SOURCE: Composite Technology Corporation

Composite Technology Corporation

February 23, 2010 08:05 ET

Composite Technology Enters Strategic Relationship With Alcan Cable

IRVINE, CA--(Marketwire - February 23, 2010) - Composite Technology Corporation (CTC) (OTCBB: CPTC) announced today that its subsidiary, CTC Cable Corporation, has entered into definitive distribution and manufacturing agreements with Alcan Cable, a division of Alcan Products Corporation. These agreements increase the stranding capabilities for ACCC® conductor in North America as well as provide the support of a well established conductor manufacturer with an experienced sales team to select strategic customers in the U.S. and Canada.

The Distribution Agreement provides Alcan Cable with the exclusive right to supply ACCC® conductor to select strategic customers in the U.S. and Canada. CTC believes the agreements will facilitate significant growth of ACCC® conductor sales by leveraging Alcan Cable's size, manufacturing reputation and market penetration. CTC Cable and Alcan Cable will work closely together to promote industry awareness of ACCC® conductor's benefits and significantly increase sales of ACCC® conductor throughout the U.S. and Canada. CTC Cable will continue to market and sell ACCC® conductor throughout North America to the non-exclusive Alcan Cable customers and the rest of the world by utilizing its existing and growing business development team and through its authorized sales representative organizations.

Under the Manufacturing Agreement, Alcan Cable will develop stranding capability specific to the ACCC® conductor technology at an Alcan Cable facility. Alcan Cable will provide stranding for its own sales of ACCC® conductor and provide non-exclusive stranding capability for sales made by CTC Cable through its sales organization. Alcan Cable plans to achieve stranding certification from CTC Cable within a few months. Then, Alcan Cable will become the latest strander to join the ranks of CTC Cable's qualified global stranding partners. CTC Cable now has five qualified stranders for specific geographic markets and is qualifying additional stranders in certain developing markets.

John Brewster, President of CTC Cable, commented, "We are very pleased to enter into this strategic relationship with Alcan Cable. Alcan Cable, with its global presence and over 100 years of operation is a perfect complement to CTC's game changing technology. The relationship will benefit both organizations. The increased production and distribution capacity of Alcan Cable will accelerate industry adoption of our ACCC® conductor."

About Alcan Cable:

Alcan Cable has provided its customers with quality products and outstanding customer service for over 100 years. Headquartered in Atlanta, Georgia, Alcan Cable is a leading manufacturer of aluminum cable, rod and strip products, and modular wiring systems and has seven manufacturing operations.

About CTC:

Composite Technology Corporation, based in Irvine, California, USA, develops, manufactures and sells innovative, high performance, energy efficient electrical transmission conductors through its subsidiary, CTC Cable Corporation. CTC Cable produces composite core rod for use in its patented high efficiency ACCC® conductors, which are used in electrical transmission and distribution grids. ACCC® conductors perform with less line losses when compared to similar diameter conventional conductors and therefore enable power generators to reduce the amount of generation while still delivering the same power to customers. ACCC® conductors also enable grid operators to reduce blackouts and brownouts by providing reserve electrical capacity, since they can be operated at higher temperatures without significant thermal line sag. The performance and longevity of CTC's ACCC® conductor technology has been independently verified by certifying agencies, test centers and power grids around the world and has consistently demonstrated significant savings in upgrade capital costs and operating expenses when substituted for traditional conductors in reconductoring upgrades as well as new line construction. ACCC® core, the key component of ACCC® conductor, is produced by CTC Cable and is delivered to licensed qualified conductor manufacturers worldwide for ACCC® conductor production and sale into local markets. Over 9,100 kilometers of ACCC® conductor have been installed on five continents. 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/A 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

  • Contact:
    Investor Relations
    James Carswell
    +1-949-428-8500