Science & Technology
Science and Technology
Science and Technology
Tue, May 11, 2010 Composite Technology Joins Commerce Secretary Locke on Clean Energy Trade Mission to China
IRVINE, CA--(Marketwire - May 11, 2010) - Composite Technology Corporation (CTC) (
Only twenty-four companies were selected to join the Mission. A total of forty-six senior executives representing some of the most highly respected companies in the U.S. will make the journey to China including top executives from General Electric, Duke Energy, the Boeing Company, Peabody Energy and AES. CTC will be represented by Marvin Sepe, its Chief Operating Officer. The full text of the Department of Commerce release on the Clean Energy Trade Mission, including the list of companies and executives is available at: [ www.commerce.gov/NewsRoom/PressReleases_FactSheets/PROD01_009210 ]
China's rapid economic growth has been accompanied by a huge increase in demand for energy and a dramatic jump in greenhouse gas emissions. In response to these challenges, China's central government has made clean energy and energy efficiency strategic priorities and is implementing programs with new regulations designed to reduce emissions of major pollutants and greenhouse gases. These new requirements offer U.S. companies an important opportunity to provide a wide range of clean energy technologies to China's growing market. The mission will help U.S. companies already doing business in China to grow by increasing their exports, and will assist experienced U.S. exporters looking to enter the Chinese market for the first time -- all in support of the creation of green jobs in the United States.
Because exports directly and indirectly support millions of American jobs, they are an increasingly important part of the economy and a key component of the Obama Administration's efforts to create jobs through aggressive trade promotion strategies. In March, President Obama issued the executive order creating the National Export Initiative, which sets a goal of doubling U.S. exports during the next five years in support of 2 million U.S. jobs.
CTC's subsidiary CTC Cable has a long history of selling its high efficiency ACCC® conductor in China to improve the capacity and efficiency of the Chinese power grid. The efficiency of ACCC® conductor and the potential for reducing greenhouse gas emissions through reduced generation have been recognized by the Chinese State Grid who has designated it to be a "green product" for use on the grid. "We are very pleased to be selected to join this important Trade Mission to China. We are in the company of some of the finest U.S. companies who all see the potential of export to the Chinese market. China has a huge appetite for advanced technology, especially in the field of clean energy. China has made clean and efficient energy production and transmission a national priority. This is an excellent opportunity to bring the advanced technologies of our nation to China to collaborate with key Chinese entities for the benefit of all parties. For CTC it is an opportunity to once again showcase our highly efficient conductor technology and work directly with policy makers and high level users of electrical conductor for China's expanding electrical grid," said Marvin Sepe, who will join the Trade Mission at the first stop in Hong Kong and then continue with the delegation through the end of the China sessions. The Trade Mission will continue on to Indonesia.
About CTC:
Composite Technology Corporation, based in Irvine, California, USA, develops, manufactures and sells innovative, high performance, energy efficient electrical transmission conductors through its subsidiary, CTC Cable Corporation. CTC Cable produces composite core rod for use in its patented high efficiency ACCC® conductors, which are used in electrical transmission and distribution grids. ACCC® conductors perform with less line losses when compared to similar diameter conventional conductors and therefore enable power generators to reduce the amount of generation while still delivering the same power to customers. ACCC® conductors also enable grid operators to reduce blackouts and brownouts by providing reserve electrical capacity, since they can be operated at higher temperatures without significant thermal line sag. The performance and longevity of CTC's ACCC® conductor technology has been independently verified by certifying agencies, test centers and power grids around the world and has consistently demonstrated significant savings in upgrade capital costs and operating expenses when substituted for traditional conductors in reconductoring upgrades as well as new line construction. ACCC® core, the key component of ACCC® conductor, is produced by CTC Cable and is delivered to licensed qualified conductor manufacturers worldwide for ACCC® conductor production and sale into local markets. Over 9,300 kilometers of ACCC® conductor have been ordered and over 8,500 kilometers installed on five continents. 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, 2009 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.
