Seven Model D6 and Two Model D8 Turbines for Project in Czech Republic
IRVINE, Calif., Jan. 16 /PRNewswire-FirstCall/ -- Composite Technology Corporation (CTC) (OTC Bulletin Board: CPTC) announced today that its subsidiary DeWind Ltd has received an order from S&M CZ s.r.o. to sell a total of 9 DeWind turbines for 11.5 million Euros (approximately $14.8 million). The Turbine Sales Agreement consists of 2 DeWind 2 megawatt D8 turbines and 7 DeWind 1.25 megawatt D6 turbines for installation at three sites in the Czech Republic. The D8 turbines are to be supplied from existing inventory and the D6 turbines are to be assembled. Turbine deliveries are scheduled for 2007.
Michael Porter, President of CTC and CEO of DeWind Ltd., stated "We are back on track back in the 50 hertz market -- Europe was, is and will be one of our key markets. The demand for our turbine technology is definitely reactivated and we believe that moderate growth can be achieved in Middle and Eastern Europe."
S&M CZ s.r.o., a project development company, is located in Jevicko, Czech Republic, and has wind farm projects in Zipotin, Anenska Studanka and Ostry Kamen. Since its formation in March 2003, S&M CZ has been actively working in the Czech Republic renewable energy sector, with its first wind turbine installed in 2004.
About CTC:
Composite Technology Corporation, based in Irvine, California, USA develops, manufactures and sells high performance electrical transmission and renewable energy generation products through its subsidiaries:
* DeWind, Inc., and DeWind Ltd. (formerly EU Energy Wind Ltd) produce, sell, and license the DeWind series of wind energy turbines including the 50Hz D6 rated at 1.25 megawatts (MW) and the 50Hz D8 rated at 2 MW, both noted for their reliability. In 2007, the first new 2 MW D8.2 turbines are planned to be delivered to North American customers from assembly operations at TECO Westinghouse Motor Company in Texas. The D8.2 utilizes the advanced WinDrive(R) 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. The DeWind D8.2 will be available in both a 60Hz and 50Hz version. * CTC Cable Corporation produces composite rod for use in its proprietary ACCC aluminum conductor composite core. ACCC conductors virtually eliminate the sag in power lines caused by high current and high line temperatures. ACCC conductors also reduce electricity line losses, and have demonstrated significant savings in capital 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. ACCC conductors are an innovative 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.
For further information visit our websites: www.compositetechcorp.com & www.eunrg.com
For 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, risks associated with international transactions, the ability of the company to convert quotations and framework agreements into firm orders, 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.
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