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Microcap & Penny Stocks : Composite Technology (CPTC) -- Ignore unavailable to you. Want to Upgrade?

To: caly who wrote (62)	6/15/2006 12:34:34 PM
From: Skywatcher	Read Replies (1) \| Respond to of 203

EU Energy Announces Results of EGM Held 15 June 2006 Thursday June 15, 12:23 pm ET IRVINE, Calif., June 15 /PRNewswire/ -- EU Energy plc ("EU Energy"), a UK based alternative energy company, is pleased to announce the approval of a motion put before its shareholders to convert EU Energy from a public limited company to a private limited company and to change its name from EU Energy plc to EU Energy Ltd. The motion was passed at an Extraordinary General Meeting of its shareholders ("EGM") held today in connection with the proposed sale of EU Energy ("EU Energy Sale") by its shareholders to Composite Technology Corporation ("CTC"), a US based public company (OTC Bulletin Board: CPTC - News). ADVERTISEMENT A Share Exchange Agreement governing the EU Energy Sale was signed by shareholders of EU Energy representing at least 95% of its issued and outstanding shares on June 5, 2006. Under the terms of the Share Exchange Agreement, with the favourable decision at the EGM, it is now anticipated that the transaction will close on July 3, 2006. Any dissenting shareholders will transfer their shares in accordance with the terms of certain "drag along" rights. It is now anticipated that the entire share capital of EU Energy will be transferred to CTC in exchange for 39,169,665 shares of CTC's unregistered common stock. As a prelude to the holding of the EGM, EU Energy was informed by CTC that they had completed their due diligence review and received a favourable fairness opinion regarding the transaction. Mr. Wilcoxon commented: "We are convinced that the potential of the EU Energy wind turbine business is enormous. Our board of directors was unanimously of the opinion that EU Energy's DeWind turbine technology is excellent and is pleased that the acquisition will proceed as planned." The sale of EU Energy to Composite Technology Corporation was announced by EU Energy at the WindPower 2006 conference held last week in Pittsburgh, USA, also announced was that EU Energy group had entered into a frame agreement with Canadian Green Power Investment & Management Services Inc. for 60 turbines, representing a sale of approximately $120 million, for delivery commencing in 2008. Michael Porter stated that "we are now in the process of completing the necessary component supply contracts to support manufacturing against our current reserve backlog, which now exceeds $2.9 billion through 2012" and he further stated that he is looking forward to the next stage of the corporate development afforded by the sale.