Composite Technology's EU Energy Signs Turbine Reservation Agreement1 August 2006
Composite Technology Corporation (CTC) (OTC Bulletin Board: CPTC) is pleased to announce that its EU Energy subsidiary signed a Turbine Reservation Agreement ("Reservation Agreement") with Energy Logics, Inc. ("ELI") for 50 DeWind D8.2 wind turbine generators for delivery in 2008.
In accordance with the terms of the Reservation Agreement, EU Energy agrees to reserve production of its DeWind D8.2 turbines for the above deliveries provided that ELI shall pay down payments in October 2006, April 2007 and July 2007 totaling in aggregate 15% of the purchase price.
The DeWind D8.2 wind turbine generator is rated to produce two megawatts of electricity using a power industry standard 4 pole brushless synchronous generator running at a constant 1800 rpm with a direct output of 13.8 kilovolts. The generator is rated 2.2 megawatts at 0.9pf to allow for excellent transient behavior during grid disturbances and meets the latest grid standards. A Voith WinDrive(R) hydrodynamic torque converter is used to supply a constant speed to the generator enabling direct connection to the grid without the need for power electronics conversion.
About Energy Logics:
Energy Logics, Inc., is engaged in the business of directing the exploration, developing, financing, owning and soon operating its wind energy assets in the USA, Canada and the Philippines. Energy Logics has a pipeline of quality high capacity wind projects in various stages of development which can collectively generate over 1,500 megawatts of environmentally friendly electric power (enough to provide for the energy needs of 500,000 homes). For more information see our website at http://www.energylogics.net .
About CTC:
Composite Technology Corporation, based in Irvine, California, USA develops, manufactures and sells high performance electrical transmission and renewable energy generation products through its two principal 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 eliminate blackouts and brownouts, providing a 'reserve electrical capacity' by operating at higher temperatures. ACCC conductors are an innovative 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 markets.
* EU Energy Ltd produces, sells, and licenses, through its subsidiaries, the DeWind series of wind energy turbines including the 50Hz D6 rated at 1.25 megawatts (MW) and the 50Hz D8 rated at 2MW, both noted for their reliability. In 2007, the new 2MW D8.2 is planned to be delivered to North American customers from assembly operations in Lubeck, Germany. 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 without the use of power conversion electronics. The DeWind 8.2 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, general economic conditions, availability of funds for capital expenditure by customers, availability of timely financing, cash flow, timely delivery by suppliers, successful integration of the EU Energy acquisition, ability to produce the turbines and its components, ability to maintain quality control, collection-related risks from international transactions, 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, 2005 and subsequent Quarterly Reports on Form 10-Q and subsequent Current Reports filed on Form 8-K and including those pertaining to EU Energy that will be included with or prior to the filing of the Company's next Quarterly or Annual Report.
Source: prnewswire
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