Attached files
| file | filename |
|---|---|
| 8-K - GC China Turbine Corp. | v205846_8k.htm |
Exhibit 99.1
GC
China Completes Shipments of 23 Wind Turbines to Tianhe Wind Power Development
Co.
NEW YORK,
NY – (Marketwire – 12/15/2010) – GC China Turbine Corp. (GCHT.OB) (the “Company”
or “GC China”), a leading Chinese manufacturer of twin blade wind turbines,
today announced that it has shipped 23 turbines to Tianhe Wind Power
Development Co.
As
reported in its third quarter financial results and quarterly shareholder
conference call, GC China expected these turbines to be delivered and booked in
Q3, however the customer put off delivery as it had not completed site
preparations to take the turbines. GC China has completed
shipment of these turbines on November 29, 2010, and expects to recognized
revenues in an amount of $13 million (RMB 87.7 million) on these turbines in the
fourth quarter. From the beginning of 2010 to the date of this release, the
Company has booked approximately $40 million in revenues and a range of $4 to $5
million in net income. This represents a growth of approximately 206% to 221%
compared to the 2009 full-year net income for GC China.
Business
Outlook
As of
November 30, 2010, GC China currently has available $13.5 million (RMB 90.3
million) in working capital, which consists of $5.0 million (RMB 33.37 million)
in cash.
By the
end of November, the Company has a loan facility in the amount of $17.9 million
(RMB 120 million) from a PRC bank. The company has drawn down $9 million (RMB 60
million) with the annual interest rate of 6.37% and $4.5 million (RMB 30
million) with the annual interest rate of 6.67%. There is $4.4 million (RMB
30million) available from the loan facility for future borrowing.
In
December, the Company has obtained a new line of credit of $7.5 million (RMB 50
million) to be used for raw materials procurements from another PRC
bank.
Based on
actual receipt of $3.5 million in accounts receivable this quarter,
and the Company’s current funds available under certain loan
facilities, GC China anticipates that it has sufficient capital on hand and
available to fulfill its shipment commitment through year end.
About
Tianhe Wind Power Development Co.
Tianhe
Wind Power Development Co. is a project company under the Guodian Group, which
is one of China’s five-largest power generation groups employing 110,000
employees across 16 regions and provinces. It has 13 large subsidiaries, 2
scientific research institutes and nearly 200 primary power generation
enterprises. As of June, 2010, its total assets reached $68.5 billion, and it
had a total controlled installed capacity of 84.7 thousand MW, including 71.3
thousand MW by coal-fired, representing 84.14% of total installed capacity; 8.0
thousand MW by hydropower (including 3.9MW tidal generation), 9.43% of total
installed capacity; 5.4 thousand MW by wind power capacity, 6.37% of total
installed capacity; 55 MW by biomass, accounting for 0.06% of total installed
capacity.
About
GC China Turbine Corp.
GC China
is a leading manufacturer of state-of-the-art 2-bladed wind turbines based in
Wuhan City of Hubei Province, China. The Company identified a 2-bladed wind
turbine technology in the wind energy space that would be reliable and
cost-effective to manufacture. The development project that
created the 2-bladed wind turbine was developed through a 10 year
research project costing over US$ 75 million. GC China's launch product is a 1.0
megawatt ("MW") utility scale turbine with designs for a 2.5MW and 3.0MW utility
scale turbine in development. For more information visit: www.gcchinaturbine.com
Notice
Regarding Forward-Looking Statements
This news
release contains "forward-looking statements" as that term is defined in Section
27A of the United States Securities Act of 1933, as amended and Section 21E of
the Securities Exchange Act of 1934, as amended. Statements in this press
release which are not purely historical are forward-looking statements and
include any statements regarding beliefs, plans, expectations or intentions
regarding the future. Such forward-looking statements include, among other
things, completion of definitive agreements with local and provincial
governments, wind farms and utility companies, number of wind turbine systems
ordered, manufactured, delivered and installed, the Company's future strategic
plans, the outlook for the Company's markets and the demand for its products,
estimated sales, the development, costs and results of new business
opportunities. Actual results could differ from those projected in any
forward-looking statements due to numerous factors. Such factors include, among
others, the inherent uncertainties associated with new projects and development
stage companies. These forward-looking statements are made as of the date of
this news release, and we assume no obligation to update the forward-looking
statements, or to update the reasons why actual results could differ from those
projected in the forward-looking statements. Although we believe that any
beliefs, plans, expectations and intentions contained in this press release are
reasonable, there can be no assurance that any such beliefs, plans, expectations
or intentions will prove to be accurate. Investors should consult all of the
information set forth herein and should also refer to the risk factors
disclosure outlined in our annual report on Form 10-K for the most recent fiscal
year, our quarterly reports on Form 10-Q and other periodic reports filed from
time-to-time with the Securities and Exchange Commission.
Investor
Relations
Todd M.
Pitcher
Aspire
Clean Tech Communications
Hayden
Communications, International
Phone:
760-798-4938
tpitcher@aspirecleantech.com
2