Composite Technology Announces Strategic Relationship With Sterlite Technologies
in India
IRVINE, CA, Dec 02, 2010 (MARKETWIRE via COMTEX) -- Composite Technology
Corporation (CTC) (CPTC) is pleased to announce that its subsidiary, CTC Cable
Corporation (CTC Cable) has entered into an agreement with Sterlite Technologies
Limited (Sterlite) under which Sterlite will manufacture ACCC(R) conductors for
sale in the Indian market. CTC Cable may also work with Sterlite for the
manufacture of ACCC conductors to support sales in other markets.
The Agreement is for an initial six year term, with provisions to extend beyond
the initial term. The agreement provides for Sterlite to be the only qualified
Indian strander supplying the Indian market for a fixed period provided Sterlite
achieves specific sales volumes. The Agreement does not prevent licensed
manufacturers located outside India from selling ACCC conductors into the Indian
market or other Indian manufacturers from qualifying to strand ACCC conductors
and selling outside India.
"ACCC conductors offer India a unique ability to increase the current carrying
capacity of existing lines and to significantly improve the overall economics on
new lines," said Sterlite COO-Power, Rajendra Mishra. "Sterlite has been
partnering with the latest technology providers in the overhead transmission line
market to supply customers with proven efficiencies. Our agreement with CTC to
use the ACCC technology brings one of the latest aerospace technologies to the
opportunities in the transmission industry. We hope to use this invention to
offer appropriate high-end solutions to our customers in India and globally."
"India is an important market for our product," said Stewart Ramsay, President of
CTC Cable. "The combination of energy efficiency with the ability of ACCC
conductor to increase the delivery of current will greatly reduce transmission
losses on the Indian transmission and distribution grids. India needs to increase
current carrying capacity on its grid rapidly to keep pace with economic
development and ACCC conductor will allow this to be done faster by saving time
in bringing power online sooner and saving power generation costs over the long
term. We are very pleased to have Sterlite as a partner in meeting the needs of
the Indian market. Sterlite has an excellent team with great technical
capabilities and its aggressive plans for a high performance technology like ACCC
conductors match our own. We are pleased and impressed with Sterlite's
willingness to commit to aggressive sales goals in the India market."
About Sterlite Technologies Limited: Sterlite Technologies Limited
(bombay:532374) (nse:STRTECH), is a leading global provider of transmission
solutions for the telecom and power industries. It is amongst the largest global
manufacturers of optical fibers and is the largest manufacturer of power
conductors, globally. For more details, please visit
sterlitetechnologies.com
About CTC: Composite Technology Corporation's patented ACCC(R) conductor
technology enables superior performance of high voltage transmission and
distribution electrical grids. ACCC conductors use CTC's proven carbon fiber core
which is produced by its subsidiary, CTC Cable Corporation, at its Irvine,
California headquarters and delivered to qualified conductor manufacturers who
produce and distribute ACCC conductors to operators of electrical grids
worldwide. CTC's conductor technology significantly reduces thermal line sag and
can replace similar diameter and weight traditional conductors with its higher
capacity and more energy efficient ACCC conductor. It is an ideal conductor for
both upgrading existing power lines as well as building new lines since the
technology allows for the reduction of the number of support structures and/or a
reduction of their height. Since its commercial introduction in 2005, ACCC
conductor has been selected for over 6,000 miles (over 9,700 kilometers) of
projects in all environmental and operating conditions, including severe heat and
ice environments, long span applications and high capacity corridors for the
modern grid. ACCC(R) is a registered trademark of CTC Cable Corporation.
For further information, visit our website: compositetechcorp.com or
contact Investor Relations, James Carswell, +1-949-428-8500.
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 (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, resolution of pending and threatened litigation
matters involving CTC or its subsidiaries, resolution of disputes with CTC's or
subsidiaries' creditors competition with larger companies, development of and
demand for a new technology, general economic conditions, the availability of
funds for capital expenditure and financing in general by us and our customers,
availability of timely financing, cash flow, securing sufficient quantities of
essential raw materials, timely delivery by suppliers, 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, 2009 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.
For further information contact:
Investor Relations
James Carswell
+1-949-428-8500
SOURCE: Composite Technology Corporation |
