Archive for May, 2009

A-Power Energy Generation Systems Ltd. Wins Two Contracts Totaling $75.3 Million for Anhui Wenergy Co., Ltd.’s Biomass-Based Micro-Grid Electricity Generation Projects

Friday, May 8th, 2009

A-Power Energy Generation Systems, Ltd., BVI-registered corporation providing distributed power generation systems in China, announced that it has signed contracts with the subsidiaries of Anhui Wenergy Co., Ltd., for building two micro-grid electricity-generation systems based on biomass, in Anhui Province of China. The two contracts with the company, listed on the Shenzhen Stock Exchange, and distributing electric have total value of US$75.3 mln.

By terms of the signed contracts, A-Power will design, assemble, install, test and deliver two 30MW electricity-generation systems with biomass used as a fuel at Wenergy’s DG plants in Shucheng County and Hanshan County in Anhui Province. The two projects are expected to be completed and come into operation by August 2010.

A-Power’s Chairman and CEO Mr. Jinxiang Lu said in his comments, “We are extremely excited to become the sole provider for Wenergy’s two high-profile alternative energy projects in one of China’s important industrial provinces … With these two projects, A-Power has broadened its DG coverage to another important industrial company in China.”

Anhui Wenergy Co., Ltd., which is listed on the Shenzhen Stock Exchange, distributes electric power in Anhui Province and Eastern China. In January 2009, Wenergy announced that three of its subsidiaries gained US$20 mln worth of subsidiaries from the Chinese government for the voluntary shutdown of five coal-fired electrical generators.

BVI-registered Pansoft Company Limited changes the independent registered public accounting firm

Sunday, May 3rd, 2009

The British Virgin Islands-based Pansoft Company Limited dismissed MSCM LLP as the company’s independent registered public accounting firm. The decision was approved by the Audit Committee of the Board of Directors of the BVI company.

Pansoft Company Limited announced that the reports of MSCM on the financial statements of the BVI company for the years ended December 31, 2008 and 2007 contained no adverse opinion or disclaimer of opinion, and were not qualified or modified as to uncertainty, audit scope or accounting principle. Also, concerning its audits of the years 2008 and 2007, there were no disagreements with MSCM on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure.

The BVI company also announced that it engaged GC Alliance Limited as its independent registered public accounting firm. The change was approved by the audit committee and Board of Directors of Pansoft Limited.

Also, on April 23, 2008 the Compensation Committee of the Board of Directors of the BVI company determined to grant certain one-time cash bonuses to its Chairman Hugh Wang, and  the Interim Chief Financial Officer Allen Zhang. These bonuses are part of the cash prize of $160,986 awarded to the company by the government of China for its successful listing in an overseas stock exchange.