Progress Watch Corporation (OTCBB:PROW), reports that it has agreed to develop and manufacture a totally new mechanical watch movement concept for a high end watch manufacturer.
The new watch concept will show the time in an entirely new fashion, not previously seen in a watch. The development will be made by a new development team in Progress Watch, and the company expects that the new watch concept will be shown at the Geneva luxury watch exhibition in January 2009.
This new project is a result of the company´s success at the Basel and Geneva watch and jewelry exhibitions, and continued market and innovation efforts. The movement can be manufactured virtually countless designs.
The project is expected to bring the company revenues in excess of CHF 7 million. The new movement will be an excellent addition to the company´s suite of START tourbillon movements, and will strengthen the company´s manufacturing and knowledge base.
The highly sophisticated mechanical movements are entirely manufactured in Switzerland and meet the highest standards of the Haute Horlogerie brands.
Progress Watch Corporation (PROW) is a company dedicated to independently provide high end, innovative, reliable, stable, flexible and unique Swiss made mechanical watch movements to the elite of the Swiss watch industry.
This release contains certain forward–looking statements which involve known and unknown risks, uncertainties and other factors not under the Company´s control which may cause actual results, performance, achievements of the Company to be materially different from the results, performance of expectations implied by these forward–looking statements. These factors include, but are not limited to, the limited liquidity and the limited operating history of the Company.