A-Power Receives Further Nasdaq Notice Of Noncompliance
SHENYANG, China, Oct. 3, 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 September 28, 2011, it received an additional determination letter from the Staff of The Nasdaq Stock Market LLC ("Nasdaq").
The Nasdaq Staff indicated in its letter that the Company's failure, within a reasonable period of time, to provide the Staff with certain additional information requested in a letter to the Company dated September 9, 2011 in connection with the Staff's ongoing inquiry regarding the continued listing of the Company's securities on Nasdaq, provides an additional basis for delisting the Company's common stock. The Staff's additional determination is based upon the authority granted to Nasdaq under Listing Rule 5250(a).
The Company has been diligently working to provide the information requested by the Staff and, to that end, submitted the requested information on September 30, 2011.
As previously reported, the Nasdaq Staff issued a determination letter on September 1, 2011, stating that the continued listing of the Company's common stock was no longer warranted pursuant to Listing Rule 5101 based upon certain circumstances surrounding the resignation of the Company's independent auditor, MSCM LLP, as well as the circumstances surrounding the resignations of certain of the Company's directors. In addition, the Staff determined that Company's failure to timely file with the SEC the Form 20-F for the year ended December 31, 2010, as required by Listing Rule 5250(c), constituted a separate basis for delisting.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.
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