China Success Continues for Composite Technology
Tuesday August 28, 8:05 am ET
New ACCC Orders Raise Total Installed Base
IRVINE, Calif., Aug. 28 /PRNewswire-FirstCall/ -- Composite Technology Corporation (CTC) (OTC Bulletin Board: CPTC - News) is pleased to announce a new order for a minimum of 600 kilometers (373 miles) of ACCC conductor for use on 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 made up of multiple conductor and core sizes and has a minimum value of approximately $4.9 million and an upper value of nearly $8.0 million depending upon the selection of conductor components. Final determination of conductor mix will be made in late September. Terms of the sale are consistent with an established three year Distribution Agreement which provides favorable cash management terms to CTC Cable. When this installation is completed, the installed base of ACCC conductor will be over 2385 kilometers (1482 miles) worldwide.
"Far East continues to advance sales and installation of ACCC in China. They have successfully positioned ACCC conductor within regional power bureaus and have shown a great ability to convey the product advantages to the decision makers within these bureaus" stated Marv Sepe, COO of CTC and President of CTC Cable.
About Jiangsu New Far East Cable Corporation:
Jiangsu New Far East Cable Corporation and its subsidiary, Far East Composite Technology Company, are located in Yixing City, Jiangsu, China. Jiangsu New 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. |
