commonwealth, thanks to the booming development in housing markets, recent years have witnessed rapidly growing demand for elevators in this region.

"This is an important milestone for Symax allowing us to substantially expand into Western China and the Russian Commonwealth," said Xiaoyan (Sabrina) Zhang, Symax's CEO. "With our Wuxi flagship facility and the new Wanzhou facility, Symax will be operating in a more efficient and strategically diverse landscape. As a result, our capability to serve our current and future customers will improve."

About Symax Lift Holdings

Symax is in the business of the development, manufacturing, and sale of elevators, as well as the provision of after-sales services in China and worldwide. Symax's products and services are classified into two separate offerings; a main line of standardized products which include passenger elevators, goods/freight elevators, villa elevators, panorama elevators, hospital elevators, residential and commercial escalators and moving walkways; and customized elevator products.

This news release contains certain statements that may be deemed "forward looking statements". Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects,", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. The Company undertakes no obligation to update these forward looking statements, except as required by law, in the event that management's beliefs, estimates or opinions, or other factors, should change.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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