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To: SSP who wrote (8807)	9/2/1999 10:05:00 AM
From: SSP	Respond to of 150070

OVMI - another growing Chinese company- HONG KONG--(BUSINESS WIRE)--Sept. 2, 1999--The directors of OVMI International Holding Corp. (OTC BB:OVMI) Thursday announced record sales and net profit for the first half of 1999. Sales for the six months to June 30 totaled U.S.$9.8 million, representing an increase of 12 percent over the comparable result for 1998, whilst net profit increased by 3,700 percent to U.S.$752,000. Fully diluted earnings per share totalled U.S.$0.06 per share for the six months, up from U.S.$0.01 for the comparable period in 1998. In announcing the result, L.P. Ching, president of OVMI, said: "This is a very satisfying result for the company, following a relatively difficult year in 1998. Our increased sales reflect the rapid recovery of the transportation infrastructure industry in China since the third quarter of 1998. "The Chinese government has embarked on a multibillion-dollar infrastructure investment program over the past 12 months. This has resulted in our company being involved in a rapidly increasing number of projects, both for transportation and general infrastructure. "Over recent months, the Chinese government has tightened quality control policy within the construction industry. Secondary contractors and suppliers are now under strict surveillance concerning product and service qualities. As a result a significant number of second-tier competitors have exited the business, resulting in additional market share for high-quality industry leaders such as OVMI. "The emergence of other Asian (particularly Southeast Asian) economies from the Asian `crisis' has also begun to positively impact our regional business as previously deferred projects are being brought on stream." Ching continued: "We anticipate that the positive trend established in the first half will continue over the rest of the year, with full-year earnings projected at over U.S.$0.12 per share, on a fully diluted basis. We are also currently engaged in preliminary discussions with a major European manufacturer of infrastructure equipment, compatible with our own product range, concerning a possible investment in the company. "Successful completion of an investment would, inter alia, provide us with advanced technology sharing and the additional capital necessary to develop as the premier supplier of quality infrastructure equipment in Asia." OVMI Holding Corp., with headquarters in Hong Kong, is a major manufacturer and supplier of high-technology equipment such as foundation anchor systems, elastomatic bearings and cable anchoring and tensioning devices for use in the construction of major bridges, dams, buildings, highways and other forms of infrastructure. The company operates throughout China and Southeast Asia, and has been involved in a wide range of large-scale construction projects such as the Singapore Changi airport road extension, the Beijing Kowloon Rail project and the Shanghai Nangpu Bridge. This news release contains, or incorporates by reference, certain "forward-looking statements," including certain information with respect to the plans and strategies of OVMI Holding Corp. ("OVMI"). For this purpose, any statements contained therein or incorporated by reference that are not statements of historical fact may be deemed to be forward-looking statements. There are a number of important factors that could cause actual events or actual results of OVMI to differ materially from those indicated by such forward-looking statements. --30--WAM/la* AJE/la CONTACT: OVMI International Holding Corp. Nils Ollquist, 305/668-4542