Composite Technology Announces Agreement With Taihan Electric in Korea
February 08 2011 - 8:15AM
Marketwired
Composite Technology Corporation (CTC) (OTCBB: 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® 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
www.taihan.com
About CTC: Composite Technology
Corporation's patented ACCC® 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® is a registered
trademark of CTC Cable Corporation.
For further information, visit our website:
www.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