SHENYANG, China, Oct. 29 /Xinhua-PRNewswire-FirstCall/ -- A-Power Energy Generation Systems, Ltd. (Nasdaq: APWR) ("A-Power"), announced today that it has received important government acclaim for its distributed generation business and for completion of its Shenyang wind turbine assembly concluding an official tour of A-Power's facilities on October 23, 2008. Mr. Zhenggao Chen, the Provincial Governor of China's Liaoning Province, expressed his highest regard for the progress that has been made and A-Power's commitment to developing wind power in China.
Mr. Chen, noted, "A-Power's unique ability to serve China's renewable energy initiatives continues to impress and build confidence that it will succeed in new business segments including wind power. We are committed to providing A-Power with government support in renewable energy policy and land usage mandates."
Also participating on the tour were 30 government officials including Mr. Li Jia, the Vice Governor of the Liaoning Province, Mr. Li Bing, Chief Information Officer of Industry Department of Liaoning, Mr. Zheng Wei, Secretary of the Municipal Party in Shenyang, Mr. Li Yingjie, Mayor of Shenyang, and Mr. Huang Kai, Director of Huannan New District in Shenyang.
Mr. Jinxiang Lu, A-Power's Chairman and Chief Executive Officer commented "We are pleased to do our part and contribute to advancing China's adoption of renewable energy technologies and reduction of oil dependence. We believe A-Power has made tremendous progress in developing a wind energy business and we commend our license partners Fuhrlander AG and Norwin A/S for their guidance. We remain on track to commence operations and begin assembling our first 2.7MW wind turbines in November, as we receive components from Germany. With 13 completed distributed generation projects, 10 currently underway and over $800 million in backlog, we are building on a fundamentally sound, cash flow positive foundation and have every reason to believe A-Power will continue to excel in China's alternative energy industry."
About A-Power
A-Power Energy Generation Systems, Ltd., through its PRC operating subsidiary, Liaoning GaoKe Energy Group Co., Ltd., is the largest provider of distributed power generation systems in China and entered into China's wind energy market in 2008. The Company is also focused on developing and commercializing additional renewable energy technologies and has strategic relationships with both Tsinghua University and the China Sciences Academy in Guangzhou.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, about A-Power. Forward-looking statements are statements that are not historical facts, including statements relating to expected future operations and operating results. Such forward-looking statements, based upon the current beliefs and expectations of A-Power's management, are subject to risks and uncertainties, which could cause actual results to differ from the forward looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: business conditions in China; continued compliance with government regulations; legislation or regulatory environments, requirements or changes adversely affecting the businesses in which A-Power is engaged; cessation or changes in government incentive programs; fluctuations in customer demand; production delays, component shortages, management of rapid growth and transitions to new markets; intensity of competition from or introduction of new and superior products by other providers of distributed power generation and other energy generation technology; timing, approval and market acceptance of new product introductions; general economic conditions; and geopolitical events, as well as other relevant risks detailed in A-Power's filings with the Securities and Exchange Commission. The information set forth herein should be read in light of such risks. Neither A-Power nor GaoKe assumes any obligation to update the information contained in this press release.
For more information, please contact:
Ian Shanno
Union IR
Tel: +1-310-928-3780
