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Last updated on April 16, 2014 at 13:08 EDT

A-Power’s Director and Interim CFO Michael Zhang Resigns

January 9, 2012

SHENYANG, China, Jan. 9, 2012 /PRNewswire-Asia-FirstCall/ — A-Power Energy Generation Systems, Ltd. (NASDAQ: APWR) (“A-Power” or “the Company”), a leading provider of distributed power generation systems in China and a manufacturer of wind turbines, today announced that Mr. Yadong (Michael) Zhang, Director, Interim Chief Financial Officer, and Vice President of A-Power, has resigned with effect on January 6, 2012. After substantial discussion and deliberation about his career development, Mr. Zhang has decided to resign all his duties in A-Power, and he wishes A-Power’s shareholders, customers, and employees all good success.

Mr. Zhang joined A-Power in January 2010 as Vice President, initially for the design, implementation, and management of A-Power’s internal and disclosure controls systems, and later his scope was expanded to include internal audit, strategic planning, and the integration of the Company’s Evatech Co. Ltd. solar equipment manufacturing subsidiary in Japan. He was elected as a Director effective June 8, 2011 and named as A-Power’s Interim Chief Financial Officer on July 15, 2011.

Mr. Jinxiang Lu, A-Power’s Chairman and Chief Executive Officer, said, “We have been very fortunate to have Michael’s outstanding contributions to our company and our Board of Directors. We wish him success and happiness as he pursues new opportunities where his outstanding knowledge, judgment, and skills will have a larger benefit to the world and to him.”

A-Power has started its searches for a new chief financial officer and a new director.

About A-Power

A-Power Energy Generation Systems, Ltd. (“A-Power”), through its China-based operating subsidiaries, is a leading provider of distributed power generation systems in China and is expanding into the production of alternative power generation systems. Focusing on energy-efficient and environmentally friendly distributed power generation projects of 25 to 400 megawatts, A-Power also operates one of the largest wind turbine manufacturing facilities in China. A-Power acquired Evatech Co. Ltd., a designer and manufacturer of industrial equipment for amorphous-silicon photovoltaic panels, in January 2010.

In addition to the establishment of strategic relationships with some of the world’s leading wind energy design and engineering companies, A-Power has formed joint research programs with Tsinghua University and the China Academy of Sciences to develop and commercialize other renewable energy technologies.

For more information about A-Power, please visit http://www.apowerenergy.com.

Safe harbor statement

This news release may contain forward-looking statements. Any such statement is made within the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “anticipates,” “believes,” “expects,” “estimates,” “future,” “intends,” “may,” “plans,” “will,” and other similar statements. Statements that are not historical facts, including statements relating to anticipated future earnings, margins, and other operating results, future growth, construction plans and anticipated capacities, production schedules, and entry into expanded markets are forward-looking statements. Such forward-looking statements, based upon the current beliefs and expectations of our management, are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements, including but not limited to, the risk that: inclement weather conditions could adversely affect our operating results in particular quarters and or years; we may experience construction, manufacturing, and development delays on our projects that could adversely affect our financial condition and operating results; our limited operating history and recent entrance into new lines of business and jurisdictional markets may make it difficult for you to evaluate our business and future prospects; we may not be able to successfully develop our business in new jurisdictional markets, which would have a negative impact on the results of our operations derived from such new jurisdictional markets; our customers may not be able to obtain the financing required for these projects, and thus, we may not be able to derive revenues from such agreements, as well as other relevant risks detailed in our filings with the Securities and Exchange Commission, including those set forth in our annual report filed on Form 20-F for the year ended December 31, 2009. The information set forth herein should be read in light of such risks. We assume no obligation to update the information contained in this news release, except as required by law.


    For more information, please contact:

    A-Power Energy Generation Systems, Ltd.

    Rocky Li
    Mobile: +86 139 1007 2546 in China
    Email: rocky@apowerenergy.com

    Christensen

    Tom Myers
    Mobile: +86 139 1141 3520 in Beijing
    Email: tmyers@ChristensenIR.com

    Patty Bruner
    Mobile: +1 480 332 6397
    Email: pbruner@ChristensenIR.com

http://www.apowerenergy.com

SOURCE A-Power Energy Generation Systems, Ltd.


Source: PR Newswire