GC China Turbine Corp. Signs MOU to Develop Major Coastal Wind Power Project in China
Press Release
Source: GC China Turbine Corp.
On 10:14 am EST, Tuesday November 17, 2009
Companies: Gc China Turbine
NEW YORK, NY--(Marketwire - 11/17/09) - GC China Turbine Corp. (OTC.BB:GCHT - News) (the "Company" or "GC China") a manufacturer of state-of-the art 2 blade wind turbines is pleased to announce that it has recently entered into a Memorandum of Understanding ("MOU") with the Yancheng regional government of Jiangsu province with the intent to develop a local manufacturing base from which to build large utility scale turbines for offshore and coastal use in the area.
Preliminary plans call for the development of several local offshore wind farms, each offering 500 megawatt (MW) capacity. Initial estimates by the Company place the value of potential orders for a project of this scale at approximately $US 732 million. GC China aims to work in conjunction with regional vendors and has further identified localized industry suppliers that would ultimately benefit the venture as either merger or acquisition opportunities.
The Company plans to further increase the momentum at its Swedish joint venture R&D facility towards final stage development of the new 3.0 MW turbine as the prime offering best suited to exploit the extraordinary wind conditions of the region. Current plans in Jiangsu aim to initiate a 2010 campaign of regional target acquisitions, upgrades at key local facilities and commencement of trial production and manufacturing of the new turbines.
In a move similar to many European countries, China has attached increasing importance to the development of its offshore wind assets. Compared to inland wind energy markets, the wind resource reserves are significantly more abundant in coastal areas. Research shows that the potential wind energy reserve in inland areas is 250 gigawatts, versus 750 gigawatts along coastal areas. Among the government mandated programs announced to-date, which include seven projects encompassing 10 gigawatts of wind energy, the coastal area in Jiangsu Province is the primary location and key to construction planning of what many are now referring to as the "Marine Three Gorges Project" as a favorably comparative reference to the largest traditional hydroelectric project constructed in China so far.
GC China Turbine Corp. views this opportunity as an extraordinary step in the long term growth of the Company and fully intends to maximize any investment via its proven management ability applied towards the development of a world-class manufacturing base and support infrastructure around what is rapidly becoming the hottest spot in the nation for the future of wind power in China.
Further details regarding the Company and its agreements along with further information about the business, financial condition and management of GC China and related parties are filed as part of the Company's continuous public disclosure as a reporting issuer under the Securities Exchange Act of 1934 filed with the Securities and Exchange Commission's ("SEC") EDGAR database.
About GC China Turbine Corp. (OTC.BB:GCHT - News)
GC China is a leading manufacturer of state-of-the-art 2-bladed wind turbines based in Wuhan City of Hubei Province, China. The Company holds a license to manufacture a groundbreaking technology which meets rigorous requirements for low-cost and high reliability. The technology was developed through a 10 year European research project costing over US$ 75 million. GC China's launch product is a 1.0 megawatt ("MW") utility scale turbine with designs for a 2.3MW and 3.0MW utility scale turbine in development. The Company's initial efforts have been rewarded with contracts of approximately US$ 128 million to-date.
Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements" as that term is defined in Section 27A of the United States Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. 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. Such forward-looking statements include, among other things, the development, costs and results of new business opportunities. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects and development stage companies. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
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ON BEHALF OF THE BOARD
GC China Turbine Corp.
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Marcus Laun, Director
