20 December 2001
20 December 2001
Composite Technology Corporation (""Composite""), have signed a ""Letter of Agreement"" to establish a Joint Venture in China for the manufacture and sale of composite reinforced aluminum conductors for electrical transmission and distribution systems.
The Agreement is between Composite's subsidiary, Transmission Technology Corporation (""TTC""), and Jiangsu Far East Group Company, Ltd. (""Far East""), Yixing City, Jiangsu Province, China. Far East, whose principal shareholders include the national, provincial, and city governments, is the leading manufacturer of electrical transmission and distribution cable in China, which it markets through more than 200 exclusive distributors in China.
TTC has just completed a new composite technology seminar in Beijing for the leadership of the Chinese power industry, including the State Power Corporation of China. Benton Wilcoxon, the CEO of Composite stated, ""We are pleased that the meetings resulted in the signing of an agreement with Far East, one of the most progressive companies in China. This represents a significant opportunity in the emerging China market and we look forward to executing a fully-detailed joint venture agreement with Far East in the first quarter of 2002.""
Composite is in the business of commercializing new high strength composite technologies for applications in the areas of electricity delivery, civil and structural strength members, and related applications. TTC is a subsidiary that owns an exclusive license for patents-pending composite reinforced conductor technologies. The use of high strength lightweight composites allows the conductors to replace existing lines without structural modification of tower systems, thereby increasing the power capability of an existing line without the need for new rights-of-way and tower construction.
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