Composite Technology Announces Continuing Sales Success in Indonesia For ACCC® Conductors
ACCC® Conductor Sales Accelerate in Indonesia
IRVINE, Calif., June 29, 2011 /PRNewswire/ -- Composite Technology Corporation (CTC) (OTC Bulletin Board: CPTCQ) is pleased to announce two new orders for its subsidiary, CTC Cable Corporation from one of its two stranding partners in Indonesia, PT KMI Wire and Cable Tbk (KMI). CTC Cable Corporation will deliver the required ACCC® Core to KMI to enable KMI to fulfill these new orders. Both projects are scheduled for delivery and installation this year.
CTC will deliver 141 kilometers of its 7.11 mm core to KMI for the manufacture of ACCC® Lisbon to be installed on the first circuit of the Pangkalan Berandan – Langsa Project. A further 108 kilometers of 7.75 mm core will be delivered to KMI for use in manufacturing ACCC® Amsterdam Conductor to be installed on the Mranggen Incomer line.
PLN Sumatra Grid, the sole provider of electricity in Indonesia selected ACCC® technology due to its superior overall performance in terms of capacity, sag and losses.
Acceptance of ACCC® conductors in Indonesia continues to increase significantly due to the efforts of our two stranding partners, PT KMI Wire and Cable Tbk (KMI) and PT Tranka Kabel as well as our representative in this market. The completion of these two projects will bring the total to five ACCC® conductor installations on PLN Sumatra's Grid.
Stewart Ramsay, President of CTC Cable, after meeting with a delegation from KMI visiting California last week, noted that CTC's relationship with KMI is strong and pledged his full support to the continued sales efforts in the market, stating, "We are pleased to receive these orders at a critical time for CTC. They are the fruit of the careful nurturing of this market which has led to the increased adoption of ACCC® in Indonesia."
CTC Cable is the major global supplier of composite core conductor with over 10,000 kilometers (6,214 miles) of conductor ordered for over 160 commercial deployments on transmission and distribution lines.
About PT KMI Wire and Cable Tbk:
PT KMI Wire and Cable Tbk, formerly known as PT GT Kabel Indonesia Tbk, is a public-listed Indonesian cable manufacturer, situated in Eastern Jakarta and employs more than 700 people. It was established in 1972 as PT Kabelmetal Indonesia by Kable-und-Metallwerke Guetehoffnungshuette AG of Germany. The Company's products include aluminum and copper rods, both non-insulated and insulated aluminum and copper electrical cables, as well as control, flexible and instrument cables. It sells its products to both domestic and international markets. Certificates of ISO 9001, ISO 14001, as well as OHSAS 18001, which are attributed to the company, keep the company in consistent effort of being a high-class cable manufacturer. For further information on the company, visit www.kmi.co.id.
Composite Technology Corporation's patented ACCC® conductor technology enables superior performance of high voltage transmission and distribution electrical grids. ACCC conductors use CTC's proven carbon fiber core which is produced by its subsidiary, CTC Cable Corporation, at its Irvine, California headquarters and delivered to qualified conductor manufacturers who produce and distribute ACCC conductors to operators of electrical grids worldwide. CTC's conductor technology significantly reduces thermal line sag and can replace similar diameter and weight traditional conductors with its higher capacity and more energy efficient ACCC conductor. It is an ideal conductor for both upgrading existing power lines as well as building new lines since the technology allows for the reduction of the number of support structures and/or a reduction of their height. Since its commercial introduction in 2005, ACCC conductor has been selected for over 10,000 kilometers (6,214 miles) of projects in all environmental and operating conditions, including severe heat and ice environments, long span applications and high capacity corridors for the modern grid. ACCC® is a registered trademark of CTC Cable Corporation.
For further information, visit our website: www.compositetechcorp.com.
This press release may contain forward-looking statements, as defined in the Securities Reform Act of 1995 (the "Reform Act"). The safe harbor for forward-looking statements provided to companies by the Reform Act does not apply to Composite Technology Corporation (the "Company"). However, actual events or results may differ from the Company's expectations on a negative or positive basis and are subject to a number of known and unknown risks and uncertainties including, but not limited to, resolution of pending and threatened litigation matters involving CTC or its subsidiaries, resolution of disputes with CTC's or subsidiaries' creditors competition with larger companies, development of and demand for a new technology, general economic conditions, the availability of funds for capital expenditure and financing in general by us and our customers, availability of timely financing, cash flow, securing sufficient quantities of essential raw materials, timely delivery by suppliers, ability to maintain quality control, collection-related and currency risks from international transactions, the successful outcome of joint venture negotiations, or the Company's ability to manage growth. Other risk factors attributable to the Company's business may affect the actual results achieved by the Company, including those that are found in the Company's Annual Report filed with the SEC on Form 10-K for fiscal year ended September 30, 2010 and subsequent Quarterly Reports on Form 10-Q and subsequent Current Reports filed on Form 8-K that will be included with or prior to the filing of the Company's next Quarterly or Annual Report.
SOURCE Composite Technology Corp.