A-Power Sets Redemption Date of Warrants
February 21 2008 - 8:30AM
Business Wire
A-Power Energy Generation Systems (NASDAQ:APWR) (NASDAQ:APWRW)
(NASDAQ:APWRU) ("A-Power"), today announced that it is sending out
redemption notices to all of the holders of its issued and
outstanding callable common stock purchase warrants. Proceeds from
the warrant redemption will be used for, among other things, the
financing of its previously announced new production plant and its
previously announced acquisition. The final redemption date for the
warrants will be March 24, 2008. After the redemption date, holders
of warrants who have not exercised them will be paid $0.01 per
warrant, and the warrant will be extinguished. The right of A-Power
to call these warrants is the result of the fact that the company's
common shares have closed at a price of $8.50 or more for at least
20 of 30 trading days prior to the notice of redemption being sent
to the warrant holders. The closing price of the common shares on
February 20, 2008 was $19.50. The common stock purchase warrants
were originally issued by Chardan South China Acquisition Corp. in
August 2005. As a result of the merger of Chardan South and
A-Power, the warrants are now exercisable into common shares of
A-Power. Prior to March 24, 2008, holders of the warrants may
exercise them for common shares by sending the warrants, together
with payment in full of $5.00 per warrant, to A-Power�s stock
transfer agent, Continental Stock Transfer and Trust Company. About
A-Power A-Power Energy Generation Systems, Ltd., formerly Chardan
South China Acquisition Corp., through its PRC operating
subsidiary, Liaoning GaoKe Energy Group Co., Ltd., is the largest
provider of distributed power generation systems in China and will
enter into China�s wind energy market in 2008. The Company is also
focused on developing and commercializing additional renewable
energy technologies and has strategic relationships with both
Tsinghua University and the China Sciences Academy in Guangzhou.
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