SOURCE: Composite Technology Corporation

Composite Technology Corporation

September 16, 2010 08:05 ET

Composite Technology Announces Distribution in the Middle East

Distribution Agreement With CCTC to Increase Activity in the Middle East and North Africa

IRVINE, CA--(Marketwire - September 16, 2010) -  Composite Technology Corporation (CTC) (OTCBB: CPTC) is pleased to announce that its CTC Cable Corporation subsidiary has signed a definitive Distributorship Agreement with Control Contracting & Trading Co. Pvt. W.L.L. (CCTC) with its headquarters in Abu Dhabi, United Arab Emirates, to market and distribute ACCC® conductor in the countries of Egypt, Jordan and the United Arab Emirates. The addition of CCTC to its sales force will provide expansive local sales representation in the Middle Eastern and North African markets. This grant of distributorship followed several months of confirmed verification of CCTC's strong presence and reputation within the region.

Upon signing the agreement Mr. Saleh Muqqatash, CEO of CCTC, said, "We are very impressed with the ability of composite core conductor technology to solve grid congestion problems which are prevalent in the Middle East. The reduced sag performance of ACCC® conductor provides an ideal solution for the Middle East with its high ambient temperatures. We intend to distribute ACCC® conductor in the region to provide a cost effective solution to increased capacity without having to acquire additional rights-of-way."

Ebbie K. Nakhjavani, Senior VP of Global Strategies and Director for Middle East and North Africa at CTC Cable, stated, "I am very pleased with the execution of this agreement which adds CCTC as a local distributor in the important market of the Middle East and North Africa. CCTC is a very well respected company that has operated successfully in the region for over 30 years. This is only a first step in the implementation of a new strategy to increase the adoption of ACCC® conductor in the region. We are currently in discussions with potential distributors for other countries in the Middle East and Africa."

About CCTC:

CCTC is a privately owned company that has been in existence for over 30 years, operating from its base in Abu Dhabi, in the United Arab Emirates. CCTC's Qatar offices are located in Doha. It is structured as a partnership between H.E. Sheikh Saif Bin Mohammed Bin Butti, and Saleh Muqattash. CCTC's local partner in Qatar is H.E. Sheikh Nasser Bin Fahd Bin Jassim Al Thani. It has grown to become a significant player in the engineering and contracting sector in the Middle East and Gulf markets. CCTC has undertaken significant projects across a range of disciplines including commercial buildings, electro-mechanical, mechanical erection and offshore projects. CCTC has expanded its expertise in the engineering sector to become a multi-disciplined engineering and construction company and their expertise spans all aspects of design, procurement, installation and commissioning. CCTC employs over 100 staff, including engineers, CAD operators, quality, safety, financial, sales, marketing and administrative personnel. CCTC also employs approximately 1200 artisans and has access to a larger labor pool when required. 

About CTC:
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, nearly 9,000 kilometers of ACCC® conductor have been installed 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, 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.

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