SOURCE: GC China Turbine Corp.

GC China Turbine Corp.

November 02, 2009 15:00 ET

GC China Turbine Corp. Closes Share Exchange With Wind Turbine Manufacturer

CENTERVILLE, MA--(Marketwire - November 2, 2009) - GC China Turbine Corp. (OTCBB: GCHT) (the "Company" or "GC China") is pleased to announce that on October 30, 2009 (the "Closing Date"), GC China Turbine Corp., a Nevada corporation, closed a voluntary share exchange transaction with a wind turbine manufacturer based in China pursuant to a Share Exchange Agreement (the "Exchange Agreement") by and among the Company and related parties collectively referred to as "GC Nordic Group."

At the closing of the Exchange Transaction the Company issued 32,383,808 shares of its common stock to the sole stockholder of GC Nordic Group for 100% ownership of GC Nordic Group. US$ 10,000,000 in previously issued convertible promissory notes was converted into 12,500,000 shares of the Company's common stock. Immediately prior to the Exchange Transaction, the Company had 7,686,207 shares of common stock issued and outstanding. Immediately after the Exchange Transaction and notes conversion the Company has 52,570,015 shares of common stock issued and outstanding.

As previously announced, as of September 4, 2009, Mr. Hou Tie Xin, Ms. Qi Na and Mr. Xu Jia Rong and as of October 16, 2009, Mr. Christopher Walker Wadsworth were appointed to the Company's board of directors. Mr. Hou was appointed as Chairman of the board of directors. Effective as of the Closing Date, Mr. John J. Lennon resigned as Chief Executive Officer, President, Chief Financial Officer, Secretary and director, and Ms. Qi was appointed as Chief Executive Officer, Ms. Zhao Ying was appointed as Chief Financial Officer and Mr. Tomas Lyrner was appointed as Chief Technology Officer. Mr. Marcus Laun remains as a director.

Further details regarding the Company and details of the share exchange agreement, additional debt and equity financing agreements and further information about the business, financial condition and management of GC China and related parties are all 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. (OTCBB: GCHT)

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.

GC China Turbine Corp.
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Marcus Laun, Director

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