Printer Friendly

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 relating to 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. 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 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 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."

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 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 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
COPYRIGHT 2008 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2008 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 7, 2008
Previous Article:XsunX Exhibiting at the Solar Power International 2008 Conference in San Diego.
Next Article:Baker Hughes Announces September 2008 Rig Counts.

Related Articles
Intelligent Energy Names New Directors, Senior Management.
NU Announces Interim Leadership.
American Superconductor Announces Resignation of Chief Financial Officer.
Calpine Restructures Organization to Focus on Core Power Generation Business.
American Superconductor Appoints Thomas Rosa to Posts of Chief Financial Officer and Treasurer.
Northern Power's President Leaving Company.
Spectra Energy announces senior executive team.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters