Market Snapshot
  • U.S.
  • Europe
  • Asia
Ticker Volume Price Price Delta
DJIA 16,450.41 25.56 0.16%
S&P 500 1,867.42 5.11 0.27%
NASDAQ 4,107.80 21.58 0.53%
Ticker Volume Price Price Delta
STOXX 50 3,155.81 16.55 0.53%
FTSE 100 6,625.25 41.08 0.62%
DAX 9,409.71 91.89 0.99%
Ticker Volume Price Price Delta
NIKKEI 14,417.53 -0.15 -0.00%
TOPIX 1,166.59 0.04 0.00%
HANG SENG 22,760.24 64.23 0.28%

Highway Holdings Forms Joint Venture to Manufacture and Market Proprietary Snow-Jet Cleaning Equipment



Highway Holdings Forms Joint Venture to Manufacture and Market Proprietary
Snow-Jet Cleaning Equipment

Cites Environmental Benefits and Broad Industry Applications

HONG KONG, Nov. 12, 2013 (GLOBE NEWSWIRE) -- Highway Holdings Limited
(Nasdaq:HIHO) today announced it has formed a joint venture with ACI Group
GmbH, based in Zimmern, Germany, to manufacture and  market in Asia a series
of proprietary CO[2] snow-jet cleaning systems for industrial and commercial
cleaning applications.

The newly formed Hong Kong-based joint venture is named "Advanced Cleaning
Innovation Asia" (ACIA) and will initially utilize Highway Holdings'
facilities in Hong Kong and Shenzhen, China for its operations. Highway
Holdings owns a 51 percent interest in the joint venture, and ACI Group owns
the remaining 49 percent. Highway will provide manufacturing and assembly
facilities for the production of the cleaning systems.  ACI Group will provide
the technology (including the rights to the patented nozzle), technical
support and training.  ACIA will market the products in Asia.

The CO[2] snow-jet cleaning is an existing technology that utilizes
pressurized carbon dioxide to clean industrial equipment in a non-destructive,
non-abrasive and environmentally friendly manner. The pressurized CO[2] used
in the cleaning process is derived from the atmosphere, as well as from
industrial processes as a by-product, representing environmental friendly
sourcing. The technology is capable of removing a variety of contaminants,
such as oil, grease, dirt and flux, by blasting the surface without leaving a
residue. Cleaning applications include preparation before welding and gluing
of materials and preparation before painting and coating of components -- a
process that is especially important for automotive and airline-related
products. Additional applications of equal importance are to be found in the
medical field and in the production of electronic appliances.

The CO[2] snow-jet cleaning machine to be manufactured and sold by the new
joint venture differs from other systems currently on the market because it
utilizes a patented nozzle technology that was developed at the
internationally recognized Fraunhofer Institute based in Germany in
collaboration with the founders of the ACI Group. Fraunhofer Institute is the
largest application-oriented research organization in Europe. ACI Group holds
the exclusive right to this patented nozzle technology, which eliminates the
negative "wet" condensation effect of other existing CO[2]-based cleaning
machines on the market.

"Demand for such sophisticated and environmentally friendly cleaning equipment
is expected to increase dramatically as a result of ongoing global concerns
about chemical cleaning solvents and their affect on human health and the
environment. Europe, during the last few years, for example, has adopted
strict import regulations with regard to certain toxic cleaning chemicals and
products treated with such chemicals. All importers into Europe must now
comply with these regulations and certify compliance with these new standards.
The CO[2] snow-jet cleaning technology represents an important alternative to
toxic cleaning solvents," said Roland Kohl, president and chief executive
officer of Highway Holdings.

 Kohl noted that CO[2] snow-jet cleaning is particularly effective for
automation manufacturing processes, which complements Highway Holdings' and
ACI Group's expertise.

"Our company's more than twenty-year history in Asia and reputation for
high-quality manufacturing were important considerations for our partners in
the establishment of this joint venture. We look forward to leveraging our
combined strengths to capitalize on the significant market opportunities,"
Kohl said.

About ACI Group

ACI Group, based in Germany,  is comprised of several business units offering
a variety of products and services, including sophisticated cleaning
solutions; designing and building machinery and equipment for high-tech
production lines; turn-key solutions for factory automation, robotic and
precision assembly tasks to automate manufacturing, measurement and testing
processes; laser and sensor systems for automation production line
applications; and photovoltaic-related manufacturing and services.

About Highway Holdings

Highway Holdings produces a wide variety of high-quality products for blue
chip original equipment manufacturers -- from simple parts and components to
sub-assemblies and finished products. Highway Holdings' administrative offices
are located in Hong Kong, and its manufacturing facilities are located in
Shenzhen in the People's Republic of China.

Except for the historical information contained herein, the matters discussed
in this press release are  forward-looking statements which involve risks and
uncertainties, including but not limited to economic, competitive,
governmental, political and technological factors affecting the company's
revenues, operations, markets, products and prices, and other factors
discussed in the company's various filings with the Securities and Exchange
Commission, including without limitation, the company's annual reports on Form
20-F.

CONTACT: Gary S. Maier
         Maier & Company, Inc.
         (310) 471-1288
Sponsored Links
Advertisement
Advertisements
Sponsored Links
Advertisement