Symax Lift (Holding) Co. Ltd.

Symax Lift (Holding) Co. Ltd.

April 23, 2014 16:05 ET

Symax Lift (Holding) Co. Ltd. Wins New Contracts Worth $8 Million

TORONTO, ONTARIO--(Marketwired - April 23, 2014) - Symax Lift (Holdings) 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 during the first quarter of 2014 it has won eight new contracts to supply, install and service Dingtai and Green elevators.

The eight contracts represent approximately $8 million in revenues and deliveries have commenced in April 2014. The contracts are expected to be completed in the third quarter of 2014. Among the eight contracts, two representing $3.5 million are for government housing projects in Jiangsu Province in China.

"The first quarter is normally a slow period for sales, but the first quarter of 2014 has been much stronger than the same quarter ever before for Symax," stated Ms. Sabrina Zhang, CEO of Symax. "With our restructured sales team and sales network, we are looking forward to continued strong growth in 2014."

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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