SOURCE: Composite Technology Corporation

Composite Technology Corporation

December 02, 2010 08:00 ET

Composite Technology Announces Strategic Relationship With Sterlite Technologies in India

IRVINE, CA--(Marketwire - December 2, 2010) - Composite Technology Corporation (CTC) (OTCBB: CPTC) is pleased to announce that its subsidiary, CTC Cable Corporation (CTC Cable) has entered into an agreement with Sterlite Technologies Limited (Sterlite) under which Sterlite will manufacture ACCC® conductors for sale in the Indian market. CTC Cable may also work with Sterlite for the manufacture of ACCC conductors to support sales in other markets.

The Agreement is for an initial six year term, with provisions to extend beyond the initial term. The agreement provides for Sterlite to be the only qualified Indian strander supplying the Indian market for a fixed period provided Sterlite achieves specific sales volumes. The Agreement does not prevent licensed manufacturers located outside India from selling ACCC conductors into the Indian market or other Indian manufacturers from qualifying to strand ACCC conductors and selling outside India.

"ACCC conductors offer India a unique ability to increase the current carrying capacity of existing lines and to significantly improve the overall economics on new lines," said Sterlite COO-Power, Rajendra Mishra. "Sterlite has been partnering with the latest technology providers in the overhead transmission line market to supply customers with proven efficiencies. Our agreement with CTC to use the ACCC technology brings one of the latest aerospace technologies to the opportunities in the transmission industry. We hope to use this invention to offer appropriate high-end solutions to our customers in India and globally."

"India is an important market for our product," said Stewart Ramsay, President of CTC Cable. "The combination of energy efficiency with the ability of ACCC conductor to increase the delivery of current will greatly reduce transmission losses on the Indian transmission and distribution grids. India needs to increase current carrying capacity on its grid rapidly to keep pace with economic development and ACCC conductor will allow this to be done faster by saving time in bringing power online sooner and saving power generation costs over the long term. We are very pleased to have Sterlite as a partner in meeting the needs of the Indian market. Sterlite has an excellent team with great technical capabilities and its aggressive plans for a high performance technology like ACCC conductors match our own. We are pleased and impressed with Sterlite's willingness to commit to aggressive sales goals in the India market."

About Sterlite Technologies Limited:
Sterlite Technologies Limited (BOMBAY: 532374) (NSE: STRTECH), is a leading global provider of transmission solutions for the telecom and power industries. It is amongst the largest global manufacturers of optical fibers and is the largest manufacturer of power conductors, globally. For more details, please visit

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, 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: 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.

Contact Information

  • For further information contact:
    Investor Relations
    James Carswell