SOURCE: Composite Technology Corporation

December 16, 2008 08:30 ET

Composite Technology's DeWind Ships Turbines for Chile

First Installment of Five Turbines Headed for Port

IRVINE, CA--(Marketwire - December 16, 2008) - Composite Technology Corporation (CTC) (OTCBB: CPTC) announced today that its subsidiary DeWind Inc. has shipped the first installment of five D8-2000 wind turbines for a wind power generation project in Chile. The balance of the order, another 5 turbines, will ship within the next two weeks. The turbines have been moved to Houston for ocean transport to Chile. The turbines were completely assembled in Round Rock, Texas by TECO Westinghouse under the terms of the Commercial Manufacturing Agreement established by DeWind.

Robert Rugh, President of DeWind, stated, "We are excited to see these turbines make their way to the customer. We transferred the D8-2000 production to TECO Westinghouse this year and these turbines are the first of this family to come off the line. TECO Westinghouse did an outstanding job of adapting the flexible turbine assembly line to complete these units."

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, (Aluminum Conductor Composite Core) 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
    first 50Hz D8.2 turbine has been operating since early 2007 in Germany, and
    utilizes the advanced 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. The first 60Hz D8.2 is now operating at Sweetwater, Texas.
    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, 2007, the upcoming 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