Composite Technology Announces Major Symposium on ACCC(R) Technology
ACCC(R) Conductor the Focus of a Technical Conference in Beijing
Sep. 23, 2010 (Marketwire) --
IRVINE, CA -- (Marketwire) -- 09/23/10 -- Composite Technology Corporation (CTC) (OTCBB: CPTC) is pleased to announce that ACCC® conductor technology produced by its CTC Cable Corporation subsidiary was the topic of a major technical symposium held in Beijing, China. The symposium took place on September 18 and brought together over 160 experts in the field of electrical transmission and advanced materials from provincial power grids, research institutes, design bureaus, and the major state-owned transmission companies, including State Grid Corporation and China Southern Grid. Special regions of Tibet and Inner Mongolia representatives were also present as well as international participants from Cambodia. CTC was represented by a team of seven technical and management personnel including personnel from its CTC Cable Asia Ltd office in Beijing.
This day long technical symposium was arranged by the China Electricity Council in conjunction with Far East Composite Technology Co. Ltd to provide a forum for shared experiences, characterization results, case studies, success stories and economic models for the use of ACCC® conductor in China. Approximately twenty detailed technical presentations were presented which focused on real project and application data experienced by power bureaus and research institutes over the past five years of continuous use of ACCC® conductor in China. These detailed technical papers were followed by a question and answer session chaired by Dr. You Chuanyong, Senior Technical Consultant to the China Electric Power Research Institute, which is under State Grid Corporation. The session allowed the experts in attendance to address questions to State Grid, Far East Composite and CTC personnel to get clear, direct and in depth answers about ACCC® technology, the use of ACCC® conductor in other international markets, and the status of various attempts to copy the technology.
The conclusions reached at the end of the symposium in Beijing included the following:
1) ACCC® conductor is an excellent proven product that is destined to be used in high volume in China.
2) Notwithstanding any conflicts with CTC Cable's fundamental patent position in China, it appears that the Chinese government and State Grid did set aside funds to try to create a Chinese version of ACCC® conductor. However, even with this backing the companies attempting to duplicate the technology were several years behind the development of the current state of proven ACCC® technology. In addition, no one could make up the five year lead CTC has in the use of ACCC® conductor in every type of environment and condition around the world.
3) Assuming the lack of patent enforcement, the Chinese companies attempting to copy ACCC® technology do not have access to the proper materials to match ACCC® conductor quality and performance and will not have them for a few more years.
With the exception of a one kilometer test span near Beijing, put up in conjunction with the local power design institute, no other Chinese or international company has any carbon fiber composite core conductor installed in China.
"The symposium was a great success. Several experts requested regular events like this to continue their education on this high value technology and to provide a forum for discussion on the use of ACCC® conductor. This forum provided a great opportunity for CTC Cable to engage directly with the customer base and answer any of their questions," commented Marv Sepe, Chief Operating Officer of CTC who attended the symposium.
About CTC:
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 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, nearly 9,000 kilometers of ACCC® conductor have been installed 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 or contact Investor Relations: 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 (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, 2009 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.
For further information, contact:
Investor Relations
James Carswell
+1-949-428-8500
www.compositetechcorp.com
Source: Marketwire (September 23, 2010 - 8:05 AM EDT)
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