Symax Lift (Holding) (V.SYL) secures $11 million in contracts – shares jump 50%

Gaalen Engen Gaalen Engen,
0 Comments| November 22, 2013

Symax Lift (Holding) (TSX-V:SYL, StockForum), engaged in the developing, manufacturing and selling elevators in China and abroad, announced today that the company has secured nine new contracts to supply, install and service Dingtai and Green elevators.


According to the company's press release, “The nine contracts represent approximately $11 million in revenues and deliveries have commenced in November 2013.”


It detailed further, “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.”


CEO of Symax, Ms. Sabrina Zhang commented on the company's progress, “This September and October were strong months for Symax.”


Zhang explained, “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.”


Symax made headlines recently when it won another round of contracts worth $5.0 million in September.


Shares jumped 50% on the news to $0.09 per share.


Currently there are 30,656,660 shares outstanding with a market cap of $3.37 million.

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