SOURCE: Composite Technology Corporation
December 29, 2010 08:05 ET
Composite Technology Announces ACCC® Conductor Type Certification in Qatar
IRVINE, CA--(Marketwire - December 29, 2010) - Composite Technology Corporation (CTC) (OTCBB: CPTC) is pleased to announce that its CTC Cable Corporation subsidiary has received "Type Certification" for its ACCC® conductor in the Country of Qatar. Qatar General Electricity and Water Corporation ("KAHRAMAA"), Qatar's sole transmission and distribution system owner and operator (TDSOO) for the electricity and water sector in Qatar, issued the "Type Test Approval" on December 20, 2010. Type Test Approval by KAHRAMAA allows the specification of ACCC® conductor for use in electrical transmission and distribution lines in Qatar.
"With billions of dollars expected to be invested in Qatar in preparation for the World Cup in 2022, the market will represent a significant opportunity for our expansion in the Gulf. ACCC® conductors offer a green, focused economical solution to help congested electrical grids manage increased demands. We have a very clear strategy and are squarely on target to obtain Type Registration of the ACCC® conductor worldwide to accelerate its adoption. The low sag characteristic of the ACCC® conductor combined with its high efficiency and high capacity performance makes the composite core conductor technology an ideal conductor for use in the Middle East where high ambient temperatures are prevalent. KAHRAMAA issued the Type Test Approval after conducting a rigorous review of our test data. Qatar represents a great achievement for us in the Gulf region and the approval will resonate significantly with other Gulf countries. We expect many more countries that are currently in process to follow," commented Ebbie K. Nakhjavani, Senior Vice President Global Strategies for CTC Cable.
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. KAHRAMAA buys, distributes and sells electricity and water. KAHRAMAA is mandated to: 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.
Composite Technology Corporation's patented ACCC® conductor technology enables superior performance of high voltage transmission and distribution electrical grids. ACCC conductors use CTC's proven carbon fiber core which is produced by its subsidiary, CTC Cable Corporation, at its Irvine, California headquarters and delivered to qualified conductor manufacturers who produce and distribute ACCC conductors to operators of electrical grids worldwide. CTC's conductor technology significantly reduces thermal line sag and can replace similar diameter and weight traditional conductors with its higher capacity and more energy efficient ACCC conductor. It is an ideal conductor for both upgrading existing power lines as well as building new lines since the technology allows for the reduction of the number of support structures and/or a reduction of their height. Since its commercial introduction in 2005, ACCC conductor has been selected for over 6,000 miles (over 9,700 kilometers) of projects in all environmental and operating conditions, including severe heat and ice environments, long span applications and high capacity corridors for the modern grid. 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, 2010 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.