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Composite Technology Announces Issuance of Key Chinese Patent
Thursday, November 20, 2008
Irvine, CA -- Composite Technology Corporation (CTC) announced today that its CTC Cable Corporation subsidiary has received a Notification of Grant Patent Right from the Chinese Patent Office for a patent application covering CTC Cable's ACCC* Conductor and Core. This issuing patent protects key facets of CTC Cable's ACCC* Conductor and Core, as well as a wide range of potentially competing designs. CTC Cable Corporation has given the Chinese Patent Office instructions to proceed with the formality of registration of the patent right and to attend to payment of the necessary fees. CTC Cable Corporation has been granted numerous patents in the United States and foreign countries with additional patent applications pending.
"We are delighted with this patent grant," stated Benton H Wilcoxon, CEO of CTC. "This patent is expected to be of significant value in helping us protect the growing market position for our ACCC* Core and Cable products in China."
Composite Technology Corporation, based in Irvine, California, USA, develops, manufactures and sells innovative high performance electrical transmission and renewable energy generation wind turbines through its subsidiaries:
- CTC Cable Corporation produces composite rod for use in its patented ACCC* (Aluminum Conductor Composite Core) conductors, which are "high efficiency conductors" for use in electrical transmission grid systems. ACCC conductors demonstrate less electricity line losses when compared with conventional conductors and when deployed in place of conventional conductors on existing systems. The higher efficiency of ACCC conductors enables power generators to reduce the amount of power they must generate while still delivering the same power to the customers. They have also demonstrated significant savings in upgrade capital costs and operating expenses when substituted in grid systems for other conductors. ACCC conductors enable grid operators to reduce blackouts and brownouts, providing a 'reserve electrical capacity' by operating at higher temperatures without significant thermal sag of the lines. ACCC conductors are an innovative economical solution for reconductoring power lines, constructing new lines and crossing large spans. ACCC composite core is delivered to qualified conductor manufacturers worldwide for local ACCC conductor production and resale into local markets.
- DeWind Inc. designs, produces, and sells the DeWind series of wind energy turbines, including the new 2 megawatt (MW) D8.2 model available in both 60Hz and 50Hz, the 2MW D8 model in 50Hz, and the 1.25MW D6 model in 50Hz. The new D8.2 has been operating since early 2007 at Cuxhaven, Germany, and utilizes the advanced WinDrive hydrodynamic torque converter developed by Voith AG in combination with a synchronous high voltage generator that synchronizes directly with the grid, without the use of power conversion electronics. The first 60Hz D8.2 is now operating at Sweetwater, Texas, where it will initially be used for demonstration to North American customers. DeWind D8.2 turbines are now being assembled at TECO Westinghouse Motor Co., in Texas for our North and South American customers.
*ACCC is a trademark of CTC Cable Corporation
For further information visit our website: www.compositetechcorp.com. 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 (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, competition with larger companies, development of and demand for a new technology, risks associated with a startup company, the ability of the company to convert quotations and framework agreements into firm orders, our customers' fulfillment of payment obligations under the respective supply agreement, our ability to deliver reliable turbines on a timely basis, 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 their 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, 2007 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.
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