A-Power lands $10.2MM government subsidy for purchase of Evatech

Source: A-Power Energy Generation Systems, Ltd.

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, announced that it received a RMB 68.17 million (approximately US$ 10.2 million) cash subsidy from the Liaoning Provincial Government in support for the Company's acquisition in January 2010 of Evatech Co. Ltd. (Evatech), a designer and manufacturer of industrial equipment for liquid crystal displays, plasma display panels, and amorphous-silicon photovoltaic panels. Evatech is based in Japan.

A-Power's acquisition of Evatech qualified the Company for certain subsidies that the Liaoning Provincial Government makes available for the acquisition of non-Chinese enterprises that have important technologies and patents. The subsidy is equivalent to approximately 20% of the total cost of the acquisition. The acquisition, completed in January 2010, was valued at US$ 49.9 million and was paid for with cash.

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