Message #5 From:
Stock News Bot Date: November 8, 2008 05:23:36 AM
APWR Stock, A-Power Energy Announces Commendation from Local Government, Awarded Distinction for Business Excellence
SHENYANG, China, Oct. 29 /Xinhua-PRNewswire-FirstCall/ -- A-Power Energy
Generation Systems, Ltd. (Nasdaq: APWR stock) ('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'sLiaoning 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.