CPTC has been mentioned before and is still moveing up on a letter of intent with china ....READ THE NEWS if it comes about
it will be a big winner along with china....
Composite Technology Announces Memorandum of Understanding for Joint Venture in China With Jiangsu Far East Group Limited
21 July 2004, 08:02am ET
IRVINE, Calif., July 21 /PRNewswire-FirstCall/ -- Composite Technology Corporation (CTC) (BB:CPTC), a leading developer of high-performance composite core cables for electric transmission and distribution lines, today announced a memorandum of understanding for the formation of a joint venture with Jiangsu Far East Group Limited (Jiangsu) for the manufacturing and sale of a minimum of 30,000 kilometers (18,641 miles) annually.
Under the terms of agreement, CTC will hold an initial 45% interest and Jiangsu will hold an initial 55% interest. There is a provision for a third Chinese party that would alter the parties percentage interests as follows; CTC at 40%, Jiangsu at 40%, and the third party at 20%. CTC will contribute a license to manufacture and sell ACCC cable technology within China for its initial capital contribution and Jiangsu will be responsible for an initial $30 million contribution. The agreement specifies completion of joint venture documents by the end of the quarter. The agreement calls for the immediate purchase of multiple production lines from CTC.
The memorandum was announced at a signing ceremony at the Chinese Consulate in San Francisco attended by an official delegation and covered by the Chinese media.
CTC's CEO Benton Wilcoxon stated, "We are excited to be working with Jiangsu to establish a Chinese presence for our advanced ACCC cable products. Our technology will play a major role in modernizing the Chinese power grid by increasing reliability and capacity."
About Jiangsu
Jiangsu Far East Group Limited in located in Yixing City, Jiangsu, China, is one of the leading manufacturers of electrical transmission and distribution cable, which it sells to the regional power grids within China and through 200 distributors in China.
About CTC
Mentioned Last Change
CPTC 1.67 0.08dollars or (5.03%)
CTC is an Irvine, CA-based company providing high performance advanced composite core conductor cables for electric transmission and distribution lines. The proprietary new ACCC cable can transmit two times more power than comparably sized conventional cables in use today. ACCC can solve high-temperature line sag problems, create energy savings through less line losses, has significantly lower corona and reduced electromagnetic fields, and can easily be retrofitted on existing towers to upgrade energy throughput. ACCC cables allow transmission owners, utility companies, and power producers to easily replace transmission lines without modification to the towers using standard installation techniques and equipment, thereby avoiding the deployment of new towers and establishment of new rights-of-way that are costly, time consuming, controversial and may impact the environment. CTC has established strategic relationships with existing cable manufacturers to rapidly expand production and facilitate deployment to end users worldwide. See: www.compositetechcorp.com .
Years Teach Us, Which Days Never Knew
