SOURCE: Winland Online Shipping Holdings Corp.

November 17, 2008 08:00 ET

Winland Online Shipping Reports 2008 Third Quarter Net Income Grew 40.8% on a 37% Increase in Revenues

DALIAN, CHINA--(Marketwire - November 17, 2008) - Winland Online Shipping Holdings Corporation ("Winland" or "The Company") (OTCBB: WLOL), formerly TripTech, Inc (OTCBB: TPTQ), a PRC-based global shipping company which also owns and operates China's largest shipping website portal "Shipping Online" (www.sol.com.cn), today reported continued substantial growth in its operations, despite significantly increased fuel costs and the effects of the global financial crisis.

The Company said that for its third quarter ended September 30, 2008, revenues climbed 37.0% to $22,790,122 compared with $16,629,210 in the same period last year, while 2008 net income in the quarter grew 40.8% from $3,763,103 in the 2007 third quarter to $5,298,476 in the third quarter of 2008. Reflecting an increased number of shares outstanding, earnings per share on a basic and fully diluted basis were $0.04 in the 2008 quarter compared with $0.04 in the same period last year.

In the nine month period ended September 30, 2008, revenues of $71,872,448 reflected an increase of 37.8% over revenues of $52,142,008 in the same period last year, while income from continuing operations in the 2008 nine month period grew 32.0% to $17,422,191 from $13,198,918 in last year's first nine months. Net income in the 2007 nine month period included a $4,836,349 gain, principally from the sale of a vessel in the period, which brought 2007 nine month net to $18,035,267, slightly higher than net income in the 2008 nine month period of $17,422,191. Coupled with a 4,210,766 increase in basic and diluted shares, earnings per share in the first nine months of 2008 were $0.16 as compared with $0.17 in the same period last year.

Discussion of Results

The Company said that gains in the nine months and third quarter were propelled primarily by continued strong growth in its marine transportation operations which benefited from an increase in revenue tons carried as well as an increase in freight rates. While the chartering brokerage business was up through the nine months it decreased by $1.5 million in the third quarter. Further, revenues from the Company's "Other activities" which include its shipping agency, freight forwarding and online business, also were down slightly in the quarter mainly due to the world financial turmoil. Results on the Company's bottom line in the quarter were mainly affected by higher G&A expenses in line with the Company's increased size and scope, as well as a 58.6 % increase in fuel costs and an 11% increase in port usage fees compared with the same period a year ago.

The Company also reported that it ended the third quarter in a strong financial position as reflected among other things in an increase in cash and cash equivalents to $5,556,743 as of September 30, 2008 compared with $3,786,766 a year earlier, and an increase in working capital as of the same date to $4.0 million as compared with a working capital deficiency of $16.4 million at December 31, 2007.

Outlook

Mr. Li Honglin, the president and founder of the Company, stated, "Due to the global economic crisis, the international economy is greatly impacted, especially in the area of import and export trading. Therefore, our profits for the fourth quarter of 2008 and beginning of 2009 certainly will be influenced. However, in the long run, since most of our own vessels were purchased before 2003 when the shipping market was down and no vessels were purchased or chartered in 2007, when the market was high, our vessels costs will have been kept low. Consequently, we will have a tremendous advantage compared with our competitors. Obviously, the financial crisis is a crisis of survival for some competitors, but for us, it is a rapid expansion opportunity. To take advantage of the declined shipping market, we are planning to purchase and charter in more vessels, and acquire some high-quality assets to expand our fleet size. This expansion will build a solid foundation for our next round of rapid development, and we are confident of our future."

Ms. Xue Ying, CEO of the Company, added, "Although there undoubtedly will be some effects from the changed financial and economic landscape, our goal remains to enlarge the size of our ocean transport fleet and push forward with our web-based comprehensive shipping and logistics services with our 'Shipping Online' portal. We fully believe that in doing so, we will be a leader in transforming the shipping industry in China from a traditional business model to a dynamic, modern model."

