A-Power Selected by China Machine-Building International Corporation in Vietnam Project
SHENYANG, China, Jan. 27 /PRNewswire-Asia-FirstCall/ -- A-Power Energy Generation Systems, Ltd. (Nasdaq: APWR) ("A-Power" or "the Company"), a leading provider of distributed power generation ("DG") systems in China and a fast-growing manufacturer of wind turbines, today announced it has entered into a definitive agreement with China Machine-Building International Corporation ("CMIC") to co-develop a turn-key solution in the construction of a major cement plant in Vietnam.
This DG project with CMIC has commenced immediately with the construction duration of 12 months. The total contract has a value of approximately 40 million dollars with a down payment within 10 days from the contract date. No other details were disclosed.
About A-Power
A-Power Energy Generation Systems Ltd. ("A-Power"), through its China-based operating subsidiaries, is the largest provider of distributed power generation systems in China, focusing on energy-efficient and environmentally friendly projects of 25MW to 400MW. In 2008, A-Power entered the wind energy market and has built China's largest wind turbine manufacturing facility, located in Shenyang, Liaoning Province, with a total annual production capacity of 1,125MW. In March 2009, A-Power entered into an agreement to establish a Joint Venture partnership with GE Drivetrain Technologies to produce wind turbine gearboxes in Shenyang. In addition to the establishment of strategic relationships with 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 .
About China Machine-Building International Corporation
Founded in 1980, China Machine-Building International Corporation (CMIC) is a multi-functional international corporation specialized in contracting international engineering projects, exporting complete plants and equipment, engaging in external economic and technical cooperation. With its high quality equipment, mature technology and established economic and technological cooperation with various countries in the world, CMIC has formed stable economic cooperation relationships with hundreds of enterprises all over the world. In 1981 CMIC successfully signed a contract of turnkey project for one unit of 210 MW for Guddu Thermal Power Station in Pakistan, which was the first large-scale thermal power generation equipment made in China and entered into the international market. CMIC has undertaken the project of sugar-cane production plant with daily crushing capacity of 8000 tons for Wangkanai Sugar Co. Ltd., Thailand. CMIC has also contracted and constructed such projects as heavy-duty machinery plant, hydro-power plant, electricity transmission line, water supply project, cement plant, floating glass plant, forging and pressing plant, pump works, agricultural machinery plant and the other plants for Pakistan, Peru, Sri Lanka, Romania, Angola, Vietnam, Laos, Myanmar, Indonesia, Algeria, Sudan, etc. CMIC has acquired manufacturing technology for 300 MW and 600 MW steam turbines and generators for fossil-fueled power generation plants from the Westing House U.S. In cooperation with Germany and Japan firms, CMIC has undertaken the joint design and co-production for 2050mm continuous hot strip rolling mills and 1900mm slab continuous casting plant for Baoshan Iron and Steel Complex, and the complete mechanical and electrical equipment for port handling used in the Qinghuangdao port project Phase II. And CMIC has contracted more than 1000 technology transfer projects for mechanical and electrical industries of China and imported various types of machinery and equipment worth billions of U. S. Dollars. CMIC is a subsidiary company of China National Machinery Industry Corporation.
Safe Harbor Statement
This press 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 "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," 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: we may not be able to complete the acquisition with our acquisition target; our acquisition target is undergoing restructuring in local courts, which may interfere with our ability to close the acquisition of the target company; our acquisition target's restructuring process in local courts relates to financial difficulties it experienced in the operation of its business, and it may continue to experience financial difficulties after we acquire it; we may not be able to obtain all of, or any of, the government subsidies related to the acquisition of the target company; our acquisition consideration is in the form of cash payment, which is a significant amount of our total cash balance available as of September 30, 2009, and this may affect our liquidity, and may result in our inability to provide working capital for our ongoing operations and expansion; our technicians may have difficulty adapting to new technology; systems that we develop and install may contain design or manufacturing defects, which could result in reduced demand for our services and customer claims and uninsured liabilities; we expect to rely increasingly on our proprietary products and systems and on technology developed by our licensors, and if we or our licensors become involved in an intellectual property dispute, we may be forced to spend a significant amount of time and financial resources to resolve such intellectual property dispute, diverting time and resources away from our business and operations 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/A for the fiscal year ended December 31, 2008. The information set forth herein should be read in light of such risks. We assume no obligation to update the information contained in this press release, except as required under applicable law.
For more information, please contact:
John S. Lin
Chief Operating Officer
A-Power Energy Generation Systems
Email: [email protected]
Dixon Chen
Investor Relations
Grayling
Tel: +1-646-284-9403
Email: [email protected]
SOURCE A-Power Energy Generation Systems, Ltd.
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