<
CTC Cable is pleased to announce the formation of its subsidiary in China, named CTC Cable Asia Ltd. Located in Beijing, the Chinese company will act as the regional source for market development, educate power grid professionals on the unique advantages of ACCC(R) conductor technology, provide interface with governmental agencies, support development of qualified Chinese ACCC(R) conductor manufacturers, and promote regional awareness of CTC's technology and brand name. The new subsidiary will be the first direct CTC presence in China. Experienced senior executives for the Chinese subsidiary have already been hired using a recruiting process run by an international search firm and these new personnel will actively commence CTC operations this month. A search will continue to add a substantial number of key business development and technical application personnel.
CTC Cable has invoked these strategies to more aggressively control its patented technology, to promote its brand name and advance the sales of ACCC(R) conductor in one of the world's largest markets. This is one critical step in a multi-step strategy that will include more business units in China to spread the CTC Cable brand name and accelerate the use of ACCC(R) conductor products. ACCC(R) conductor is the only composite core conductor proven through wide spread and sustained operation on the Chinese power grid for nearly five years. With outstanding performance, ACCC(R) conductor has endured all climatic and operating conditions, including heavy ice load, high temperature operation, high winds, and corrosive atmospheres.
"We are very excited about the opening of our Beijing subsidiary. We have chosen experienced individuals with specific knowledge of the customers, the power grid, and the internal workings of the state owned utilities to form the core of our Chinese operations. We believe their contacts will be tremendously beneficial and will foster those critical relationships necessary to convince customers that our technology enables unique and highly cost effective solutions required to modernize the grid. As we combine this experience level with the seasoned staff additions we have recently made in our Irvine headquarters, we will have assembled a powerful team to address this massive and complex market," stated Benton Wilcoxon, CEO of Composite Technology Corporation.
CTC Cable is in the process of initiating similar new strategies in other international markets, including Latin America, the Middle East, Eastern Europe, and other parts of Asia. CTC Cable has added experienced team members to its staff with specific expertise in those strategic markets. CTC's global strategies are very clear and the company's expertise in addressing international markets is gaining recognition.
In May of this year, Marvin Sepe, Chief Operating Officer of CTC, traveled to China with Secretary of Commerce Gary Locke on the Obama Administration's Clean Energy Mission to promote the adoption of advanced U.S. technologies in China. CTC joined twenty-three other companies that represented the best that America has to offer in proven clean energy and efficient energy technologies. The trade mission raised the profile of CTC in China and underscored the importance of CTC's technology. CTC has maintained close ties with the Department of Commerce and Mr. Sepe represents CTC as an active member of the Southern California Regional District Export Council, a working arm of the Department of Commerce. As part of this role, Mr. Sepe was invited to the White House in early July as part of a select group to be briefed by the President and the Secretary of Commerce on the progress made on the National Export Initiative, the President's ambitious goal to double exports from the U.S. within 5 years. CTC will continue to contribute its viewpoint and market knowledge to the Department of Commerce as it crafts export policies and programs to support the President's goal.
About CTC: Composite Technology Corporation's patented ACCC(R) conductor technology enables superior performance of high voltage transmission and distribution electrical grids. ACCC(R) conductors use CTC's proven carbon fiber core which is produced at its Irvine, California headquarters and delivered to qualified conductor manufacturers who produce and distribute ACCC(R) 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(R) 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, nearly 9,000 kilometers of ACCC(R) conductor have been installed in all environmental and operating conditions, including severe heat and ice environments, long span applications and high capacity corridors for the modern grid. ACCC(R) 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.
Posts
