SOURCE: GC China Turbine Corp.

GC China Turbine Corp.

November 19, 2009 08:00 ET

GC China Turbine Corp. Looks to the Future With a Quarterly Overview of Recent Events

NEW YORK, NY--(Marketwire - November 19, 2009) - GC China Turbine Corp. (OTCBB: GCHT) (the "Company" or "GC China") a Chinese manufacturer of revolutionary twin blade wind turbines wishes to advise that pursuant to its regulatory public disclosure obligations, the Company has issued a quarterly financial report which has been duly filed with the Securities and Exchange Commission ("SEC'). GC China is further pleased to offer the following brief overview of significant corporate events to-date.

As of October 30, 2009 the Company executed a reverse acquisition via the close of a voluntary share exchange transaction (the "Exchange Agreement") by and among the Company and related parties collectively referred to as "GC Nordic Group" through the issuance of 32,383,808 shares of its common stock to the stockholders of GC Nordic Group for 100% ownership of GC Nordic Group. Immediately after the Exchange Transaction and notes conversion the Company had 52,570,015 shares of common stock issued and outstanding.

Leading up to the agreement, two rounds of financing took place, the 2nd of which was over-subscribed and ultimately resulted in a combined capital raise of US$ 19 million for the issuance of an aggregate total of 18,900,000 shares. Major participants included Asian-based venture capital firms New Margin Ventures and Ceyuan Ventures alongside investments principally from US-based Longboard Capital Advisors LLC. The Company is now the 100% owner of GC Nordic Group and, as a result, is laying a solid foundation towards becoming a leading manufacturer in the Chinese wind turbine power sector.

The wind power industry in China is booming. Government guidelines mandate that 30,000MW of wind power be installed by 2020. Moreover, the Chinese government has mandated that 70% of wind components be sourced domestically by 2010. In the past, imported wind turbines dominated the market, but this is changing rapidly as the growing market and clear policy direction have encouraged domestic production.

Currently, contracts that GC China is executing include Daqing Longjiang Wind Power Co., Ltd., Wuhan Kaidi Electric Engineering Co., Ltd., and Kelipu Wind Power Co., Ltd with installations presently underway at the Daqing location where units are already producing to the local electrical grid. Management has determined that the Company has the capability to produce an average of thirty (30) wind turbines per month. This production capacity allows the Company to fulfill its initial orders of 150 wind turbines, worth in excess of US$ 128 million within one year.

In recent news, the Company announced it has entered into a preliminary co-operational intent with the Yancheng regional government of Jiangsu province with the intent to develop a local manufacturing base from which to build large utility scale turbines for offshore and coastal wind farms use in the area. GC China aims to work with regional vendors and has also identified certain local suppliers as either merger or acquisition opportunities. Preliminary plans call for the development of several local offshore wind farms, each offering 500 megawatt (MW) capacity. Initial estimates by the Company place the value of potential orders for a project of this scale at approximately $US 732 million.

The Company further implemented plans to stimulate growth with the signing of an agreement to invest an initial US$ 1.75 million towards the establishment of a joint venture design and research institute under the direction of the highly regarded Mr. Tomas Lyrner, a noted wind power technology expert with over thirty years experience in the research, design, production and assembly of large scale wind turbines. He was directly involved in the design and development of the 1.0MW prototypes originally built and installed in Sweden under the auspices of a 10 year, US$ 75 million Royal Swedish Fund resulting in the turbine design currently offered by the Company. The focus of the institute will be for the development of twin blade, 2.3 - 3.0MW utility scale turbines designed to utilize the maximum number of Chinese manufactured components and constructed with specific variants targeting the needs of wind farm operators looking to exploit the offshore or extreme operating conditions prevalent in many regions of China.

Additional details regarding the Company and its agreements along with further information about the business, financial condition and management of GC China and related parties are 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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