SOURCE: GC China Turbine Corp.

GC China Turbine Corp.

October 06, 2009 08:00 ET

GC China Turbine Corp. Announces Signing of Definitive Agreement With GC Nordic -- Provides Additional Details Regarding the Company

CENTERVILLE, MA--(Marketwire - October 6, 2009) - GC China Turbine Corp. (OTCBB: GCHT) (the "Company") wishes to provide notice of a filing with the Securities and Exchange Commission (SEC) this week, outlining a Material Definitive Share Exchange Agreement (the "Agreement") with Wuhan Guoce Nordic New Energy Co. Ltd., a People's Republic of China Company ("GC Nordic"), as a requirement of the previously announced voluntary share exchange transaction.

GC Nordic is the only manufacturer of 2-bladed wind turbine systems in China. The company is located in a modern 36,000 square meter facility in Wuhan City, Hubei Province, China. The Company's flagship product is a 1.0 MW utility scale turbine with R&D underway for the development of 2.0 MW and 3.0 MW turbines specifically targeting large wind farms both on and offshore including remote or extreme condition locations. Initial sales efforts have been rewarded with contracts of approximately US $128 million.

GC Nordic was founded as an offshoot of Guoce New Technology Co., a leading technology provider to the Chinese utility industry with a long history as a preferred provider to the utilities industry in China. It is a producer of hydraulic systems and electronic control systems that enjoy a dominant market share of approximately 40% of the indigenous hydro-electric generation industry.

GC Nordic's technology is based on a 10 year, US $75 million research and development investment by the government of Sweden. The development project that created the technology has been operating for 10 years with 98% output availability during this period.

The 2-bladed wind turbine is manufactured utilizing a number of complementary technologies incorporating engineering innovations such as independent blade and tower flexibility delivering revolutionary overall load damping characteristics, a highly compact and lightweight transmission system and proprietary real-time, reactive monitoring technologies. These key elements combine to reduce vibration and overheating, lower installation and transportation costs, improve service life and extend the generated output lifecycle of the product. The resulting benefits improve turbine quality along with lowering manufacturing, installation and maintenance costs.

The wind power industry in China is booming. Chinese government guidelines mandate that 30,000 MW of wind power be installed by 2020. Moreover, the Chinese government has mandated that 70% of wind components be sourced domestically by 2010. In the past, imported wind turbines dominated the market, but this is changing rapidly as the growing market and clear policy direction have encouraged domestic production.

Currently, GC Nordic is executing three contracts of 50 units each with the following entities: Daqing Longjiang Wind Power Co., Ltd., Wuhan Kaidi Electric Engineering Co., Ltd., and Kelipu Wind Power Co., Ltd.

Please note that further information regarding the Company and complete details of the Exchange Transaction with GC Nordic can be found as filings as part of the Company's continuous public disclosure as a reporting issuer under the Securities Exchange Act of 1934 filed with the Securities and Exchange Commission's ("SEC") EDGAR database.

Notice Regarding Forward-Looking Statements

This news release contains "forward-looking statements" as that term is defined in Section 27A of the United States Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs and results of new business opportunities. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects and development stage companies. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.

GC China Turbine Corp.
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Marcus Laun, Director

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