Winland Online Shipping Posts First Quarter Loss as World Financial Crisis Dramatically Lowered Shipping Activity

DALIAN, THE PEOPLE'S REPUBLIC OF CHINA (PRC, May 18
(MARKET WIRE) --
Reflecting the virtually unprecedented decline in shipping activity in
the first quarter this year stemming from the world financial crisis,
Winland Online Shipping Holdings Corporation (OTCBB: WLOL), reported
today a significant reduction in revenues and a net loss in its first
quarter ended March 31, 2009.

The Company, a PRC-based global shipping company which also owns and
operates China's largest shipping website portal "Shipping Online"
(www.sol.com.cn), reported that 2009 first quarter revenues declined 54.2%
to $12,528,173 from $27,383,063 in the same period last year, which led to
a 147% decrease in net income from $6,777,859 or $0.06 per share in the
first quarter of 2008, to a loss of ($3,195,885) or ($0.02) per share in
the same period in 2009. The Company noted that in addition to reflecting
the net loss incurred in the period, per share figures in 2009 are based
on a 21.6% increase in weighted average shares outstanding to 130,000,000
compared with 106,925,000 shares in the year earlier period.

Increased Contribution From Services Businesses

The Company reported that as the average of the Baltic Dry Index, a
leading indicator of world shipping activity, dropped about 78% during the
comparable periods, its dry bulk shipping operations incurred an operating
loss in the period of approximately $3.88 million as sales to unaffiliated
customers decreased to about $5.05 million, representing about 40% of
total Company sales. The Company's chartering brokerage operations were
the biggest contributor to revenues in the quarter (48% of consolidated
operating revenues) and, reflecting cost management programs put in place
by management, produced first quarter operating income of $806,428. This
was about flat with its contribution in the same period last year when
sales were approximately 50% higher.

The contribution to revenues in the quarter of shipping agency, freight
forwarding services and online services, including the Company's industry
leading website, rose from 5% in 2008 to 12% in the 2009 period, but
produced a small loss.

Ms. Xue Ying, the Company's CEO, commented, "As we anticipated before the
end of last year, given the economic environment, 2009 got off to an
extremely difficult start and is likely to stay challenging through much
of the year. While we took steps to reduce costs, they clearly couldn't
offset the sudden and dramatic drop in activity. At the same time, we
continued to invest in our 'Shipping Online' site which we still see as
the prime catalyst for modernizing the shipping industry in China, and
which we believe will give us a more prominent leadership role as we
emerge from the worldwide slump."

Mr. Li Honglin, president and founder of the Company, added, "Fortunately,
as a strong Company, we believe we will weather this storm and at some
point resume our profitable growth with what we expect will be a larger
and more diversified fleet and a more diverse base of clients. Over the
course of the year our strategy for acquiring new assets will unfold as
we take advantage of what we see as an outstanding opportunity for
expansion."

Company Description

Based in the port city of Dalian, in the People's Republic of China (The
PRC), Winland Online Shipping Holdings Corporation is a global shipping
company with a fleet of 13 Company-owned vessels, mainly in the Handysize
and MPP (Multi-Purpose Vessel) category, engaged in international bulk
cargo transportation. The Company also owns and operates "Shipping Online"
-- www.sol.com.cn -- which is China's largest shipping industry portal.
Helping to transform the shipping industry in China, the site functions as
not just an information provider, but as a business platform, providing
on- line and off-line international shipping and logistics services, such
as bulk cargo chartering, container booking, shipping agents, ship
trading and building, spare parts supplies, crew recruitment as well as
shipping news and data.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act
of 1995:

This news release contains forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. These
forward-looking statements are based on current expectations or beliefs,
including, but not limited to, statements concerning the Company's
operations, financial performance and condition. For this purpose,
statements that are not statements of historical fact may be deemed to be
forward-looking statements. The Company cautions that these statements by
their nature involve risks and uncertainties, and actual results may
differ materially depending on a variety of important factors, including,
but not limited to, the impact of competitive services and products,
pricing and new technology; changes in customer preferences and
effectiveness of marketing; changes in laws and regulations; fluctuations
in costs of doing business, and other factors as those discussed in the
Company's reports filed with the Securities and Exchange Commission from
time to time. In addition, the company disclaims any obligation to update
any forward-looking statements to reflect events or circumstances after
the date hereof.

No securities regulatory authority has either approved or disapproved the
contents of this news release.

WINLAND ONLINE SHIPPING HOLDINGS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
AND COMPREHENSIVE INCOME (LOSS) (UNAUDITED)

Three Months Ended
March 31,
2009 2008
------------ ------------

REVENUES $ 12,528,173 $ 27,383,063

COSTS AND EXPENSES
Vessel operating expenses 11,454,217 16,575,212
Service costs 1,268,861 1,165,598
Depreciation and amortization 2,005,536 2,061,047
General and administrative expense 653,078 546,774
Selling expense 92,110 35,085
------------ ------------
TOTAL COSTS AND EXPENSES 15,473,802 20,383,716

OTHER INCOME (EXPENSES)

Interest expense, net (52,186) (523,966)
Other (expense) income, net (196,748) 293,041
------------ ------------

(LOSS) Income FROM OPERATIONS Before Income
Taxes (3,194,563) 6,768,422

Income Tax EXPENSE (BENEFIT) 1,322 (9,436)
------------ ------------

NET (LOSS) INCOME (3,195,885) 6,777,858
------------ ------------

OTHER COMPREHENSIVE INCOME

Foreign currency translation (loss) gain (45,990) 181,533
------------ ------------

COMPREHENSIVE (LOSS) INCOME $ (3,241,875) $ 6,959,391
============ ============

Three Months Ended March 31,
2009 2008
------------- -------------

Weighted average shares outstanding
- Basic 130,000,000 106,925,000
============= =============
- Diluted 130,000,000 106,925,000
============= =============

Net (loss) income per share
- Basic $ (0.02) $ 0.06
============= =============
- Diluted $ (0.02) $ 0.06
============= =============

Contacts:

Winland Online Shipping

Tiger Cai
Investor Relations
Tel:86-411-39660009
Fax:86-411-39660007
Email: Tiger@winlandshipping.com

Nancy Jing
Chief Financial Officer
Tel: 1 510 589 9999
Fax: 1 800 779 2319
Email: nancy@winlandshipping.com

Ken Donenfeld
DGI Investor Relations, Inc.
Tel: 212-425-5700
Email1: donfgroup@aol.com
Email2: kdonenfeld@dgiir.com

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