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Microcap & Penny Stocks : Composite Technology (CPTC)

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To: Savant who wrote (91)10/9/2006 9:58:58 AM
From: Skywatcher  Read Replies (1) of 203
 
BIG PARTNER
Composite Technology's EU Energy Enters Into Patent License With GE
Monday October 9, 8:05 am ET

IRVINE, Calif., Oct. 9 /PRNewswire-FirstCall/ -- Composite Technology Corporation (CTC) (OTC Bulletin Board: CPTC - News) is pleased to announce that its subsidiary, EU Energy Inc., (EU Energy), has licensed certain patents from GE Energy's wind business (GE Energy). While EU Energy's range of wind turbines employ their own technology and designs, the license from GE Energy will permit EU Energy to continue to sell its traditional model DeWind D6 and D8 wind turbines incorporating the use of conventional power conversion electronics in markets where the GE patents are applicable. The DeWind D6 is available in 50Hz and 60Hz worldwide and the DeWind D8 available in 50Hz worldwide.
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Both companies will independently carry on with their respective businesses of designing, manufacturing and selling wind energy turbines, and contributing to the development of the wind energy sector. EU Energy's DeWind D8.2 and D8.1 wind turbines use a unique hydrodynamic torque converter that allows a synchronous generator to connect directly to the grid without the use of power electronics. This license is not applicable to these particular models.

Victor Abate, vice president of renewable energy for GE Energy stated: "GE Energy's wind business is actively engaged in licensing its key patents for wind turbine control technologies to help suppliers and customers meet the rapidly growing need for clean, efficient renewable wind energy."

Michael Porter, President of CTC and EU Energy stated: "The signing of this license with GE is important to fulfill terms of an Irrevocable Letter of Commitment to purchase 400 megawatts of DeWind D6 turbines for delivery in the US commencing no later than the first quarter of 2008. Developing the renewable wind energy sector is vital to any developed economy and we are pleased to be able to offer our traditional range of D6 and D8 turbines using certain of GE Energy's power electronics patent portfolio."
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