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Multi Ways Holdings Secures $17.6 Million Leasing Deal with Singapore's Ministry of Defence, Strengthening its Growth Prospects

Multi Ways Holdings Limited
Multi Ways Holdings Limited

SINGAPORE, June 14, 2024 (GLOBE NEWSWIRE) -- Multi Ways Holdings Limited (“Multi Ways” or the “Company”) (NYSE American: MWG), a leading supplier of a wide range of heavy construction equipment for sales and rental in Singapore and the surrounding region, today announced a breakthrough equipment leasing agreement with the Ministry of Defence of Singapore.

The agreement, worth US$17.6 million, is for leasing advanced machinery and equipment tailored to meet the specific needs of Singapore's Ministry of Defence. The heavy construction equipment provided under this deal was selected for its cutting-edge technology and reliability, highlighting the versatility and quality of Multi Ways' fleet.

Mr. James Lim, Chairman and Chief Executive Officer of Multi Ways, commented: "Our agreement with Singapore’s Ministry of Defence is a testament to Multi Ways' capabilities in fulfilling the stringent requirements of Singapore’s government. It’s a major accomplishment and a point of pride for us to gain the confidence of such a critical national agency. We hope this sets a foundation for future agreements with government entities, potentially opening doors to new opportunities within and outside of Singapore.”

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“We are honored to be entrusted by the Ministry of Defence, Singapore, with this significant leasing agreement," said Nick Tan, COO of Multi Ways. "This contract not only boosts our financial outlook but also validates our strategic focus on delivering unparalleled equipment solutions. As we expand our market presence, this deal exemplifies our ability to secure and execute large-scale contracts, reinforcing our reputation as a leader in the equipment leasing industry. We are committed to leveraging this success to drive further growth and enhance shareholder value."

With a robust pipeline of opportunities and a strong balance sheet, Multi Ways is well-positioned to capitalize on the growing demand for heavy machinery and equipment solutions. We are dedicated to continuing our path of innovation and excellence, ensuring sustainable growth and long-term value for our stakeholders.

As Multi Ways continues to excel in delivering high-quality and reliable equipment solutions, this deal marks a key milestone in expanding into sectors requiring the highest operational excellence. The Company is committed to continuing its track record of excellence and looks forward to supporting the Ministry of Defence in its operations.

About Multi Ways Holdings Limited

Multi Ways Holdings supplies a wide range of heavy construction equipment for sales and rental in Singapore and the surrounding region. With more than two decades of experience in the sales and rental of heavy construction equipment business, the Company is widely established as a reliable supplier of new and used heavy construction equipment to customers from Singapore, Australia, UAE, Maldives, Indonesia, and the Philippines. With our wide variety of heavy construction equipment in our inventory and complementary equipment refurbishment and cleaning services, Multi Ways is well-positioned to serve customers as a one-stop shop. For more information, visit www.multiwaysholdings.com.

Safe Harbor Statement
This press release contains forward-looking statements. In addition, from time to time, we or our representatives may make forward-looking statements orally or in writing. We base these forward-looking statements on our expectations and projections about future events, which we derive from the information currently available to us. Such forward-looking statements relate to future events or our future performance, including: our financial performance and projections; our growth in revenue and earnings; and our business prospects and opportunities. You can identify forward-looking statements by those that are not historical in nature, particularly those that use terminology such as “may,” “should,” “expects,” “anticipates,” “contemplates,” “estimates,” “believes,” “plans,” “projected,” “predicts,” “potential,” or “hopes” or the negative of these or similar terms. In evaluating these forward-looking statements, you should consider various factors, including: our ability to change the direction of the Company; our ability to keep pace with new technology and changing market needs; and the competitive environment of our business. These and other factors may cause our actual results to differ materially from any forward-looking statement. Forward-looking statements are only predictions. The forward-looking events discussed in this press release and other statements made from time to time by us or our representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties, and assumptions about us. We are not obligated to publicly update or revise any forward-looking statement, whether as a result of uncertainties and assumptions, the forward-looking events discussed in this press release and other statements made from time to time by us or our representatives might not occur.

Investor Relations Contact:
Matthew Abenante, IRC
President          
Strategic Investor Relations, LLC
Tel: 347-947-2093
Email: matthew@strategic-ir.com