SOURCE: Composite Technology Corporation

February 11, 2009 08:05 ET

Composite Technology's DeWind Engages RBS Securities

IRVINE, CA--(Marketwire - February 11, 2009) - Composite Technology Corporation (CTC) (OTCBB: CPTC) announced today that its DeWind Inc. subsidiary has engaged RBS Securities to identify qualified companies interested in a partnership to better leverage the high quality and leading edge technology of the DeWind turbine product portfolio. Such a strategic partnership would allow DeWind to take full advantage of the expected growth in demand in the wind renewables market over the next few years.

"We are pleased with the scope and quality of initial interest that RBS Securities has received from significant manufacturers and recognized financial groups. We are currently evaluating various strategic options and we believe that a DeWind partnership with a strong well known company would greatly bolster prospective customers' efforts in securing turbine finance and finalizing wind farm development planning," stated Benton Wilcoxon, Chairman and CEO of CTC. "We chose RBS Securities, an affiliate of The Royal Bank of Scotland Plc because of their extensive and global experience with M&A as well as project financing within the wind industry."

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 high efficiency ACCC* conductors, used in electrical transmission grids. ACCC™ conductors have less line loss 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. Our conductors have demonstrated significant savings in upgrade capital costs as well as operating expenses when substituted in grid systems. ACCC™ conductors 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. ACCC™ conductors are an economical solution for reconductoring power lines, constructing new lines and crossing large spans. ACCC™ core is produced by CTC Cable and delivered to licensed qualified conductor manufacturers worldwide for 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 in both 60Hz and 50Hz, the 2MW D8 model in 50Hz, and the 1.25MW D6 model in 50Hz. The D8.2 turbine uses a WinDrive® hydrodynamic torque converter, by Voith AG, in combination with a synchronous high voltage generator that is synchronized directly to the grid without the use of power conversion electronics. DeWind D8.2 turbines are assembled at TECO Westinghouse Motor Co., in Texas.

*ACCC is a trademark of CTC Cable Corporation

For further information visit our website: www.compositetechcorp.com. Investor Relations Contact: 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, new or revised governmental laws and regulations (or the lack thereof) that affect wind energy, 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 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 produce the turbines and acquire their 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, 2008 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
    +1-949-428-8500