A-Power Energy (APWR) Announces Termination of CFO; Names Lin as Interim CFO
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A-Power Energy Generation Systems, Ltd. (Nasdaq: APWR) announced today that its Audit Committee has completed an internal review that confirmed assertions made by NASDAQ relating to the omission of certain biographical information of Edward Meng that had not been disclosed in various filings prior to July 2008, and which was corrected in the Company's 20-F filing on July 11, 2008. The assertions were prompted by a NASDAQ notification to the company of a letter written to NASDAQ from Mr. Meng's former employer. The letter stated that Mr. Meng had breached that company's Code of Conduct by being employed by that company on a full-time basis while at the same time being employed by A-Power as its part time CFO. After difficult deliberations and multiple consultations with NASDAQ, the Board of Directors of A-Power determined that terminating Mr. Meng's employment was the appropriate response and that it will take effect immediately.
John Lin, A-Power's Corporate Secretary, Chief Strategy Officer and member of the Board of Directors has been appointed Interim CFO while the search for a successor is underway.
A-Power Energy Generation Systems, Ltd. designs, constructs, and tests distributed power generation and micro power grids to factories and users in the People's Republic of China.
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