Composite Technology Increases ACCC Cable Sales to China
Thursday January 25, 8:05 am ET
New Order Totals Over $7 Million Sold Under MOU
IRVINE, Calif., Jan. 25 /PRNewswire-FirstCall/ -- Composite Technology Corporation (CTC) (OTC Bulletin Board: CPTC - News) is pleased to announce a new order for 142 kilometers of ACCC Conductor destined for the Chinese electrical grid. The order issued to our subsidiary, CTC Cable Corporation, by Far East Composite Technology Company, a subsidiary of Jiangsu New Far East Cable Corporation (Far East), is valued at approximately $3 million. This new order will bring the installed base of ACCC conductor to over 1100 kilometers worldwide.
Benton Wilcoxon CEO, stated, "Our installed base of ACCC conductor in China continues to grow. This most recent purchase order follows last month's $4 million order and is consistent with the terms and minimum purchase requirements called for within the Memorandum of Understanding (MOU) executed with Far East in December 2006. Basic terms of the MOU call for minimum cable purchases of 600 Kilometers per quarter during the first year, with increasing minimums in succeeding years. Each individual transaction requires a substantial down payment at order placement and is followed by a progress payment with final payment upon shipping. We expect the formal long term, contract with Far East to be completed very soon."
About CTC:
Composite Technology Corporation, based in Irvine, California, USA develops, manufactures and sells high performance electrical transmission and renewable energy generation products through its subsidiaries:
* CTC Cable Corporation produces composite rod for use in its proprietary
ACCC (aluminum conductor composite core). ACCC conductors virtually
eliminate the sag in power lines caused by high current and high line
temperatures. ACCC conductors also reduce electricity line losses, and
have demonstrated significant savings in capital and operating expenses
when substituted for other conductors. ACCC conductors enable grid
operators to reduce blackouts and brownouts, providing a 'reserve
electrical capacity' by operating at higher temperatures. ACCC
conductors are an innovative economical solution for reconductoring
power lines, constructing new lines and crossing large spans. ACCC
composite rod is delivered to qualified conductor manufacturers
worldwide for local ACCC conductor production and resale into local
markets.
* DeWind, Inc., and DeWind Ltd. (formerly EU Energy Wind Ltd) produce,
sell, and license the DeWind series of wind energy turbines including
the 50Hz D6 rated at 1.25 megawatts (MW) and the 50Hz D8 rated at 2 MW,
both noted for their reliability. In 2007, the first new 2 MW D8.2
turbines are planned to be delivered to North American customers from
assembly operations at TECO Westinghouse Motor Company in Texas. The
D8.2 utilizes the advanced WinDrive® hydrodynamic torque converter
developed by Voith AG with a synchronous AC generator that is able to
connect directly to the grid at high voltage without the use of power
conversion electronics. The DeWind D8.2 will be available in both a
60Hz and 50Hz version.
For further information visit our websites: www.compositetechcorp.com & www.eunrg.com |
