Worldwide Energy (PINK:WEMU)

SOUTH SAN FRANCISCO, CA--(Marketwire - May 21, 2012) - Worldwide Energy & Manufacturing USA, Inc. ("Worldwide" or the "Company"), a supplier of photovoltaic (PV) solar modules under the 'Amerisolar' brand, and a supplier of contract manufacturing services for mechanical and electronic products manufacturing, today announced that on May 16, 2012, the Securities and Exchange Commission issued an order revoking the registration of the Company's common stock. As a result of this order, the Company's common stock, which was quoted on the OTC Links under the symbol "WEMU," is no longer publicly traded. As announced on April 13, 2012, the Company is currently subject to an investigation by the Securities and Exchange Commission related to the matters disclosed in the Company's August 4, 2011 Form 8-K and the Company's failure to timely file its periodic reports. The Company has not filed any periodic reports with the Securities and Exchange Commission since its September 30, 2010 Form 10-Q. Although the Company submitted an Offer of Settlement (the "Offer") consenting to the revocation of the registration of its common stock pursuant to Section 12(j) of the Securities Exchange Act of 1934 and the SEC accepted such Offer, the SEC investigation related to the matters disclosed in the Company's August 4, 2011 Form 8-K and the Company's failure to timely file its periodic reports continues.

As the Company's registration has been revoked, there is no longer a public market for its Common Stock. Therefore shareholders are prohibited from transferring or selling their shares except in exempt transactions that are in compliance with the United States and applicable state securities laws.

The Company intends to announce future material developments as they occur.

On July 18, 2011, Worldwide Energy and Manufacturing USA, Inc. (the “Company”) received notice that the obligations of the Business Loan Agreement (the “Loan Agreement”) dated as of May 20, 2008 between the Company and Bank of the West (the “Bank”) and related ancillary documents (collectively with the Loan Agreement, the “Loan Documents”) have been accelerated by the Bank. According to the Bank, an event of default has occurred and is continuing under the Loan Documents due to:

(i) the Company’s failure to furnish the Bank with its annual financial statements for the fiscal year ended December 31, 2010 by April 30, 2011;

(ii) the Company’s failure to furnish the Bank with its quarterly financial statements for its fiscal quarter ended March 31, 2011;

(iii) the change in the Company’s management, as previously disclosed in the Company’s Current Report on Form 8-K, filed with the Securities and Exchange Commission on April 27, 2011, constitutes an “Adverse Change” under the Loan Documents; and

(iv) due to the aforementioned change in management, the Bank believes itself insecure under the Loan Agreement.

Worldwide Energy & Manufacturing USA, Inc. did not file its Annual Report on Form 10-K for the fiscal year ended December 31, 2010 on a timely basis. The Company had previously filed an extension notification with the Securities and Exchange Commission for its audited annual financial statements for the period ended December 31, 2010 that were due on March 31, 2011. The delay in filing its Form 10-K is due to the review of agreements concerning the transfer of 48.9% ownership of the Company’s subsidiary, Worldwide Energy & Manufacturer (Nantong) Co., Ltd. (“Nantong”) that could affect reported 2010 financial results. As previously described in its Annual Report on Form 10-K for the fiscal year ended December 31, 2009, the Company had been in negotiations with the Solar Division management team regarding the transfer of equity ownership of Nantong. In 2010 and 2011, the Company signed certain agreements concerning the transfer of 48.9% ownership of Nantong to the management of Nantong.

On April 25, 2011, the board of directors (the “Board”) of Worldwide Energy and Manufacturing USA, Inc. (the “Company”) removed Jimmy Wang from all offices and positions that he held with the Company, including his positions as Chief Executive Officer and Chairman of the Board of the Company.  Mr. Wang remains a director of the Company.  In addition, the Board took action to remove Mr. Wang from all offices, positions, and directorships that he holds with the Company’s subsidiaries and affiliates.

On April 25, 2011, the Board also took action to remove Mindy Wang from all offices and positions that she held with the Company, including her positions as Secretary and Treasurer of the Company.  Mrs. Wang remains a director of the Company.  In addition, the Board took action to remove Ms. Wang from all offices, positions, and directorships that she holds with the Company’s subsidiaries and affiliates.