Composite Technology Announces Agreement With Taihan Electric in Korea
IRVINE, CA, Feb 08, 2011 (MARKETWIRE via COMTEX) -- Composite Technology
Corporation (CTC) (CPTC) is pleased to announce that its subsidiary, CTC Cable
Corporation has entered into an agreement with Taihan Electric Wire Co., Ltd
under which Taihan will manufacture ACCC(R) conductors for sale in the Korean
market (Agreement). Taihan is currently constructing a new facility for the
manufacture of conductors and will be introducing state of the art technologies
for the manufacturing of ACCC conductors under license.
The Agreement is for an initial five year term, with provisions to extend beyond
the initial term. The agreement provides for Taihan as the only qualified Korean
strander supplying the Korean market for a fixed period provided Taihan shall
achieve specific milestones and sales volumes. The Agreement does not prevent
licensed manufacturers located outside Korea from selling ACCC conductors into
the Korean Market or other Korean manufacturers from qualifying to strand ACCC
conductors and selling outside Korea.
"The Korean power grid is well constructed and well planned," said Dominic J
Majendie, Vice-President International Marketing of CTC Cable. "The introduction
of ACCC conductors to the market will help Korea maintain a superior transmission
network. ACCC conductors will provide a more efficient system for transferring
power by operating with reduced losses; in addition, it provides back-up capacity
through the high temperature capabilities of the new technology. Harnessing new
technologies at the right time brings greater economic efficiency and improves
productivity. The Korean genius has been to use the latest technologies to drive
economic success. We are pleased to provide the technology to achieve even
greater efficiencies using our patented carbon fiber strengthened conductors. We
look forward to being a part of Korea's success."
About Taihan Electric Wire Co. Ltd.: Taihan Electric Wire Co. is the leading
Korean cable manufacturer and has grown to be a world-class enterprise with
annual sales worth 1.35 trillion Won (approximately $1.22 Billion US). From
origins manufacturing the most competitive extra high voltage and optical fiber
cables, Taihan has diversified its business to include stainless steel, thus
contributing to Korean national economic development. As part of a globalization
scheme, Taihan operates subsidiary companies in many parts of the world,
including Vietnam and South Africa. For more details, please visit
taihan.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 10,000 kilometers (6,214 miles) 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, 2010 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
James Carswell
+1-949-428-8500 |
