IRVINE, California, June 30, 2011 /PRNewswire/ --
- ACCC® Conductor Sales Total Greater Than Reported
Composite Technology Corporation (CTC) (OTC Bulletin Board: CPTCQ) announced yesterday that its subsidiary, CTC Cable Corporation had made two sales of ACCC® core to PT KMI Wire and Cable Tbk (KMI). The first order for the Pangkalan Brandan- Langsa project totaled 241 kilometers of ACCC®core, not 141 kilometers. The second order for the Mranggen Incomer line was reported accurately at 108 kilometers. These two orders totaling 349 kilometers of ACCC® core are for manufacture of ACCC® conductor and scheduled for delivery and installation this year.
The completion of these two projects will total eight ACCC® conductor installations on the Indonesian grid, not five as reported yesterday. PT. PLN (Persero), the sole provider of electricity in Indonesia, selected ACCC® technology due to its superior overall performance in terms of capacity, sag and losses.
CTC Cable is the major global supplier of composite core conductor with over 10,000 kilometers (6,214 miles) of conductor ordered for over 160 commercial deployments on transmission and distribution lines.
About PT KMI Wire and Cable Tbk:
PT KMI Wire and Cable Tbk, formerly known as PT GT Kabel Indonesia Tbk, is a public-listed Indonesian cable manufacturer, situated in Eastern Jakarta and employs more than 700 people. It was established in 1972 as PT Kabelmetal Indonesia by Kable-und-Metallwerke Guetehoffnungshuette AG of Germany. The Company's products include aluminum and copper rods, both non-insulated and insulated aluminum and copper electrical cables, as well as control, flexible and instrument cables. It sells its products to both domestic and international markets. Certificates of ISO 9001, ISO 14001, as well as OHSAS 18001, which are attributed to the company, keep the company in consistent effort of being a high-class cable manufacturer. For further information on the company, visit http://www.kmi.co.id.
Composite Technology Corporation's patented ACCC® conductor technology enables superior performance of high voltage transmission and distribution electrical grids. ACCC conductors use CTC's proven carbon fiber core which is produced by its subsidiary, CTC Cable Corporation, at its Irvine, California headquarters and delivered to qualified conductor manufacturers who produce and distribute ACCC 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 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, ACCC conductor has been selected for over 10,000 kilometers (6,214 miles) of projects in all environmental and operating conditions, including severe heat and ice environments, long span applications and high capacity corridors for the modern grid. ACCC® is a registered trademark of CTC Cable Corporation.
For further information, visit our website: http://www.compositetechcorp.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 (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, 2010 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