SOURCE: GC China Turbine Corp.

GC China Turbine Corp.

February 16, 2010 08:30 ET

GC China Turbine Corp. Signs Wind Farm Development Agreement in Mongolia

NEW YORK, NY--(Marketwire - February 16, 2010) -  GC China Turbine Corp. (OTCBB: GCHT) (the "Company" or "GC China"), a leading Chinese manufacturer of twin blade wind turbines, wishes to announce that it has signed a Cooperation Agreement with Fengshuo Wind Power Co., Ltd ("Fengshuo"), of Inner Mongolia, towards the development of regional 300 MW wind farms and subsequent purchase of wind turbines from the Company.

Fengshuo is a Wind Farm Project Development Company located in Inner Mongolia. Fengshuo has obtained a Consent Letter from the requisite authorities at the Alukeerqinqi Development & Reform Bureau of Inner Mongolia for developing wind energy resources in the Baoleng region. Furthermore, it has also obtained written consent from the Eastern Inner Mongolia Electric Power Corp. for pre-work assessment and planning for an initial 300MW wind power grid connection project.

Given GC China's experiences in the wind farm approval process and the Company's capability in wind turbine manufacturing and production, GC China entered into the Cooperation Agreement with Fengshuo in order that GC China assist Fengshuo in completing all planning, permitting, and approvals for the aforementioned 300MW wind farms as well as assistance in obtaining increased access to capital and bank loans once the approvals are in place. On this basis, Fengshuo has guaranteed to use GC China's wind turbines in the development of its wind farms at a price based on the average market price at the time of order. Based on these guidelines and current prices, the Company estimates that if a turbine order required to operate a wind farm of 300MW installed capacity is placed, that could result in sales to GC China with a minimum value of US $206 million (1.41 billion Yuan).

The Cooperation Agreement further specifies that in the event that Fengshuo wishes to invite other partners to participate in the financing and purchasing of wind turbine equipment for any current or future 300MW wind farms, a unanimous written approval must be agreed upon between GC China and Fengshuo. Additionally, a preemptive first right of refusal for GC China as primary turbine supplier is guaranteed as part of the agreement.

The Agreement came into force from the date of signing on January 30th, 2010 and has subsequently moved ahead into an implementation phase.

Additional details regarding the Company and its business, financial condition and management of GC China and related parties are filed 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.

About GC China Turbine Corp. (OTCBB: GCHT)
GC China is a leading manufacturer of state-of-the-art 2-bladed wind turbines based in Wuhan City of Hubei Province, China. The Company holds a license to manufacture a groundbreaking technology which meets rigorous requirements for low-cost and high reliability. The technology was developed through a 10 year European research project costing over US$75 million. GC China's launch product is a 1.0 megawatt ("MW") utility scale turbine with designs for a 2.5MW and 3.0MW utility scale turbine in development. The Company's initial efforts have been rewarded with contracts of approximately US$135 million to-date. For more information visit: www.gcchinaturbine.com

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, completion of definitive agreements with local and provincial governments, wind farms and utility companies, number of wind turbine systems ordered, manufactured, delivered and installed, the Company's future strategic plans, the outlook for the Company's markets and the demand for its products, estimated sales, 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.

ON BEHALF OF THE BOARD
GC China Turbine Corp.
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Marcus Laun, Director

For more information visit our website at: www.gcchinaturbine.com

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