GC China Turbine Corp. Signs 50 Wind Turbine Contract With Major Power Corp.
China Guodian is one of China's five-largest power generation groups with 110,000 employees located across 16 regions and provinces, 13 large subsidiaries, 2 scientific research institutes and nearly 200 primary power generation enterprises; it has 4 domestic A-share listed companies and a Hong Kong H-share listed company within the organization.
China Guodian has a total electrical installation generation capacity of 82,030,000kW, of which 5,345,200kW is dedicated for wind power thereby accounting for 6.52% of the noted capacity ranking the company as fifth in the world and first in Asia. As of the end of December 2009, the total assets of China Guodian reached 418.8 billion Yuan (US $61.6 billion).
China Guodian has conducted an on-site investigation of GC China's products and thoroughly reviewed the operational data which ultimately resulted in the contract agreement and has paved the way for future efforts together. The total contract price is 230,000,000 RMB (US $33.8 million). The contracted 50 wind turbine units are to be completely delivered before September of this year with all 50 units completed and connected to the local grid and commenced power generation by the end of this year.
Additional details regarding the Company and its business, financial condition and management of GC China and related parties are filed as part of the Company's continuous public disclosure as a reporting issuer under the Securities Exchange Act of 1934 filed with the Securities and Exchange Commission's ("SEC") EDGAR database.
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 holds a license to manufacture a groundbreaking technology which meets rigorous requirements for low-cost and high reliability. The technology was developed through a 10 year European 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.
ON BEHALF OF THE BOARD
GC China Turbine Corp.
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Marcus Laun, Director
For more information, visit our website at: http://www.gcchinaturbine.com/.
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