Composite Technology Promotes Robert Rugh to President of Dewind
IRVINE, CA, Sep 03, 2008 (MARKET WIRE via COMTEX) -- Composite Technology
Corporation (CTC) (CPTC) today announces that Robert C. (Bob) Rugh has been
promoted to President of DeWind, Inc., a subsidiary of CTC. Previously, Mr. Rugh
served DeWind as Executive Vice President of Operations, under DeWind President
Marvin Sepe, who will remain CTC's Chief Operating Officer and will oversee both
our DeWind and CTC Cable business subsidiaries.
Mr. Sepe commented, "Bob Rugh and I have worked closely to provide the sound
foundation for DeWind to grow. We are now moving into our critical order
fulfillment phase and are pleased to hand Bob the reins and capitalize on his
tremendous experience and contacts."
Mr. Rugh is a seasoned executive with extensive knowledge and experience in the
wind turbine business, including commercial, engineering, supply chain,
manufacturing and site operations. Prior to joining DeWind, Mr. Rugh served as
Vice President, Wind Turbine Group, for Mitsubishi Power Systems Americas (MPSA),
where he led MPSA's Marketing, Sales, Engineering, Projects and Operations for
Wind Turbines in the Americas. Prior to joining Mitsubishi, Mr. Rugh was
responsible for wind turbine components manufacturing for GE Wind LLC. Prior to
GE, he served as Vice President, Wind Turbine Manufacturing for Enron Wind Corp.
and its predecessor, Zond Energy Systems, Inc. In each of these roles, Mr. Rugh
led and was responsible for wind turbine supply chain, sourcing and assembly
activities, while providing support for project site coordination and turbine
service operations, in geographic locations spanning the globe. Prior to Zond,
Mr. Rugh served for over 20 years in a variety of capacities for Westinghouse
Electric Corporation, primarily in the power generation and industrial services
sectors. Within power generation, Mr. Rugh held a number of positions in
engineering, operations, sales and services, and helped lead a Westinghouse
renewable power initiative for wind turbine assembly and sales in the 1990s.
Within industrial sectors, Mr. Rugh led numerous operations management, services
and sales initiatives serving a variety of industrial sectors, including steel,
mining, pulp & paper, petrochemical and automotive. Mr. Rugh holds an MBA from
the University of Pittsburgh, and a Bachelor of Science in Mechanical Engineering
from Pennsylvania State University.
"With the innovative D8.2 product line, DeWind is well-positioned for growth. I
am pleased with the confidence the leadership of CTC has vested in me to lead
DeWind in this time of expansion in the Wind Power Industry. The DeWind growth
plan will leverage the D8.2 turbine platform attributes to grow DeWind's customer
base and market share. This is an exciting time in the Wind Industry, and I'm
excited to have the opportunity to lead the growth of the company," said Mr.
Rugh.
Benton Wilcoxon, CEO of CTC, stated, "We are very pleased to have Bob Rugh step
up to the position of DeWind President at this important time in our evolution.
His knowledge base and industry relationships are exactly what is needed at a
time when we are securing our first orders for the 60 hertz 2 megawatt D8.2
turbine and are preparing to deliver the first commercial production from
assembly operations at TECO Westinghouse in Texas. We believe that this model
offers significant features that are valuable to wind farm owners, since it is
the first 2MW wind turbine that operates at synchronous speed allowing it to
synchronize directly with the grid. We are confident that this model will soon
find its niche in the turbine market."
About CTC:
Composite Technology Corporation, based in Irvine, California, USA, develops,
manufactures and sells innovative high performance electrical transmission
products and renewable energy generation wind turbines through its subsidiaries:
--DeWind Inc. designs, produces, and sells the DeWind series of wind
energy turbines, including the new 2 megawatt (MW) D8.2 model available in
both 60Hz and 50Hz; the 2MW D8 model in 50Hz; and the 1.25MW D6 model in
50Hz. The new D8.2 has been operating since early 2007 at Cuxhaven,
Germany, and utilizes the advanced WinDrive(R) hydrodynamic torque
converter developed by Voith AG in combination with a synchronous AC
generator with high voltage output that is connected directly to the grid
without the use of power conversion electronics. The first 60Hz D8.2 is now
operating at Sweetwater, Texas. D8.2 and D8 turbines are now being
assembled at TECO Westinghouse Motor Co.
--CTC Cable Corporation produces composite rod for use in its patented
ACCC* (Aluminum Conductor Composite Core) conductors, which are "high
efficiency conductors" for use in electrical transmission grid systems.
ACCC conductors demonstrate less electricity line losses when compared with
conventional conductors and when deployed in place of conventional
conductors on existing systems. The higher efficiency of ACCC conductors
enables power generators to reduce the amount of power they must generate
while still delivering the same power to the customers.ACCC conductors
have also demonstrated significant savings in upgrade capital costs and
operating expenses when substituted in grid systems. They also enable grid
operators to reduce blackouts and brownouts, providing a 'reserve
electrical capacity' by operating at higher temperatures without
significant thermal sag of the lines. ACCC conductors provide economical
solution for reconductoring power lines, constructing new lines and
crossing large spans.ACCC conductors are produced by licensed qualified
conductor manufacturers worldwide which produce sell into local markets.
*ACCC is a trademark of CTC Cable Corporation
For further information visit our website: compositetechcorp.com.
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 (the "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, the
ability of the company to convert quotations and framework agreements into firm
orders, our customers' fulfillment of payment obligations under the respective
supply agreement, our ability to deliver reliable turbines on a timely basis,
general economic conditions, the availability of funds for capital expenditure by
customers, availability of timely financing, cash flow, securing sufficient
quantities of essential raw materials, timely delivery by suppliers, ability to
produce the turbines and acquire their components, ability to maintain quality
control, collection-related and currency risks from international transactions,
the successful outcome of joint venture negotiations, or the Company's ability to
manage growth. Other risk factors attributable to the Company's business may
affect the actual results achieved by the Company, including those that are found
in the Company's Annual Report filed with the SEC on Form 10-K for fiscal year
ended September 30, 2007 and subsequent Quarterly Reports on Form 10-Q and
subsequent Current Reports filed on Form 8-K that will be included with or prior
to the filing of the Company's next Quarterly or Annual Report.
Investor Relations Contact:
James Carswell
+1-949-428-8500
SOURCE: Composite Technology Corporation |
