CTC To Assist In ACCC Conductor Cable Introduction In China

Irvine, CA — Composite Technology Corporation (CTC), a leading developer of high-performance composite core cables for electric transmission and distribution lines, has announced that its subsidiary, CTC Cable Corporation, has opened a representative office in Shanghai, China in association with Shanghai Co-Way International Technology Transfer Center Co., Ltd., as its local industry and government affairs consultant, to assist in the introduction of ACCC conductor cable in China. CTC Cable Corporation has filed the requisite documentation to officially register the local representative office.

CTC's new facilities are located in the Shanghai Co-Way International Technology Center at Goushoujing Road 188, Zhangjiang Hi-Tech Park, in Shanghai. Shanghai Co-Way's owners include the Shanghai Science and Technology Commission and Tsinghua University, one of China's most prominent universities. CTC personnel will be complimented by Mr. Shu Zongxun, currently a senior advisor at Shanghai Co-Way. Mr. Zongxun is a former Director and President of Shanghai Citic-Power Zhangjiang Co, Ltd., as well as Vice-President and Chief Engineer at the Shanghai Power Equipment Research Institute. Mr. Zongxun is a graduate of Moscow National Technical University. Specific Project management and general local support will be coordinated by Ning Ning, who holds degrees in International Business Administration and Computer Science.

CTC plans to introduce a Chinese version of its PLATTM (Power Line Analysis Tool) and provide local support personnel to demonstrate to utility industry leaders the performance and economic advantages of ACCC cable over other conventional cables.

"In light of CTC's recent entry of our novel ACCC conductor cable into the Chinese electric transmission and distribution market, through associations with the Jiangsu Far East Group Ltd., the Electric Power Construction Research Institute, and the State Power Grid Department of State Power Company, this new office will assist and accelerate our relationships in China. Industry leaders will now have immediate local access to marketing and technical support personnel to facilitate rapid market introduction, which will follow local testing currently underway in Shanghai and Beijing," said Benton Wilcoxon, Chairman and CEO of CTC. "Shanghai Co-Way will provide assistance and oversight of CTC's current commitments as well as providing considerable contribution and credibility to our expansion efforts as the country begins to strengthen and expand its electrical grid. Our presence in China represents a key step forward in the execution of our international business model."

"By importing advanced technology and expediting innovation in Shanghai and East China, the large number of investment funds and enterprises that comprise Shanghai Co-way will provide CTC with a powerful, reputable presence," said Dr. Liu Zhengping, general manager of Shanghai Co-way. "The advanced technology that CTC brings to China's national strategy of high-tech industrialization will be fortified by Co-Way's expertise in policy and law, and CTC will be fully backed by Co-Way's marketing, negotiation, and research experience."

In 2004, China had its worst power shortage since the 1980s blackouts that led to power outages in 24 of the country's 27 provinces and in some of China's biggest cities. To meet the demand for improving the transmission of electricity in China, the State Grid Corporation of China, which controls the transmission of electricity in 22 provinces, may spend 107 billion Yuan ($13 Billion U. S. Dollars) building and repairing power lines in 2005. In addition, China Southern Power Grid Co., the smaller of the two state electricity distributors, may spend 30.5 billion Yuan ($3.7 billion U.S. Dollars) this year building and repairing grids and laying nearly 3,000 miles of power lines.

SOURCE: CTC