Oct. 4, 2004...Composite Technology
Corporation (OTC Bulletin Board: CPTC), a leading developer of
high-performance composite core for electric transmission and distribution
cables, today announced the execution of Manufacturing and Distribution
Agreements between CTC Cable Corporation, a fully owned subsidiary, (CTC) and
General Cable Industries, Inc., principal US operating subsidiary of General
Cable Corporation (General Cable) (NYSE: BGC), a recognized leader in the
utility cable market. Under the Manufacturing Agreement, General Cable has
the right to exclusively manufacture finished ACCC(TM) cable utilizing the CTC
proprietary composite core through 2007 for applications in the United States
and Canada. Under the Distribution Agreement, General Cable has been granted
a non-exclusive right to distribute and sell CTC's ACCC through 2007 for
applications in the United States and Canada.
As a large player in the utility cable industry for over a century,
General Cable's "Lean" manufacturing practices and engineering expertise
complements the CTC leading-edge composite technology to provide a
cost-effective cabling solution that significantly increases the capacity and
reliability of cables used in the power grid. General Cable's dedication to
the utility market is evident in the capital investment made into their
manufacturing facilities and in its on-going investment into R&D and a world
class product test facility. The agreements, which combine the unique
strengths of both companies, will provide both utilities and their customers
with the benefit of optimum transmission energy output.
Utilizing the utility cable industry standard specifications and
manufacturing processes, General Cable will apply aluminum strand around CTC's
composite core providing a finished ACCC conductor cable. General Cable, one
of the world's largest cable manufacturers, is well positioned to meet
anticipated customer demand generated by the acceptance of this next
generation solution.
Under terms of the Distribution Agreement, General Cable is a
non-exclusive distributor for CTC's ACCC cable for the U.S. and Canadian
markets. General Cable has built an extensive sales and marketing
infrastructure dedicated to the support of the utility market. In its century
long experience supporting the utility market, General Cable has also
developed the relationships with utility companies that will facilitate the
commercialization of ACCC cable.
"General Cable prides itself on offering the best quality, technologically
advanced products available to the utility industry. CTC offers the first
truly innovative core technology that provides solutions to increase the power
grid's capacity and reliability in a cost-effective way," said J. Michael
Andrews, Senior Vice President and General Manager of General Cable. "The
ACCC product offers our utility customers a viable option for reconductoring
existing lines with little or no changes to towers or constructing new lines
with less environmental impact."
"Last year's blackout in the Northeast brought the need to update the
North American power grid to the forefront of public awareness," stated John
Turcich, Vice President of Utility Sales for General Cable. "Our relationship
with CTC allows us to offer its superior ACCC cable at a time when the market
is on the verge of explosive growth."
"By establishing a joint marketing and distribution initiative with
General Cable, a recognized leader in the utility cable market in North
America and internationally, CTC expects to capitalize on General Cable's
extensive relationships with leading utility customers to generate accelerated
revenue growth and market penetration for our ACCC cable," said Benton
Wilcoxon, Composite Technology Corporation Chairman and CEO.
About General Cable
General Cable, headquartered in Highland Heights, Kentucky, is a leader in
the development, design, manufacture, marketing and distribution of copper,
aluminum and fiber optic wire and cable products for the energy, industrial,
specialty and communications markets. The Company offers competitive
strengths in such areas as breadth of product line, brand recognition,
distribution and logistics, sales and service and operating efficiency.
Energy cables include low-, medium- and high-voltage power distribution and
power transmission products. The Industrial and Specialty segment is
comprised of application-specific cables for uses such as electrical power
generation (traditional fuels, alternative and renewable sources, and
distributed generation), the oil, gas and petrochemical industries, mining,
industrial automation, marine, military and aerospace applications, power
applications in the telecommunications industry, and other key industrial
segments. Communications wire and cable products transmit low-voltage signals
for voice, data, video and control applications. Visit our website at
www.GeneralCable.com.
For further information please contact: Paul Montgomery, VP, Finance and
Investor Relations, +1-860-572-8684, or Karen Ouellette, +1-860-465-8777,
both of General Cable |
