Composite Technology Corporation (CTC) (OTC Bulletin Board: CPTC) through its subsidiary, CTC Cable Corporation, has signed sales representation agreements with three separate sales organizations which specialize in the sale of a focused range of products to the electrical transmission industry. The addition of these three organizations increases sales representation of ACCC by an additional 21 people across 17 states.
Marv Sepe, President of CTC Cable, stated, "These agreements represent a great step forward and will compliment the presence of General Cable's sales team in North America as well as our in-house direct sales force. Rumsey Electric, based in Pennsylvania, will service the Mid-Atlantic region through their nine branch offices and Stephens McCarthy & Lancaster LLC, headquartered in Peteluma, California, will service a nine state region in the Northwest. Utility Specialist Incorporated will serve five states in the Southeast." Mr. Sepe added, "With over 800 miles sold, our ACCC conductor product is now considered to be a mainstream product for the utility industry. We expect meaningful growth in domestic sales this year."
Chip Jones, Vice President Utility Sales Division of Rumsey Electric Company, stated, "We are very impressed with the ability of composite core technology to solve grid congestion problems prevalent in the Mid-Atlantic region. In many cases, this product provides a cost effective solution to increase the ampacity of existing transmission lines without having to acquire new rights-of-way."
R. E. Beck, President of Utility Specialists Inc., commented, "We are very excited to be one of the first companies to sign a sales distribution agreement with CTC Cable. We see huge opportunities within our territory to meet the utilities' demand for a conductor with increased efficiencies. The Southeast continues to have significant load growth and increasing demands to push more energy through older electric power rights-of-way corridors. Utilities are looking for innovative products to meet the increased demand for electricity and are listening to concerns of customers, which include exploring ways to limit new construction in urban areas. ACCC cable meets several of these needs and will become another tool in the utilities' solution for smart growth. Utility Specialists has been working closely with CTC Cable on a number of projects for some time now and we are pleased to have formalized this agreement."
Chris Stephens, from Stephens McCarthy & Lancaster, upon signing the contract was quoted as saying, "The unique high ampacity, low sag conductors offered by CTC will provide utilities in our area with a key component in keeping up with growth. This is a solution that offers a very reliable technology with a solid performance history at an extremely attractive total installed cost." Glenn Lancaster followed up by stating, "Our partnership with CTC allows us to provide a total transmission package for an electric utility. We can help the design engineers with towers, conductors, insulators, hardware, fittings and communications. This is unique in our service area and we feel very privileged to represent CTC."
About Rumsey Electric Company:
Rumsey Electric Company, headquartered in Conshohocken, PA, has sold electrical equipment and services to IOU's, municipalities and cooperatives in the Mid-Atlantic region since 1895. With employment of over 250, Rumsey is an ESOP company and is ISO 9001:2000 registered.
About Utility Specialist Inc.:
Utility Specialist Inc., is in it's fiftieth year of serving the utility industry. USI is based in Birmingham, Alabama and covers seven southeastern states including; Alabama, Mississippi, Georgia, Tennessee, Florida and the Carolina's. USI works with IOU's, Municipalities, Cooperatives and Distributors.
About Stephens, McCarthy, Lancaster LLC:
Stephens, McCarthy, Lancaster LLC is a Manufacturers Representative with headquarters in Petaluma, California. SML specializes in representing manufacturers who make products and solutions for the electrical utility industry. SML has been in business since 1995 and they cover a large portion of the western United States; Northern California, Nevada, Oregon, Washington, Alaska, Idaho, Montana, Wyoming and Utah. SML has six outside salesmen strategically located in areas that allow them to provide excellent coverage to electric utilities.
Composite Technology Corporation, based in Irvine, California, USA develops, manufactures and sells high performance electrical transmission and renewable energy generation products through its subsidiaries:
* CTC Cable Corporation produces composite rod for use in its proprietary
ACCC (aluminum conductor composite core). ACCC conductors virtually
eliminate the sag in power lines caused by high current and high line
temperatures. ACCC conductors also reduce electricity line losses, and
have demonstrated significant savings in capital and operating expenses
when substituted for other conductors. ACCC conductors enable grid
operators to reduce blackouts and brownouts, providing a 'reserve
electrical capacity' by operating at higher temperatures. ACCC
conductors are an innovative economical solution for reconductoring
power lines, constructing new lines and crossing large spans. ACCC
composite rod is delivered to qualified conductor manufacturers
worldwide for local ACCC conductor production and resale into local
* DeWind, Inc., and DeWind Ltd. (formerly EU Energy Wind Ltd) produce,
sell, and license the DeWind series of wind energy turbines including
the 50Hz D6 rated at 1.25 megawatts (MW) and the 50Hz D8 rated at 2 MW,
both noted for their reliability. In 2007, the first new 2 MW D8.2
turbines are planned to be delivered to North American customers from
assembly operations at TECO Westinghouse Motor Company in Texas. The
D8.2 utilizes the advanced WinDrive(R) hydrodynamic torque converter
developed by Voith AG with a synchronous AC generator that is able to
connect directly to the grid at high voltage without the use of power
conversion electronics. The DeWind D8.2 will be available in both a
60Hz and 50Hz version.
For further information visit our websites: http://www.compositetechcorp.com & http://www.eunrg.com
For Investor Relations Contact: 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 (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, competition with larger companies, development of and demand for a new technology, risks associated with a startup company, risks associated with international transactions, the ability of the company to convert quotations and framework agreements into firm orders, general economic conditions, the availability of funds for capital expenditure by customers, availability of timely financing, cash flow, securing sufficient quantities of essential raw materials, timely delivery by suppliers, ability to produce the turbines and acquire its components, 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, 2006 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.