SHENYANG, China, July 1, 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 June 30, 2011 it filed a Notification of Late Filing on Form 12b-25 with the Securities and Exchange Commission. The notification was for its annual report to the SEC on Form 20-F that was due on June 30, 2011. In the filing, the Company stated, "The Company's independent auditor, MSCM LLP, resigned prior to completion of the audit of the Company's financial statements for the year ended December 31, 2010. Consequently, the Company will be unable to provide the Form 20-F including its audited financial statements on time without unreasonable effort or expense. The Company has previously announced that the Company and members of the Audit Committee of the Board of Directors will be meeting with other qualified independent auditing firms. The Company will announce its new independent auditor after the Audit Committee has selected a firm and an audit engagement contract has been entered into between the Company and that firm, and the Company will work as rapidly as possible with a new independent auditor to complete the audit of its financial statements for the year 2010 and to then file its annual report on Form 20-F." About A-Power A-Power Energy Generation Systems, Ltd., 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.
A-Power Energy Generation Systems (Nasdaq:APWR) hit a new 52-week low Monday as it is currently trading at $4.35, below its previous 52-week high of $11.15 with 4,406 shares traded as of 9:30 a.m. ET. Average volume has been 569,500 shares over the past 30 days.