Composite Technology Corporation (CTC) (OTC:CPTC) announce today that its subsidiary, CTC Cable Corporation has entered into an agreement with Taihan Electric Wire Co., Ltd under which Taihan will manufacture ACCC conductors for sale in the Korean market. As I write, shares of CTC are down slightly at $0.23 per share on volume of nearly 200,000 shares. CTC has a market cap of $66 million and a 52-week range between $0.17 and $0.32 per share.Taihan is currently constructing a new facility for the manufacture of conductors and will be introducing state of the art technologies for the manufacturing of ACCC conductors under license.
The Agreement is for an initial five year term, with provisions to extend beyond the initial term. The agreement provides for Taihan as the only qualified Korean strander supplying the Korean market for a fixed period provided Taihan shall achieve specific milestones and sales volumes. The Agreement does not prevent licensed manufacturers located outside Korea from selling ACCC conductors into the Korean Market or other Korean manufacturers from qualifying to strand ACCC conductors and selling outside Korea.
"The Korean power grid is well constructed and well planned," said Dominic J Majendie, Vice-President International Marketing of CTC Cable. "The introduction of ACCC conductors to the market will help Korea maintain a superior transmission network. ACCC conductors will provide a more efficient system for transferring power by operating with reduced losses; in addition, it provides back-up capacity through the high temperature capabilities of the new technology. Harnessing new technologies at the right time brings greater economic efficiency and improves productivity. The Korean genius has been to use the latest technologies to drive economic success. We are pleased to provide the technology to achieve even greater efficiencies using our patented carbon fiber strengthened conductors. We look forward to being a part of Korea's success."
CTC also announced today that management plans to host a conference call on Wednesday, February 9, 2011, at 1:30 PM Pacific time (4:30 PM Eastern time) to discuss results for the Quarter ending December 31, 2010. Analysts and institutional investors may participate by calling 877-317-6789, or internationally by dialing +1-412-317-6789.
An audio webcast will be available at http://viavid.net/dce.aspx?sid=0000817E and the broadcast will be archived and available for replay for one year.
CTC expects to file its Form 10-Q with the Securities and Exchange Commission for the quarter ended December 31, 2010 on February 8, 2011.
For further information, visit CTC’s website: www.compositetechcorp.com.
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