Composite Technology Corporation (CTC) (OTC Bulletin Board: CPTC) announced today the addition of Kevin Smith as Chief Financial Officer. Mr. Smith previously held the position of Senior Vice President and Chief Financial Officer (CFO) with Edison Mission Energy (EME), a subsidiary of Edison International, which also owns Southern California Edison, one of the largest utilities in the US. During his tenure at EME, Mr. Smith took on increasing responsibilities while the company grew from 30 to 3,000 employees. During his six years as CFO for EME, the company owned power generation assets in 10 countries and reported revenues in excess of $2 billion.
Kevin Smith, newly appointed CFO, stated, "I am delighted to join CTC. The company is on the brink of dramatic growth in both of its business lines and I look forward to being part of the transformation."
Benton Wilcoxon, CEO stated, "I am pleased to welcome Kevin to our management team. With a distinguished background from within the industry he brings a unique inside perspective and highly valuable knowledge base to CTC. We expect that his depth of experience and broad skill sets will make a strong contribution to our growing organization."
About CTC:
Composite Technology Corporation, based in Irvine, California, USA develops, manufactures and sells high performance electrical transmission and renewable energy generation products through its subsidiaries:
* DeWind, Inc., and DeWind Ltd.(formerly EU Energy Wind Ltd) produce,
sell, and license the DeWind series of wind energy turbines including
the 50Hz D6 rated at 1.25 megawatts (MW) and the 50Hz D8 rated at 2MW,
both noted for their reliability. In 2007, the first new 2MW D8.2
turbines are planned to be delivered to North American customers from
assembly operations at TECO Westinghouse Motor Company in Texas. The
D8.2 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 without the use of power conversion
electronics. The DeWind D8.2 will be available in both a 60Hz and 50Hz
version.
* CTC Cable Corporation produces composite rod for use in its proprietary
ACCC aluminum conductor composite core. ACCC conductors virtually
eliminate the sag in power lines caused by high current and high line
temperatures. ACCC conductors also reduce electricity line losses, and
have demonstrated significant savings in capital and operating expenses
when substituted for other conductors. ACCC conductors enable grid
operators to eliminate blackouts and brownouts, providing a 'reserve
electrical capacity' by operating at higher temperatures. ACCC
conductors are an innovative 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.
For further information visit our websites: http://www.compositetechcorp.com & http://www.eunrg.com
For 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, risks associated with international transactions, the ability of the company to convert quotations and framework agreements into firm orders, 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, successful integration of the EU Energy acquisition, 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.