IRVINE, Calif., Sept. 4 /PRNewswire-FirstCall/ -- Composite Technology Corporation (CTC) (OTC Bulletin Board: CPTC) announced today that is its subsidiary DeWind Inc., in association with Texas State Technical College (TSTC), has signed a Memorandum of Intent with the City of Sweetwater to establish a Wind Turbine Demonstration Site on city owned land. DeWind will install its 2 megawatt 60Hz DeWind D8.2 prototype on the site in the Fall of 2007. Further development and prototype turbines will be installed at the site over the next 5 years. Benton Wilcoxon, Chairman and CEO of CTC, stated, "This is an excellent opportunity to establish our US Wind Turbine Demonstration Site. We currently have a similar site in Cuxhaven, Germany. We are pleased to be involved with the City of Sweetwater and TSTC, and look forward to the first American installation of our advanced DeWind D8.2 Wind turbine." Michael Reeser, President of Texas State Technical College, acknowledged, "Having this test facility here in Sweetwater will be a great boom to our Wind Technician courses. Working with DeWind, who are prepared to partner with the community and the college to help promote wind energy, will bring great benefits to all." Greg Wortham, Mayor of Sweetwater, commented, "With DeWind manufacturing in Texas, the advanced blade test facility recently awarded to Corpus Christi and now DeWind's establishment of a Wind Turbine Demonstration Site with Texas State Technical College, we believe this establishes Texas and Sweetwater as the leader in wind energy research and development along with wind power generation already present in Nolan County." Edward Brown, City Manager of Sweetwater, added, "The city of Sweetwater is already the center of wind projects in West Texas and is enthusiastic to help in establishing this facility, which we believe can attract and grow more wind expertise in the local community. The city will work closely with DeWind and TSTC to ensure the successful deployment of the first DeWind turbine in the fall of 2007." About the City of Sweetwater: An All-America City established in 1881, Sweetwater, Texas, is the center of the Western Hemisphere's leading wind energy generation region; West Texas has more than 4,000 MW of operational wind energy. Nolan County alone would currently rank as the seventh largest "nation" in wind energy generation - with more than 1,500 MW. Midway between the Atlantic and Pacific oceans and with a population of 11,500, the local economy is based on energy (wind, oil & gas, nuclear), building materials, agriculture, transportation, education, and health care. About Texas State Technical College: Texas State Technical College (TSTC) is the State of Texas' technical college system. TSTC is commissioned by the Texas Legislature to provide Associate of Applied Science degrees and certificates in critical and emerging technologies. Today, the Texas State Technical College System includes four colleges: TSTC Harlingen, TSTC Marshall, TSTC Waco, and TSTC West Texas, which has campuses in Abilene, Breckenridge, Brownwood, and Sweetwater. TSTC is the only state-supported technical college system in Texas. With a statewide role and mission, TSTC is efficiently and effectively helping Texas meet the high- tech challenges of today's global economy, in partnership with business and industry, government agencies, and other educational institutions. TSTC has high graduation rates, exceptional postgraduate success rates, and an outstanding record in graduating individuals from diverse cultural and socioeconomic backgrounds. Among TSTC's strengths are its emphasis on "learning by thinking and doing" and its strong relationships with business and industry, state-of-the-art laboratories, residential campuses, and student-centered philosophy. About CTC: Composite Technology Corporation, based in Irvine, California, USA develops, manufactures and sells innovative high performance electrical transmission and renewable energy generation products 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. When deployed in place of conventional conductors on existing systems, the higher efficiency of ACCC conductors enable 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 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 rod 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 D8.2 model rated at 2 megawatts (MW) available in both 50Hz and 60Hz; the D8 model rated at 2 MW available in 50Hz; and the D6 model rated at 1.25 MW available in 50Hz. The new D8.2, which has been operating since early 2007 at Cuxhaven, Germany, 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. During the 3rd quarter of 2007, a 60Hz version will be installed at a site in the USA for certification. In late 2007, the first D8.2 turbines are to be assembled at TECO Westinghouse Motor Company in Texas, which will supply turbines for our North and South American customers. 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 (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 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.
SOURCE Composite Technology Corporation