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2014

Composite Technology Settles Litigation and Agrees to Brief Continuance of Plan Confirmation Hearing

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    IRVINE, Calif., Aug. 16 /PRNewswire-FirstCall/ -- Composite Technology
 Corporation (CTC) (OTC Bulletin Board:   CPTCQ), has agreed to a brief
 continuance (30 days) of its Chapter 11 plan confirmation hearing to finalize
 the terms of its settlement with one litigation claimant and to further
 settlement negotiations with others.  CTC reached a settlement in principal
 with Ascendiant Capital Group, Inc., Mark Bergendahl, and Bradley Wilhite
 (collectively "Ascendiant") resolving all issues among the parties.  Leonard
 M. Shulman of Shulman Hodges & Bastian LLP, CTC's bankruptcy counsel, stated:
 "We are extremely pleased that this matter has been resolved by settlement in
 lieu of continued litigation.  The terms of the settlement must now be
 documented and submitted to the bankruptcy court for its approval.  Creditors
 will receive notice of this settlement prior to the settlement hearing which
 we anticipate will occur in the next 30 days."
     CTC filed its voluntary petition for reorganization under Chapter 11 of
 the U.S. Bankruptcy Code bankruptcy on May 5, 2005.  On the same day as its
 bankruptcy filing, CTC filed its proposed plan of reorganization which, if
 confirmed by the Bankruptcy Court, would pay its creditors in full.  The
 bankruptcy court originally scheduled the plan confirmation hearing for
 September 8, 2005 and CTC has now agreed to continue this hearing for 30 days.
     Shulman further stated: "With the addition of the Ascendiant parties, we
 are very pleased that CTC will have additional support for its plan of
 reorganization.  We believe a brief continuance of the plan confirmation
 hearing will prove to be very beneficial to provide the time needed to
 finalize the Ascendiant settlement and to continue our settlement discussions
 with other litigants, including Acquvest.  CTC will continue working with its
 creditors, shareholders and all interested parties throughout this process.
 The proposed plan addresses all litigation claims and provides for payment in
 full (100%) to its creditors."
     CTC's Chairman and CEO Benton Wilcoxon added: "We are pleased to have
 reached a settlement with Ascendiant and look forward to further discussions
 with the remaining claimants.  CTC remains on track to emerge from bankruptcy
 to continue with its business of developing, producing and marketing
 innovative and cost effective products including marketing its composite core
 electrical conductor cable for the utility industry."
 
     About CTC:
     Composite Technology Corporation is an Irvine, California based company
 that develops, produces, tests and markets novel products based upon composite
 materials technology.  Its subsidiary, CTC Cable Corporation, produces and
 markets patent pending high performance composite core conductor cables for
 electric transmission and distribution lines.  CTC's novel ACCC cable is
 superior to existing conventional conductor products of the same diameter in a
 number of key performance areas, including: Up to twice the ampacity of
 conventional cables; virtually eliminates high-temperature sag; uses
 conventional installation methods and tools; reduces construction costs on new
 lines by requiring fewer structures; may be retrofitted on existing structures
 to increase current capacity; non-corrosive core; eliminates bi-metallic
 corrosion; and reduces line losses, compared with same diameter conventional
 cables, at same operating temperatures.  More information can be found at
 www.compositetechcorp.com or by contacting James Carswell, Director of
 Investor Relations, at 760-416-8628.
     More information on the reorganization can be obtained by calling Leonard
 M. Shulman, Esq. or Mark Bradshaw, Esq. at 949-340-3400 or by email at
 lshluman@shbllp.com
 
     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, or the Company's ability to manage growth.  Other risk factors
 attributable to the Company's business segment may affect the actual results
 achieved by the Company and are included in the Company's Annual Report filed
 with the Commissioner on Form 10KSB for fiscal year ended September 30, 2004.
 
 

SOURCE Composite Technology Corporation

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