Composite Technology Announces Agreement With Taihan Electric In Korea
Irvine, CA (Marketwire) - 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.
SOURCE: Composite Technology Corporation