Company Description

Following successful completion of a reverse merger earlier in the year, in October, the Company changed its name to Winland Online Shipping Holdings Corporation ("Winland" or "The Company") (OTCBB: WLOL) from Trip Tech, Inc. (OTCBB: TPTQ). Based in the port city of Dalian, in the People's Republic of China (The PRC), Winland is a rapidly growing global shipping company with a fleet of 13 Company-owned vessels, mainly in the Supramax and Handysize category, engaged in international bulk cargo transportation. The company also owns and operates "Shipping Online" -- www.sol.com.cn -- which is China's largest shipping industry portal. Helping to transform the shipping industry in China, the site functions as not just an information provider, but as a business platform, providing on-line and off-line international shipping and logistics services, such as bulk cargo chartering, container booking, shipping agents, ship trading and building, spare parts supplies, crew recruitment as well as shipping news and data. Its experienced off-line team at branches throughout China assists in providing a full range of these services.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995:

This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations or beliefs, including, but not limited to, statements concerning the Company's operations, financial performance and condition. For this purpose, statements that are not statements of historical fact may be deemed to be forward-looking statements. The Company cautions that these statements by their nature involve risks and uncertainties, and actual results may differ materially depending on a variety of important factors, including, but not limited to, the impact of competitive services and products, pricing and new technology; changes in customer preferences and effectiveness of marketing; changes in laws and regulations; fluctuations in costs of doing business, and other factors as those discussed in the Company's reports filed with the Securities and Exchange Commission from time to time. In addition, the company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.

No securities regulatory authority has either approved or disapproved the contents of this news release.

                Winland Online Shipping Holdings Corporation

           Three Months Ended September 30,
--------------------------------------------------
                                                              Increase
                         2008               2007             (Decrease)
                  -----------------  -----------------   ------------------
                               % of               % of
                    Amount   Revenues  Amount   Revenues  In Amount   In %

Revenues          22,790,122  100.0% 16,629,210  100.0%   6,160,912   37.0%
Vessel expenses   13,092,546   57.4%  9,891,697   59.5%   3,200,849   32.4%
Depreciation and
 amortization      1,886,899    8.3%  1,901,368   11.4%     (14,469)  -0.8%
General and
 administrative
 expenses          1,702,528    7.5%    433,538    2.6%   1,268,990  292.7%
Income from
 operations        6,108,149   26.8%  4,402,607   26.5%   1,705,542   38.7%
Interest expense,
 net                (266,404)  -1.2%   (697,960)  -4.2%     431,556  -61.8%
Other (expense)
 income, net        (505,367)  -2.2%     69,623    0.4%    (574,990)-825.9%
Income from
 continuing
 operations        5,298,476   23.2%  3,763,103   22.6%   1,535,373   40.8%
Net income         5,298,476   23.2%  3,763,103   22.6%   1,535,373   40.8%
Weighted average
 shares
 outstanding
 - Basic         119,465,761        106,925,000          12,540,761   11.7%
 - Diluted       119,465,761        106,925,000          12,540,761   11.7%
 Net income
 per share
 - Basic                0.04               0.04                   -    0.0%
 - Diluted              0.04               0.04                   -    0.0%


            Nine Months Ended September 30,
--------------------------------------------------
                                                              Increase
                         2008               2007             (Decrease)
                  -----------------  -----------------   ------------------
                               % of               % of
                    Amount   Revenues  Amount   Revenues  In Amount   In %

Revenues          71,872,448  100.0% 52,142,008  100.0%  19,730,440   37.8%
Vessel expenses   45,160,292   62.8% 31,292,116   60.0%  13,868,176   44.3%
Depreciation and
 amortization      5,655,344    7.9%  5,476,390   10.5%     178,954    3.3%
General and
 administrative
 expenses          2,492,468    3.5%  1,270,011    2.4%   1,222,457   96.3%
Income from
 operations       18,564,344   25.8% 14,103,491   27.0%   4,460,853   31.6%
Interest expense,
 net                (540,129)  -0.8% (1,497,457)  -2.9%     957,328  -63.9%
Other (expense)
 income, net        (468,069)  -0.7%    632,769    1.2%  (1,100,838)-174.0%
Income from
 continuing
 operations       17,422,191   24.2% 13,198,918   25.3%   4,223,273   32.0%
Gain from
 discontinued
 operations                -    0.0%  4,836,349    9.3%  (4,836,349)-100.0%
Net income        17,422,191   24.2% 18,035,267   34.6%    (613,076)  -3.4%
Weighted average
 shares
 outstanding
 - Basic         111,135,766        106,925,000           4,210,766    3.9%
 - Diluted       111,135,766        106,925,000           4,210,766    3.9%
Earnings per
 share
 - Basic                0.16               0.17               (0.01)  -5.9%
 - Diluted              0.16               0.17               (0.01)  -5.9%

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