APWRU A-Power Energy Generation Sys (MM)

A-Power Energy Generation Systems, Ltd. (NASDAQ:APWR)๏ฟฝ(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๏ฟฝs Chairman and CEO, commented, ๏ฟฝThe growth of our distributed power generation business continues to accelerate. These new contracts are a testament to the market๏ฟฝs 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.๏ฟฝ 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๏ฟฝs 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๏ฟฝs and GaoKe๏ฟฝs 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๏ฟฝs 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.