A-Power Receives Two New Distributed Power Generation Contracts Worth a Combined $72.3 Million
February 12 2008 - 9:36AM
Business Wire
A-Power Energy Generation Systems, Ltd.
(NASDAQ:APWR)�(NASDAQ:APWRW) (NASDAQ:APWRU) ("A-Power") announced
today that it has signed two new domestic contracts to develop
distributed power generation systems worth a combined $72.3
million. The first is a $44.5 million contract to construct a 24 MW
distributed power generation system for a new paper and pulp plant
in Wuzhong, China. This project is expected to begin in June 2008
and will take about 12 months to complete. The second is a $27.8
million contract to construct a 24 MW stand alone distributed power
plant in Hailen, China. This project is expected to begin this
month and will be completed in approximately 12 months. Mr.
Jinxiang Lu, A-Power�s Chairman and CEO, commented, �The growth of
our distributed power generation business continues to accelerate.
These new contracts are a testament to the market�s recognition of
our track record and our ability to quickly develop and construct
quality systems that meet the specific power and heat needs of our
customers. In addition to these new contracts announced today, we
are in discussions with a number of other potential distributed
power generation customers and we expect a majority, if not all, of
these will turn into contracts over the next few months.� About
A-Power A-Power Energy Generation Systems, Ltd., formerly Chardan
South China Acquisition Corp., through its PRC operating
subsidiary, 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 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 and GaoKe. Forward-looking statements are statements
that are not historical facts. Including statements relating to
expected future contract performance targets and potential 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 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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