HONG KONG, March 31, 2014 /PRNewswire/ – ASIA PACIFIC BOILER CORPORATION
(PADR:US) (“Asia Pacific Boiler” or “the company”) is pleased to
announce that the company has made great progress toward the completion
of legal due diligence, financial auditing, and other steps necessary
to finish its proposed acquisition of Million Place Investment Limited
(“Million Place”), a BVI corporation. Million Place holds an option to
purchase up to 51% of Inner Mongolia Yu Long Pump Production Co. Ltd.
(“Yulong Pump”), a PRC corporation engaged in the production and sale
of industrial boilers. To date, Million Place has completed the
acquisition of 49% of Yulong Pump.

On its part, Yulong Pump has secured a Letter of Guarantee for its
purchase of Hohhot Devotion Boiler Ltd. (“Devotion Boiler”). In the
Letter of Guarantee, all shareholders of Devotion Boiler agree to
collectively transfer a 100% equity interest in Devotion Boiler to
Yulong Pump by August 1, 2014.

DISCLAIMER

This press release contains “forward-looking statements.” Statements in
this press release which are not purely historical are forward-looking
statements and include any statements regarding beliefs, plans,
expectations or intentions regarding the future, and specifically
references to the Company being able to finance or complete the
acquisition. The reader can identify these forward-looking statements
by forward-looking words such as “may,” “will,” “intend,” “seek,”
“anticipate,” “planning,” “estimated,” “in the process” or similar
words. The reader should read statements that contain these words
carefully because they discuss future expectations, contain projections
of future results of operations or of financial condition, or state
other forward-looking information. Forward-looking statements include,
but are not limited to, statements regarding financing arrangements,
due diligence and due diligence results, potential acquisitions, asset
valuations, expansion efforts, future plans and objectives of Asia
Pacific Boiler Corp. The risk factors listed in our disclosure
documents and the cautionary language on the Company’s website provide
examples of risks, uncertainties and events that may cause actual
results to differ materially from the expectations and projections
described by Asia Pacific Boiler Corp. in its forward-looking
statements. Actual results relating to, among other things, our
prospective acquisition of Million Place Investments Limited, Inner
Mongolia Yulong Pump, or Devotion Boiler, our planned business
activities or the activities and assets of the companies we are seeking
to acquire, or our ability to obtain financing for our business, could
differ materially from those currently anticipated in such statements.
Factors affecting forward-looking statements include but are not
limited to: results of due diligence, audits and valuations; changes in
economic conditions, foreign exchange and other financial markets;
changes of the interest rates on borrowings; litigation; legislation;
environmental, judicial, regulatory, political and competitive
developments in areas in which Asia Pacific Boiler Corp. operates;. The
reader should refer to the risk disclosures set out in the periodic
reports and other disclosure documents filed by Asia Pacific Boiler
Corp. from time to time with the Securities and Exchange Commission and
other regulatory authorities.

SOURCE Asia Pacific Boiler Corporation