News out on old faithful CPTC:
Composite Technology Announces Order for 500 Kilometers of ACCC Core for First Significant Production of ACCC Conductor in China
ACCC Core Order From Jiangsu Far East
Composite Technology Corporation (CTC) (OTCBB: CPTC) is pleased to announce that its CTC Cable subsidiary has received an order for 500 kilometers (approximately 310 miles) of ACCC core in four sizes that will be used by Jiangsu New Far East Cable Corporation's Far East Composite Technology division to produce four sizes of ACCC conductor by stranding aluminum under the recently announced Manufacturing Agreement. When these ACCC conductors are delivered to the regional power bureaus and placed in transmission lines, the installed base of ACCC conductor will be over 3,484 kilometers (approximately 2,165 miles) worldwide.
Jiangsu Far East has passed aluminum stranding certification on the first sizes of ACCC conductor and CTC Cable expects to complete certification for their production of several additional conductor sizes shortly. CTC Cable's technical specialists will conduct inspection of Jiangsu Far East's stranding facility in Yixing City, Jiangsu, China, in January and February of 2008. CTC Cable will continue to produce all ACCC core at its ISO 9001:2000 certified facilities in Irvine, California, where core production capacities are being expanded.
Marv Sepe, COO of CTC and President of CTC Cable, commented, "Jiangsu Far East has successfully demonstrated its first production of ACCC conductor and has continued to meet its minimum purchase agreement. We believe that production of the finished ACCC conductor in China will allow Jiangsu Far East to continue to advance sales and installation of ACCC conductor within the country, now that half of the completed conductor is 'Made in China.'"
About Jiangsu New Far East Cable Corporation:
Jiangsu New Far East Cable Corporation and its subsidiary, Far East Composite Technology Company, are located in Yixing City, Jiangsu, China. Jiangsu New Far East is one of China's leading manufacturers of electrical transmission and distribution cable, which it sells to China's regional power grids through 200 local distributors.
About CTC:
Composite Technology Corporation, based in Irvine, California, USA develops, manufactures and sells innovative high performance electrical transmission and renewable energy generation products through its subsidiaries:
-- CTC Cable Corporation produces composite rod for use in its patented
ACCC (aluminum conductor composite core) conductors, which are "high
efficiency conductors" for use in electrical transmission grid systems.
ACCC conductors demonstrate less electricity line losses when compared with
conventional conductors. When deployed in place of conventional conductors
on existing systems, the higher efficiency of ACCC conductors enable power
generators to reduce the amount of power they must generate while still
delivering the same power to the customers. They have also demonstrated
significant savings in upgrade capital costs and operating expenses when
substituted for other conductors. ACCC conductors enable grid operators to
reduce blackouts and brownouts, providing a 'reserve electrical capacity'
by operating at higher temperatures without significant thermal sag of the
lines. ACCC conductors are an innovative economical solution for
reconductoring power lines, constructing new lines and crossing large
spans. ACCC composite rod is delivered to qualified conductor manufacturers
worldwide for local ACCC conductor production and resale into local
markets.
-- DeWind Inc., designs, produces, and sells the DeWind series of wind
energy turbines, including the new 2 megawatt D8.2 model available in both
50Hz and 60Hz; the 2MW D8 model in 50Hz; and the 1.25MW D6 model in 50Hz.
The new D8.2, which has been operating since early 2007 at Cuxhaven,
Germany, utilizes the advanced WinDrive® hydrodynamic torque converter
developed by Voith AG with a synchronous AC generator that is able to
connect directly to the grid at high voltage without the use of power
conversion electronics. Preparations are being completed for a 60Hz version
to be installed in Sweetwater, Texas, for certification to US standards.
Commercial D8.2 turbines will be assembled at TECO Westinghouse Motor
Company in Texas, which will supply turbines in 2008 for our North and
South American customers.
For further information visit our website: www.compositetechcorp.com. Investor Relations Contact: James Carswell, +1-949-428-8500
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 (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, competition with larger companies, development of and demand for a new technology, risks associated with a startup company, the ability of the company to convert quotations and framework agreements into firm orders, our customers' fulfillment of payment obligations under the respective supply agreement, our ability to deliver reliable turbines on a timely basis, general economic conditions, the availability of funds for capital expenditure by customers, availability of timely financing, cash flow, securing sufficient quantities of essential raw materials, timely delivery by suppliers, ability to produce the turbines and acquire its components, 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, 2006 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.
Investor Relations Contact:
James Carswell
+1-949-428-8500
www.compositetechcorp.com
Source: Marketwire (November 30, 2007 - 8:15 AM EST)
