A-Power Energy Appoints New Interim Chief Financial Officer.
SHENYANG, China, Oct. 7 /Xinhua-PRNewswire-FirstCall/ -- A-Power Energy Generation Systems, Ltd. ("A-Power"), announced today that its Audit Committee has completed an internal review that confirmed assertions made by 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 relating to relating to relate prep → concernant
relating to relate prep → bezüglich +gen, mit Bezug auf +acc the omission of certain biographical information of Edward Meng that had not been disclosed in various filings prior to July 2008, and which was corrected in the Company's 20-F filing on July 11, 2008. The assertions were prompted by a NASDAQ notification to the company of a letter written to NASDAQ from Mr. Meng's former employer. The letter stated that Mr. Meng had breached that company's Code of Conduct by being employed by that company on a full-time basis while at the same time being employed by A-Power as its part time CFO See Chief Financial Officer. . After difficult deliberations and multiple consultations with NASDAQ, the Board of Directors of A-Power determined that terminating Mr. Meng's employment was the appropriate response and that it will take effect immediately.
According to according to
1. As stated or indicated by; on the authority of: according to historians.
2. In keeping with: according to instructions.
3. Jinxiang Lu, Chairman and Chief Executive Officer, "Our internal audit determined that while Mr. Meng's other position did not present a competitive concern nor did it have any effect on his performance as our CFO, his complete biographical information should have been disclosed. Although the omissions may have occurred inadvertently, we believe that our decision is the appropriate course of action."
John Lin, A-Power's Corporate Secretary, Chief Strategy Officer and member of the Board of Directors has been appointed Interim CFO while the search for a successor is underway.
Mr. Jinxiang Lu further stated, "The Company reached the decision very reluctantly. Edward has been an important, capable and reliable member of our management team. He has played a critical role in the transition of A-Power to a US public company, in the growth of our core distributed generation Distributed generation generates electricity from many small energy sources. It has also been called also called on-site generation, dispersed generation, embedded generation, decentralized generation, decentralized energy or business, and in the startup of our wind turbine production business.
We certainly wish Edward well in his future endeavors. With this notable exception, we have been pleased with his performance, and he will be missed."
A-Power Energy Generation Systems, Ltd., 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 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 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. Forward-looking statements are statements that are not historical facts, including statements relating to expected future contracts and related delivery schedules. 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 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.
a. 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: Union IR Ian Shanno Tel: +1-310-928-3780
CONTACT: Ian Shanno of Union IR for A-Power Energy Generation Systems, Ltd., +1-310-928-3780