A-Power Announced Today That Its Acquisition Candidate, Liaoning International Construction & Engineering Group, Was Awarded Two New Construction Contracts.SHENYANG, China -- A-Power Energy Generation Systems, Ltd. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : APWR APWR Advanced Pressurized Water Reactor APWR Americans for the Preservation of the White Race APWR Anti-Pyramid Web Ring (Bosnian bloggers) APWR Alliance to Protect Water Resources, Inc. ) (NASDAQ: APWRW) (NASDAQ: APWRU) ("A-Power") announced today that its acquisition candidate, Liaoning International Construction & Engineering Group ("LICEG"), has signed two phase 1 construction contracts with Beijing Shougang Beijing Shougang can refer to:
(2) (Streaming SIMD Extensions) A series of additional instructions built into Pentium CPU chips for improved multimedia performance by performing mathematical operations on multiple sets of data at the :000959) worth a total of $11 million. Beijing Shougang, founded in 1919, is the fourth largest steel producer in China and is working closely with the PRC government to relocate all of its heavy polluting steel factories out of Beijing into neighboring provinces prior to the Olympic Games Olympic games, premier athletic meeting of ancient Greece, and, in modern times, series of international sports contests. The Olympics of Ancient Greece Although records cannot verify games earlier than 776 B.C. . Mr. Jinxiang Lu, A-Power's Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , commented, "We are looking forward to completing the acquisition of Liaoning International Construction & Engineering Group. The acquisition of LICEG will be a strategic addition and extension of our design, construction, installation and project management capabilities and will expand our business domestically while simultaneously accelerating our entry into the international markets. LICEG reported 2007 revenue of $93 million (unaudited) and net income of approximately $3 million (unaudited). By grafting our processes and control systems onto their contracts we expect to be able to bring their profit margins up to ours over time. "Following the acquisition of LICEG and through its initial contracts with Beijing Shougang, we believe that we will be the only non state-owned company involved in the relocation of large factories from Beijing to neighboring provinces. With the upcoming Olympic Games and the new Clean Air Act, many companies, including Beijing Shougang, are receiving government support to close down and relocate to areas outside of Beijing. We expect these initial contracts to be the beginning of our co-operation with Beijing Shougang and its massive $5 billion relocation process." About A-Power A-Power Energy Generation Systems, Ltd., formerly Chardan South China Acquisition Corp., through its PRC operating subsidiary An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. , Liaoning GaoKe Energy Group Co., Ltd., is the largest provider of distributed power generation systems in China and will enter into China's wind energy market in 2008. The Company is also focused on developing and commercializing additional renewable energy Renewable energy utilizes natural resources such as sunlight, wind, tides and geothermal heat, which are naturally replenished. Renewable energy technologies range from solar power, wind power, and hydroelectricity to biomass and biofuels for transportation. technologies and has strategic relationships with both Tsinghua University History Tsinghua University was established in Beijing in 1911 on the site of a former royal garden belonging to a prince, and was funded by an indemnity which and the China Sciences Academy in Guangzhou. This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 about A-Power and GaoKe. Forward-looking statements are statements that are not historical facts, including statements relating to the contemplated acquisition and new contracts. Such forward-looking statements, based upon the current beliefs and expectations of A-Power's and GaoKe'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 GaoKe is engaged; cessation or changes in government incentive programs; fluctuations in customer demand; 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; geopolitical ge·o·pol·i·tics n. (used with a sing. verb) 1. The study of the relationship among politics and geography, demography, and economics, especially with respect to the foreign policy of a nation. 2. a. events and regulatory changes; 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. |
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