GC China Completes Shipments of 23 Wind Turbines to Tianhe Wind Power Development Co.
December 16 2010 - 11:23AM
Marketwired
GC China Turbine Corp. (OTCBB: GCHT) (the "Company" or "GC China"),
a leading Chinese manufacturer of twin blade wind turbines, today
announced that it has shipped 23 turbines to Tianhe Wind Power
Development Co.
As reported in its third quarter financial results and quarterly
shareholder conference call, GC China expected these turbines to be
delivered and booked in Q3, however the customer put off delivery
as it had not completed site preparations to take the turbines. GC
China has completed shipment of these turbines on November 29,
2010, and expects to recognized revenues in an amount of $13
million (RMB 87.7 million) on these turbines in the fourth quarter.
From the beginning of 2010 to the date of this release, the Company
has booked approximately $40 million in revenues and a range of $4
to $5 million in net income. This represents a growth of
approximately 206% to 221% compared to the 2009 full-year net
income for GC China.
Business Outlook
As of November 30, 2010, GC China currently has available $13.5
million (RMB 90.3 million) in working capital, which consists of
$5.0 million (RMB 33.37 million) in cash.
By the end of November, the Company has a loan facility in the
amount of $17.9 million (RMB 120 million) from a PRC bank. The
company has drawn down $9 million (RMB 60 million) with the annual
interest rate of 6.37% and $4.5 million (RMB 30 million) with the
annual interest rate of 6.67%. There is $4.4 million (RMB
30million) available from the loan facility for future
borrowing.
In December, the Company has obtained a new line of credit of
$7.5 million (RMB 50 million) to be used for raw materials
procurements from another PRC bank.
Based on actual receipt of $3.5 million in accounts receivable
this quarter, and the Company's current funds available under
certain loan facilities, GC China anticipates that it has
sufficient capital on hand and available to fulfill its shipment
commitment through year end.
About Tianhe Wind Power Development
Co.
Tianhe Wind Power Development Co. is a project company under the
Guodian Group, which is one of China's five-largest power
generation groups employing 110,000 employees across 16 regions and
provinces. It has 13 large subsidiaries, 2 scientific research
institutes and nearly 200 primary power generation enterprises. As
of June, 2010, its total assets reached $68.5 billion, and it had a
total controlled installed capacity of 84.7 thousand MW, including
71.3 thousand MW by coal-fired, representing 84.14% of total
installed capacity; 8.0 thousand MW by hydropower (including 3.9MW
tidal generation), 9.43% of total installed capacity; 5.4 thousand
MW by wind power capacity, 6.37% of total installed capacity; 55 MW
by biomass, accounting for 0.06% of total installed capacity.
About GC China Turbine Corp.
GC China is a leading manufacturer of state-of-the-art 2-bladed
wind turbines based in Wuhan City of Hubei Province, China. The
Company identified a 2-bladed wind turbine technology in the wind
energy space that would be reliable and cost-effective to
manufacture. The development project that created the 2-bladed wind
turbine was developed through a 10 year research project costing
over US$ 75 million. GC China's launch product is a 1.0 megawatt
("MW") utility scale turbine with designs for a 2.5MW and 3.0MW
utility scale turbine in development. For more information visit:
www.gcchinaturbine.com
Notice Regarding Forward-Looking
Statements
This news release contains "forward-looking statements" as that
term is defined in Section 27A of the United States Securities Act
of 1933, as amended and Section 21E of the Securities Exchange Act
of 1934, as amended. Statements in this press release which are not
purely historical are forward-looking statements and include any
statements regarding beliefs, plans, expectations or intentions
regarding the future. Such forward-looking statements include,
among other things, completion of definitive agreements with local
and provincial governments, wind farms and utility companies,
number of wind turbine systems ordered, manufactured, delivered and
installed, the Company's future strategic plans, the outlook for
the Company's markets and the demand for its products, estimated
sales, the development, costs and results of new business
opportunities. Actual results could differ from those projected in
any forward-looking statements due to numerous factors. Such
factors include, among others, the inherent uncertainties
associated with new projects and development stage companies. These
forward-looking statements are made as of the date of this news
release, and we assume no obligation to update the forward-looking
statements, or to update the reasons why actual results could
differ from those projected in the forward-looking statements.
Although we believe that any beliefs, plans, expectations and
intentions contained in this press release are reasonable, there
can be no assurance that any such beliefs, plans, expectations or
intentions will prove to be accurate. Investors should consult all
of the information set forth herein and should also refer to the
risk factors disclosure outlined in our annual report on Form 10-K
for the most recent fiscal year, our quarterly reports on Form 10-Q
and other periodic reports filed from time-to-time with the
Securities and Exchange Commission.
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Investor Relations Todd M. Pitcher Aspire Clean Tech
Communications Hayden Communications, International Phone:
760-798-4938 Email Contact
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