Composite Technology Corp. (CTC) announces a new order for 282 km of ACCC conductor destined for the Chinese electrical grid. The order issued to CTC Cable Corporation 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.
This 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 contemplates the signing of a multi-year contract, wherein the first year's purchases require a minimum purchase of 600 km of ACCC per quarter for distribution in China. The minimum quarterly purchases are to escalate after the first year. The composite core for this 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.
"This order once again underscores the commitment of CTC and Far East to serve the rapidly growing electrical infrastructure needs in China to increase grid capacity. Chinese utilities have been quick to recognize the exceptional performance of our ACCC conductor and they represent our fastest growing customer base," stated Benton Wilcoxon, Chairman and CEO of Composite Technology Corp.