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| 8-K - COMPOSITE TECHNOLOGY CORP | v186088_8k.htm |
FOR
IMMEDIATE RELEASE
COMPOSITE
TECHNOLOGY ANNOUNCES MANAGEMENT CHANGE
Irvine, CA– May 17, 2010 –
Composite Technology Corporation (CTC) (OTC Bulletin Board: CPTC) today
announced that John P. Brewster, its Chief Commercial Officer and President of
CTC Cable Corporation, will be leaving to head NAES Corporation a leading global
provider of generation services in the electric power industry, as its Chief
Executive Officer Mr. Brewster will remain a strategic advisor to the
CEO of CTC, and will continue to be integrally involved in business
development strategies for CTC Cable’s ACCC®
conductor.
Benton
Wilcoxon, Chairman and CEO, stated, “John’s contribution to CTC Cable has been
immense and although we are disappointed to lose him, we are very confident in
the leadership skills of the management team that he has put in
place. A professional search to find his replacement is well underway
and I will be actively involved in directing the execution of this highly
motivated management team during this process. In addition to the
fundamental strategies, disciplines and structures he brought to the company, we
have been pleased with several key managers that John recruited, each of whom
has significantly complemented the capabilities of our established
team. We wish John well in his new capacity and look forward to
working closely together as we further ACCC®
conductor’s global acceptance.”
John
Brewster commented, “I want to make it abundantly clear that I am leaving CTC
for personal opportunity reasons. To lead a company of the size and prestige of
NAES has been a life-long dream. I have enjoyed my time here at CTC and I
look forward to my continued involvement. I am confident in Benton’s
vision as well as his management skills. CTC has assembled a very
capable team and I have no doubt that ACCC®
conductor, with its energy savings and performance capabilities, is a game
changing technology. Coupled with the strength and determination of
this organization I believe that this technology will become the industry
standard for transmission.”
NASE
Corporation has served the power industry since 1980 and offers a comprehensive
array of generation services with over 38,000 megawatts under management,
including a diverse and innovative renewables portfolio in addition to
conventional power generation.
About
CTC:
Composite
Technology Corporation, based in Irvine, California, USA, develops, manufactures
and sells innovative, high performance, energy efficient electrical transmission
conductors through its subsidiary, CTC Cable Corporation. CTC Cable
produces composite core rod for use in its patented high efficiency ACCC®
conductors, which are used in electrical transmission and distribution
grids. ACCC®
conductors perform with less line losses when compared to similar diameter
conventional conductors and therefore enable power generators to reduce the
amount of generation while still delivering the same power to customers.
ACCC®
conductors also enable grid operators to reduce blackouts and brownouts by
providing reserve electrical capacity, since they can be operated at higher
temperatures without significant thermal line sag. The performance and longevity
of CTC’s ACCC® conductor
technology has been independently verified by certifying agencies, test centers
and power grids around the world and has consistently demonstrated significant
savings in upgrade capital costs and operating expenses when substituted for
traditional conductors in reconductoring upgrades as well as new line
construction. ACCC® core,
the key component of ACCC®
conductor, is produced by CTC Cable and is delivered to licensed qualified
conductor manufacturers worldwide for ACCC®
conductor production and sale into local markets. Over 9,300 kilometers of
ACCC®
conductor have been ordered and over 8,400 kilometers installed on five
continents. ACCC® is a
registered trademark of CTC Cable Corporation.
2026
McGaw Avenue Irvine, California 92614 USA Tel: (949)
428-8500 Fax: (949) 428-8500
For
further information, visit our website: www.compositetechcorp.com or contact
Investor Relations, 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 (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, 2009 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.
2026
McGaw Avenue Irvine, California 92614 USA Tel: (949)
428-8500 Fax: (949) 428-8500