SOURCE: Composite Technology Corporation

June 09, 2008 08:30 ET

Composite Technology Broadens Conductor Markets

ACCC Conductor Projects Awarded in Western Europe and Indonesia

IRVINE, CA--(Marketwire - June 9, 2008) - Composite Technology Corporation (CTC) (OTCBB: CPTC) is pleased to announce new orders for ACCC* conductor products issued to our subsidiary, CTC Cable Corporation. The orders represent a continuation of the strong market in China as well as new market penetration for ACCC conductor in Europe and Indonesia.

The combined orders total over $4.9 million and are composed of 443 kilometers of multiple ACCC conductor sizes and accessories. The orders are a mix of ACCC conductor and ACCC core sales. Consistent with its distribution agreement, Jiangsu Far East Composite Technology Ltd continued its order flow with 300 kilometers of mixed ACCC core sizes for upcoming installations in China.

CTC Cable received an order from PT Dinamika Elektra Mandidiri on behalf of PT Ibnu Taryu of West Java, Indonesia, for over 84 kilometers of ACCC Dublin conductor for use on the New Tangerang to Cengkaren Reconductor Project. The conductor will be delivered late in the third calendar quarter of 2008.

Additionally, CTC Cable was issued an order from NEO Energia of Sevilla, Spain, for 57.3 kilometers of Amsterdam ACCC conductor and accessories for the replacement of a 66 kV line in Gallice, Spain, which is a wind farm feed to the Spanish grid.

"It is very rewarding to see the increasing global acceptance of ACCC conductor. The CTC Cable team developed its international marketing strategy well over a year ago and we are very pleased to see the solid groundwork producing new orders in the areas we targeted. Our goal is to spread ACCC conductor technology into select new geographic markets every year. This is a coordinated strategy with specific targets and milestones," stated Marv Sepe, COO of CTC and President of CTC Cable.

About CTC:

Composite Technology Corporation, based in Irvine, California, USA, develops, manufactures and sells innovative high performance electrical transmission and renewable energy generation products through its subsidiaries:

--  CTC Cable Corporation produces composite rod for use in its patented
    ACCC* (Aluminum Conductor Composite Core) conductors, which are "high
    efficiency conductors" for use in electrical transmission grid systems.
    ACCC conductors demonstrate less electricity line losses when compared with
    conventional conductors and when deployed in place of conventional
    conductors on existing systems, the higher efficiency of ACCC conductors
    enables power generators to reduce the amount of power they must generate
    while still delivering the same power to the customers.  They have also
    demonstrated significant savings in upgrade capital costs and operating
    expenses when substituted in grid systems for other conductors. ACCC
    conductors enable grid operators to reduce blackouts and brownouts,
    providing a 'reserve electrical capacity' by operating at higher
    temperatures without significant thermal sag of the lines. ACCC conductors
    are an innovative economical solution for reconductoring power lines,
    constructing new lines and crossing large spans. ACCC composite core is
    delivered to qualified conductor manufacturers worldwide for local ACCC
    conductor production and resale into local markets.
--  DeWind Inc. designs, produces, and sells the DeWind series of wind
    energy turbines, including the new 2 megawatt (MW) D8.2 model available in
    both 60Hz and 50Hz; the 2MW D8 model in 50Hz; and the 1.25MW D6 model in
    50Hz. The new D8.2 has been operating since early 2007 at Cuxhaven,
    Germany, and utilizes the advanced WinDrive® hydrodynamic torque
    converter developed by Voith AG in combination with a synchronous AC
    generator with high voltage output that is connected directly to the grid
    without the use of power conversion electronics. The first 60Hz D8.2 is now
    operating at Sweetwater, Texas, where it will initially be used for
    demonstration to North American customers. DeWind D8.2 turbines are now
    being assembled at TECO Westinghouse Motor Co., in Texas for our North and
    South American customers.

*ACCC is a trademark of CTC Cable Corporation

For further information visit our website: Investor Relations Contact: James Carswell, +1-949-428-8500.

About Far East Composite Technology Company:

Jiangsu New Far East Cable Corporation and its subsidiary, Far East Composite Technology Company, are located in Yixing City, Jiangsu, China. Jiangsu New Far East is one of China's leading manufacturers of electrical transmission and distribution cable, which it sells to China's regional power grids through 200 local distributors.

About PT Dinamika Elektra Mandiri:

PT Dinamika Elektra Mandiri has been a long recognized and well established service company, meeting the diverse needs of petrochemical and electrical transmission companies across Indonesia.

About NEO Energia:

NEO Energia Company is part of the EDP Group Holding. The company develops both current and new businesses based on renewable energy technologies and develops projects.

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 (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, competition with larger companies, development of and demand for a new technology, risks associated with a startup company, the ability of the company to convert quotations and framework agreements into firm orders, our customers' fulfillment of payment obligations under the respective supply agreement, our ability to deliver reliable turbines on a timely basis, general economic conditions, the availability of funds for capital expenditure by customers, availability of timely financing, cash flow, securing sufficient quantities of essential raw materials, timely delivery by suppliers, ability to produce the turbines and acquire its components, 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, 2006 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

  • Investor Relations Contact:
    James Carswell