SHENYANG, China, July 1 /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
fast-growing manufacturer of wind turbines, today announced the appointments of Mr. Kam F. Cheung to the position of Vice President of the International Division as well as Mr. Morris Li, Ph.D., to the position of Vice President of Solar Research and Development. Both appointments are effective immediately. Mr. Cheung brings to A-Power more than 20 years of business development, corporate finance, portfolio management, and securities underwriting experience including within the energy financing industry. Doctor Li contributes with proprietary PV cell production process and more than 13 years of semiconductor industry experience.
Mr. Cheung joins A-Power from 212 Recovery Services, a corporate consulting company where he was the Chief Executive Officer and Chief Restructuring Officer since 2009. Prior to that, he was the Chief Investment Officer of the SUN Group in London, U.K. During his tenure at the SUN Group, Mr. Cheung developed and managed the investment process with responsibility for a $2 billion emerging market equity portfolio. Mr. Cheung worked for over 10 years at GE Financial, and most recently was a Managing Director at GE Energy Financial Services.
Mr. Cheung earned a Master in Business Administration and a Bachelor of Science in Industrial Engineering from Cornell University.
Dr. Li served as the founder and President of Sunhi Solar Inc., a thin film solar PV company where he oversaw the build up of its a-Si thin film solar module line facility, including equipment supplier verification and tool quality assurance, and solar panel production optimization. Between February 2006 and February 2009, Dr. Li was the Vice President of Manufacturing at Beijing Hiway Systems where he managed the manufacturing transfer of Aspen II, 200mm PECVD technology from Masson Technology. He was also responsible for component purchasing and supplier management, manufacturing, and the build up of the demo laboratory facility as well as Hiway's award of ISO-9000 certification. Prior to that, Dr. Li worked as a manager at Applied Materials in Santa Clara, USA.
Dr. Li earned a Doctorate and Master in Mechanical Engineering from the University of Minnesota. He has been granted 8 U.S. patents and 3 Chinese patents in new material science.
Mr. Jinxiang Lu, Chairman and Chief Executive Officer of A-Power, commented, "I am very pleased to have enlisted seasoned professionals such as Mr. Cheung and Dr. Li to help strategize and implement A-Power's future expansion plans. We look forward to capitalizing on Mr. Cheung's proven financial skills and industry experience in achieving our goal of becoming a global player in the clean-tech industry. With solar PV increasingly becoming a key segment of our long-term clean-tech growth strategy, we welcome Dr. Li's solid technical background and vast industry experience to help us spearhead our solar operation."
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 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 .
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 "may", "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: inclement weather conditions could adversely affect our operating results in particular quarters and/or fiscal years; we may experience construction, manufacturing and development delays on our projects which could adversely affect our financial condition and operating results; our limited operating history and recent entrance into new 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 fiscal 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 press release, except as required under applicable law.
For further information, please contact:
A-Power Energy Generation Systems
John S. Lin
Chief Operating Officer
Email: john@apowerenergy.com
Grayling
Dixon Chen
Investor Relations
Tel: +1-646-284-9403
Email: dixon.chen@us.grayling.com
