SOURCE: Composite Technology Corporation

Composite Technology Corporation

June 16, 2010 08:05 ET

Composite Technology Announces First Project in Qatar

ACCC® Conductor Selected for Reconductor Project in Qatar

IRVINE, CA--(Marketwire - June 16, 2010) -  Composite Technology Corporation (CTC) (OTCBB: CPTC) is pleased to announce a new order for its subsidiary, CTC Cable Corporation from Midal Cables Limited. The order is for ACCC® core to be stranded by Midal to produce 70 kilometers of ACCC® Drake conductor for a reconductor project of an existing 132 kV, 125 MVA per circuit ACSR Zebra conductor transmission line. This project will upgrade the line into a higher capacity 260 MVA per circuit ACCC® Drake conductor line. Installation is scheduled for September 2010.

CTC Cable's ACCC® Drake conductor was chosen for this project because it exceeded ACSR's mechanical and electrical parameters and its slightly smaller outer diameter offered better performance in wind conditions. Due to lower resistance and reduced line losses, our conductor enabled an increase in capacity without replacing existing structures. The application of ACCC® conductor in this line substantially improves the capacity and reliability of the transmission grid serving Qatar in the KAHRAMAA network.

Benton Wilcoxon, Chief Executive Officer of Composite Technology Corporation, stated, "The continued adoption of ACCC® conductors within new territories shows the effects of our new marketing strategies. We are very excited to receive this first order from the Middle East and are looking forward to further near term expansion in the region."

This entry into the Middle Eastern market is further evidence of CTC Cable's position as the leading Composite Core conductor in the electrical transmission and distribution industry. ACCC® conductor is the most broadly accepted composite core conductor technology in the industry with over 140 installations and 9,400 kilometers commercially deployed in transmission and distribution grids in the U.S., Mexico, South America, Asia and Europe.

About Midal Cables Limited:
Midal Cables Limited was founded in 1977 to manufacture aluminum rod and overhead conductors. Midal supplies the world market with rod cast from molten aluminum delivered direct from the Aluminum Bahrain (Alba) Smelter adjacent to its plant. The aluminum is super pure which allows Midal to cast an exceptionally high conductivity rod. Midal's EC grade and 6201 alloy rods are sold around the world as well as being used "in-house" to manufacture a full range of overhead conductors and aluminum wires. Midal also supplies rods and wires of various mechanical alloys. The company is dedicated to making a quality product to all international standards and specifications. It has continued a policy of investment in the most up-to-date technology in its plant and puts great emphasis on work force training to ensure the technical excellence of the products it manufactures. For further information visit www.midalcable.com.

About KAHRAMAA:
KAHRAMAA is the sole transmission and distribution system owner and operator (TDSOO) for the electricity and water sector in Qatar. Qatar General Electricity and Water Corporation "KAHRAMAA" was established in July 2000 to regulate and maintain the supply of electricity and water to customers. Since its inception, KAHRAMAA has operated as an independent corporation on a commercial basis with a total capital of eight billion Qatari Riyals. KAHRAMAA's mission is to provide their customers with high quality electricity and water services, whilst creating value for its shareholders. The KAHRAMAA buys, distributes and sells electricity and water as follows: Formulate Power & Water Purchase Agreements (PWPA) and provide necessary technical and corporate support for establishment of generation & desalination ventures; Own, construct and operate electricity & water transmission and distribution networks in the State of Qatar; Set-up plans and programs for development of electricity & water transmission and distribution networks; Lay out regulations, standards and codes of practices for electricity & water supplies to buildings and facilities; Provide consultancy services related to its activities and operations.

About CTC:
Composite Technology Corporation, based in Irvine, California, USA, develops, manufactures and sells innovative, high performance, energy efficient electrical transmission conductors through its subsidiary, CTC Cable Corporation. CTC Cable produces composite core rod for use in its patented high efficiency ACCC® conductors, which are used in electrical transmission and distribution grids. ACCC® conductors perform with less line losses when compared to similar diameter conventional conductors and therefore enable power generators to reduce the amount of generation while still delivering the same power to customers. ACCC® conductors also enable grid operators to reduce blackouts and brownouts by providing reserve electrical capacity, since they can be operated at higher temperatures without significant thermal line sag. The performance and longevity of CTC's ACCC® conductor technology has been independently verified by certifying agencies, test centers and power grids around the world and has consistently demonstrated significant savings in upgrade capital costs and operating expenses when substituted for traditional conductors in reconductoring upgrades as well as new line construction. ACCC® core, the key component of ACCC® conductor, is produced by CTC Cable and is delivered to licensed qualified conductor manufacturers worldwide for ACCC® conductor production and sale into local markets. Over 9,400 kilometers of ACCC® conductor have been ordered and over 8,500 kilometers installed on five continents. 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.

Contact Information

  • Contact:
    Investor Relations
    James Carswell
    +1-949-428-8500