A-Power Affiliate Receives Notice of Arbitration from GE Transportation
SHENYANG, China, March 9, 2011 /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 on March 7, 2011, a subsidiary of GE Transportation served notice on A-Power that GE Transportation has issued a demand for arbitration against A-Power for alleged unresolved breaches of certain terms of the gearbox purchase and sale contract between them. A-Power is presently considering its response to this notice from GE Transportation. If this matter proceeds to arbitration, A-Power cannot reliably determine the outcome or the potential financial consequences that an adverse outcome in any such proceeding may have on the Company.
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 and acquired Hallys Corporation in May 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, please visit http://www.apowerenergy.com.
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For more information, please contact: A-Power Energy Generation Systems, Ltd. Richard Cai Mobile: +86 131 2230 4436 in China Email: firstname.lastname@example.org Christensen Patty Bruner Mobile: +1 480 332 6397 in the USA Email: pbruner@ChristensenIR.com Tom Myers Mobile: +86 139 1141 3520 in China Email: tmyers@ChristensenIR.com
SOURCE A-Power Energy Generation Systems, Ltd.