For posterity.. Composite Technology Receives ACCC Repeat Order From China
ACCC Cable Provides Solution for Increased Line Capacity
IRVINE, Calif., April 26 /PRNewswire-FirstCall/ -- Composite Technology Corporation (CTC) (OTC Bulletin Board: CPTC) announced today repeat orders for its high performance ACCC cable by Jiangsu Far East Group Limited. These orders, totaling over $500,000 will be delivered to China by mid-June and represent the latest in a series of opportunities identified in the fast growing Chinese electricity market for ACCC cable for electrical transmission and distribution.
State Grid Corporation of China (SGCC) has vowed to substantially reform the country's power transmission networks, according to its 2006-2010 development plan. SGCC's general manager, Liu Zhenya, has stated that during the 2006-2010 period, the corporation would invest heavily in power grid construction to eliminate the power supply bottlenecks by 2010 and to make the state network more flexible and efficient.
Liu Zhenya has also stated that by 2020, the corporation will have established a nationwide high-voltage backbone grid to link the country's major electric power production bases and key load centers. This "electricity superhighway" will facilitate the concentrated development of large hydropower, thermal and nuclear plants, and allow optimization of resource allocation across the country.
"We believe that our ACCC conductor will play a major role in solving China's problem of congested grid systems that cannot keep up with the increased demand for electricity. Together with our strategic relationships in China, we plan to increase our market presence by demonstrating the economic value of our solution to expanding electricity capacity on any grid line," stated Benton Wilcoxon, CEO of Composite Technology Corporation.
About Jiangsu Far East Group:
Jiangsu Far East Group Limited is located in Yixing City, Jiangsu, China. Jiangsu Far East is one of China's leading manufacturers of electrical transmission and distribution cable, which it sells to China's regional power grids through 200 local distributors.
About CTC:
Composite Technology Corporation, based in Irvine, California, develops, manufactures and sells novel products that introduce the advantages of high performance composite materials to create superior applications for the generation, transmission and distribution of electrical power. The company's novel and proprietary Aluminum Composite Core Conductor (ACCC) is a cost effective solution for the introduction of reserve electrical transmission capacity into a saturated electrical grid, while reducing operating costs and in many cases capital costs. The elimination of significant sag at higher operating temperatures allows users of ACCC to reduce transmission bottlenecks, span large distances, reduce supporting structures and improve grid reliability. ACCC is superior to conventional conductors of the same diameter in many ways, including:
* Replaces existing steel core conductors and increases energy capacity
up to 2 times
* Virtually eliminates sag caused by high load, high-temperature
conditions
* Requires fewer structures along new Rights of Way, reducing
construction costs and time
* Reduces line losses compared with same diameter conventional cables at
same operating temperatures
* Eliminates bi-metallic corrosion issues
For further information visit our website at: compositetechcorp.com
For Investor Relations Contact: James Carswell, (949) 428-8500
For Media Relations Contact: Kevin C. Coates (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 (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, competition with larger companies, development of and demand for a new technology, risks associated with a startup company, risks associated with international transactions, general economic conditions, availability of funds for capital expenditure by customers, availability of timely financing, cash flow, timely delivery by suppliers, or the Company's ability to manage growth. Other risk factors attributable to the Company's business segment may affect the actual results achieved by the Company and are included in the Company's Annual Report filed with the Commissioner on Form 10K for fiscal year ended September 30, 2005. SOURCE Composite Technology Corporation
Investor Relations, James Carswell, or Media Relations, Kevin C. Coates, both of Composite Technology Corporation, +1-949-428-8500 26Apr06 12:05 GMT
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