GC China Turbine Corp. Provides Business Update on Accounts Receivable Status During the Third Quarter of 2011
October 12 2011 - 8:41AM
Marketwired
GC China Turbine Corporation ("GC China" or the "Company") (OTCBB:
GCHT) today announced that it has collected ¥55.63 million (about
$8.7 million) relating to its Tianhe wind project during the third
quarter of 2011.
Update on Tianhe Project
In 2010, GC China shipped 50 1MW turbine units to Xilinguole
Tianhe Wind Energy Development Co., Ltd. for Phase 1 of the Tianhe
project in Inner Mongolia. Installation of the turbines had been
completed in early September of 2011. Currently, the turbines are
undergoing performance tests. To date, and including the $8.7
million collected on the Tianhe project in the third quarter, GC
China has collected ¥164.64 million (about $25.7 million) on this
project.
Management continues to make its best efforts to achieve payment
milestones, working with customers to collect aging receivables on
its projects including the Tianhe project, Jilin Fengshen project,
Daqing Longjiang project, and Wuhan Kaidi project. The Company
anticipated that successful resolution on low-voltage ride-through
(LVRT) issues for its turbines will have a positive impact on the
timeline of collection of receivables from its customers. At this
stage, the Company is actively discussing its plans for resolving
LVRT issues for its turbines with the China Electric Power Research
Institute (CEPRI) and is optimistic about solving the issues.
Low Voltage Ride Through and CEPRI
Certification
In electricity supply and generation, low voltage ride through
is what an electric device, especially a wind generator, may be
required to be capable of when the voltage in the grid is
temporarily reduced due to a fault or load change in the grid.
Depending on the application the device may, during and after
the dip, be required to:
- disconnect temporarily from the grid, but reconnect and
continue operation after the dip
- stay operational and not disconnect from the grid
- stay connected and support the grid with reactive power
For generating units such as wind turbines, the required LVRT
behavior is defined in grid codes issued by the grid operator. The
LVRT requirement is specified under the grid code, and refers to
the GC China turbine's ability to react properly to sudden
fluctuations in grid voltage, and to remain connected to the grid
under these abnormal conditions. The turbines will need to undergo
and successfully pass symmetric and asymmetric testing under
different voltage fluctuation and electrical system fault
conditions at the CEPRI.
About GC China Turbine Corp.
GC China is a manufacturer of state-of-the-art 2-blade and
3-blade wind turbines based in Wuhan City of Hubei Province, China.
The Company holds a license to manufacture what it believes is a
groundbreaking technology which meets rigorous requirements for low
cost and high reliability. 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, future LVRT regulatory requirements, the
Company's certification process, product development and
collections of accounts receivables. 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 financial performance, regulatory
changes 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.
Investor Relations Todd M. Pitcher Aspire Clean Tech
Communications Hayden Communications, International Phone:
760-798-4938
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