Worldwide Energy and Manufacturing USA Announces Record Revenue and Net Income for the Second Quarter 2008

SOUTH SAN FRANCISCO, CA and SHANGHAI, CHINA–(EMWNews – August 19, 2008) – Worldwide

Energy and Manufacturing USA, Inc. (OTCBB: WEMU)

--  Revenue increased 167% to $6.9 million for the second quarter 2008

--  Revenue increased 134% to $12.2 million for the six months ended June

    30, 2008

--  Net income increased 90% to $425,000 for the second quarter 2008

--  Net income increased 100% to $655,000 for the six months ended June

    30, 2008

    

Worldwide Energy and Manufacturing USA, Inc. (OTCBB: WEMU), a U.S.-based

China manufacturing company specializing in products for customers in the

industries of solar energy, aerospace, wireless telecommunications, medical

equipment and automotive, today announced record revenue and net income for

the second quarter ended June 30, 2008.

Second Quarter Ended June 30, 2008

Net sales for the three months ended June 30, 2008 totaled $6.9 million, an

increase of $4.3 million or 167%, compared to $2.6 million for the three

months ended June 30, 2007. Revenue increased due to an increase in orders

in the energy division of approximately $3.3 million for solar modules and

an increase of approximately $300,000 in the die cast factory as a result

of an order from Shanghai GM. Shanghai GM is one of the largest vehicle

manufacturers in China and GM is the seventh Fortune 500 customer obtained

by Worldwide Energy.

Gross profit totaled $1.3 million for the period ended June 30, 2008, an

increase of 43%, compared to $936,000 for the period ended June 30, 2007.

Cost of goods sold for the second quarter of 2008 was $5.5 million compared

to $1.6 million for the same period in 2007. The increase was the result of

greater revenues in the energy division and die cast factory.

Gross margin was 20% for the three months ended June 30, 2008 compared to

36% for the same period in 2007. The decline was the result of the Company

utilizing more outside services for the production of solar modules. Gross

margins are expected to continue to improve as the Company continues its

transition to becoming a direct manufacturer of its products.

Net income for the three months ended June 30, 2008 totaled $425,000 or

$0.20 per share, an increase of 90% compared to $223,000 or $0.11 per

share.

Six Months Ended June 30, 2008

Net sales for the six months ended June 30, 2008 totaled $12.2 million

compared to $5.2 million for the six months ended June 30, 2007, an

increase of 134%. Orders from the energy division increased during this

period by $5.8 million and represented 47% of sales. Sales generated from

Shanghai GM totaled $1.3 million during this period.

For the six months ended June 30, 2008 gross profit totaled $2.5 million,

an increase of 49%, compared to gross profit of $1.7 million in the same

period in 2007. Cost of sales for the six months ended June 30, 2008

totaled $9.8 million compared to $3.6 million for the same period in 2007.

Gross margin was 20% for the six months ended June 30, 2008 compared to 32%

in the same period in 2007.

For the six month period in 2008 net income increased 100% to $655,000 or

$0.29 per share, compared to $339,000 or $0.16 per share for the six month

period in 2007.

Balance Sheet

Cash and cash equivalents totaled $1.7 million on June 30, 2008, compared

to $2.1 million at year end. Accounts receivable increased to $4.7 million

for the period ended June 30, 2008 compared to $3.3 million at year end.

Days sales outstanding improved to 62 for the period ended June 30, 2008

compared to 130 for the period ended December 31, 2007.

Total current assets and total assets were $11.6 million and $12.3 million

on June 30, 2008. This compared to total current assets and total assets of

$8.2 million and $8.8 million at year end.

Total current liabilities and total liabilities totaled $2.7 million and

$3.1 million on June 30, 2008 compared to total current liabilities and

total liabilities of $4.4 million and $5 million at year end. The Company’s

current ratio improved to 4.31 to 1 for the period ended June 30, 2008

compared to 1.85 to 1 at year end.

On May 20, 2008, the Company paid off its line of credit in the amount of

$960,000 and established a new line of credit. As of August 1, 2008 the

amount used on the line of credit totaled $1.1 million. Additionally, in

June 2008, the Company raised $5 million and issued 1.1 million shares of

restricted common shares along with warrants to purchase an additional

722,000 shares at $7.00 and 389,000 shares at $9.00. These funds were used

to expand the energy division and to provide additional working capital to

expand and develop the Company’s business segments.

Mr. Jimmy Wang, CEO of Worldwide Energy and Manufacturing, stated, “We are

very pleased to announce the best second quarter in the company’s history.

Our Energy division is performing well and with increased capacity and new

solar contracts, we expect to experience this strong financial growth for

the remainder of 2008 and beyond. We are pleased to be working with yet

another Fortune 500 company such as Shanghai GM. Our strong financial

performance clearly demonstrates the company’s business plan is working

effectively. The remainder of 2008 is on track for explosive growth with

records for both revenue and profitability.”

About Worldwide Energy and Manufacturing USA, Inc.

Worldwide Energy and Manufacturing USA, Inc. (“Worldwide”), headquartered

in South San Francisco, California, is a 15-year-old engineering-oriented

firm specializing in PV panel, mechanical, electronics and fiber optic

products manufacturing. The company’s worldwide customer base includes the

industries of solar energy, wireless telecommunications, aerospace,

automobiles and medical equipment. Subsidiaries include Shanghai Intech

Electro Mechanical Products Co. Ltd., Shanghai Intech Electronics

Manufacturing Co. Ltd. and Shanghai Intech Precision Mechanical Products

Manufacturing Co. Ltd., located in Shanghai, China.

For further information on Worldwide Energy and Manufacturing USA, Inc.,

please visit http://www.wwmusa.com. You may register to receive Worldwide

Energy and Manufacturing USA, Inc.’s future press releases or request to be

added to the Company’s distribution list by contacting John Ballard.

Forward-looking statements:

The above news release contains forward-looking statements. These

statements are based on assumptions that management believes are reasonable

based on currently available information, and include statements regarding

the intent, belief or current expectations of the Company and its

management. Prospective investors are cautioned that any such

forward-looking statements are not guarantees of future performances, and

are subject to a wide range of business risks, external factors and

uncertainties. Actual results may differ materially from those indicated by

such forward-looking statements. The Company assumes no obligation to

update the information contained in this press release, whether as a result

of new information, future events, or otherwise.