Irvine, CA, Dec. 18, 2006 — Composite Technology Corp. (CTC) announced a new order for 282 kilometers of ACCC Conductor destined for the Chinese electrical grid. The order issued to subsidiary CTC Cable Corp. by Far East Composite Technology Co., a subsidiary of Jiangsu New Far East Cable Corp., is valued in excess of $4.1 million and calls for delivery in the first quarter of 2007.
The purchase order, consisting of two sizes of ACCC conductor with connecting hardware, represents the first transaction called for under the terms of a newly signed memorandum of understanding, which weighs the signing of a multi-year year contract, wherein the first year’s purchases require a minimum purchase of 600 kilometers of ACCC per quarter for distribution in China. The minimum quarterly purchases are to escalate after the first year.
The composite core for the order will be manufactured in CTC Cable’s ISO9001:2000 certified facility in Irvine, California and aluminum stranding will take place at one of CTC’s certified suppliers.
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