SOURCE: Composite Technology Corporation

November 15, 2007 08:10 ET

Composite Technology Announces Tom Smith as Chief Strategy and Business Development Officer

IRVINE, CA--(Marketwire - November 15, 2007) - Composite Technology Corporation (CTC) (OTCBB: CPTC) today announces that Tom Smith has joined the company as its Chief Strategy and Business Development Officer. In this new position, Tom will initially be responsible for business development of CTC Cable Corporation and its energy efficient ACCC conductor product.

Mr. Smith is a seasoned energy executive with extensive experience at large publicly traded electric utilities as well as private companies. He brings to CTC a wealth of industry knowledge from both the regulated electric utility side and private power generation sectors, the latter of which is now very active in expanding their wind energy capacities. After Harvard Business School in the late eighties, Mr. Smith began his career with J. Makowski Company as one of the principal architects of this early and very successful independent power company. Later, at Public Service Enterprise Group (PSEG), Mr. Smith led PSEG's growth into private electric markets internationally and in the US outside its franchise as a regulated utility in New Jersey. Most recently, Mr. Smith was the CEO of Direct Drive Systems, an early stage industrial technology company engaged in the development of high speed electric motors and generators targeted for the oil and gas industry.

"I am excited to join CTC at this very important inflection point in the company's evolution. The ACCC conductor product has now proven, in over two thousand kilometers of installation, that it can save a transmission company 30-36% in energy line losses. That's 30-36% less electricity that needs to be generated and 30-36% less green house gas emitted into the atmosphere," said Mr. Smith. "What's more, for many of our customers, the value of these savings will flow right to their bottom line."

Benton Wilcoxon, CEO, stated, "We are pleased to welcome Tom Smith aboard our growing company. His knowledge base and industry relationships should make a meaningful contribution to our efforts to penetrate the power industry with our superior energy efficiency and renewable energy products."

About CTC:

Composite Technology Corporation, based in Irvine, California, USA develops, manufactures and sells innovative high performance electrical transmission and renewable energy generation products through its subsidiaries:

--  CTC Cable Corporation produces composite rod for use in its patented
    ACCC (aluminum conductor composite core) conductors, which are "high
    efficiency conductors" for use in electrical transmission grid systems.
    ACCC conductors demonstrate less electricity line losses when compared with
    conventional conductors. When deployed in place of conventional conductors
    on existing systems, the higher efficiency of ACCC conductors enable power
    generators to reduce the amount of power they must generate while still
    delivering the same power to the customers. They have also demonstrated
    significant savings in upgrade capital costs 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 without significant thermal sag of the
    lines. ACCC conductors are an innovative economical 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.
    
--  DeWind Inc., designs, produces, and sells the DeWind series of wind
    energy turbines including the new D8.2 model rated at 2 megawatts (MW)
    available in both 50Hz and 60Hz; the D8 model rated at 2 MW available in
    50Hz; and the D6 model rated at 1.25 MW available in 50Hz. The new D8.2,
    which has been operating since early 2007 at Cuxhaven, Germany, utilizes
    the advanced WinDrive® 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.
    Preparations are being completed for a 60Hz version to be installed in
    Sweetwater, Texas, for certification to US standards. Commercial D8.2
    turbines will be assembled at TECO Westinghouse Motor Company in Texas,
    which will supply turbines in 2008 for our North and South American
    customers.
    

For further information visit our website: www.compositetechcorp.com. 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, the ability of the company to convert quotations and framework agreements into firm orders, our customers' fulfillment of payment obligations under the respective supply agreement, our ability to deliver reliable turbines on a timely basis, 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.

Contact Information

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