Symax Lift (Holding) Co., Ltd.

May 09, 2011 09:20 ET

Symax Lift (Holding) Co., Ltd. Received $1.84 Million Purchase Order and Commenced the 800 Units Elevator Contract

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 9, 2011) - Symax Lift (Holding) Co., Ltd. ("Symax") (TSX VENTURE:SYL), a developer and manufacturer of elevators and escalators with a manufacturing base in China, today announced that it received a purchase order for 77 elevators from LONGJITAIHE Industrial Co.,Ltd. ("LONGJITAHIHE"), valued at CAD$1.84 millions (RMB12.55 millions). Delivery will commence in May, 2011 and be completed by June, 2011.

This 77 elevator purchase order is the first order under the strategic cooperation framework agreement (the "Agreement") signed between Symax and LONGJITAIHE early this year. Under the cooperation framework, Symax is expected to deliver and install 800 elevators for LONGJITAIHE's real estate projects located in the western areas of China by April 2012. Symax will also provide repair and maintenance services for a two-year period following the completion of the installation as part of the initial contract. After the two-year period Symax will charge for the repair and maintenance services provided.

Based in Gaobeidian City, Hebei Province, China, LONGJITAIHE is one of the leading conglomerates in the province specializing in property development, industrial investment, commerce and trade. In 2010, LONGJITAIHE was one of the top ten real estate developers in China.

"We are pleased to have LONGJITAIHE as one of the key partners. This relationship allows Symax to enter the promising western Chinese development market where demand for elevators should remain strong," said Xiaoyan (Sabrina) Zhang, Symax's Chief Executive Officer. "This initial order is encouraging and we look forward to more orders in the months to come."

About Symax Lift (Holding) Co., Ltd.

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.

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