Symax Lift (Holding) Co. Ltd.

Symax Lift (Holding) Co. Ltd.

November 22, 2013 09:00 ET

Symax Lift (Holding) Co. Ltd. Wins New Contracts Worth $11 Million

TORONTO, ONTARIO--(Marketwired - Nov. 22, 2013) - Symax Lift (Holding) Co. Ltd. (TSX VENTURE:SYL) ("Symax" or the "Company"), a developer and manufacturer of elevators, escalators and chairlifts with a manufacturing base in China, is pleased to announce that it has won nine new contracts to supply, install and service Dingtai and Green elevators.

The nine contracts represent approximately $11 million in revenues and deliveries have commenced in November 2013. The contracts are expected to be completed in the first half of 2014. Among the nine contracts, five are for government housing projects in Jiangsu Province and Chongqing in China.

"This September and October were strong months for Symax," stated Ms. Sabrina Zhang, CEO of Symax. "Amid the concern of saturation of housing markets in the Chinese tier 1 cities, we still observed continuing growth in our business based on tier 2 and 3 cities which have led to consistent demand for elevator products. We are particularly encouraged by the increasing demand from government housing projects."

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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