Attached files
| file | filename |
|---|---|
| 8-K - COMPOSITE TECHNOLOGY CORP | v196490_8k.htm |
| EX-10.03 - COMPOSITE TECHNOLOGY CORP | v196490_ex10-03.htm |
| EX-10.02 - COMPOSITE TECHNOLOGY CORP | v196490_ex10-02.htm |
| EX-10.01 - COMPOSITE TECHNOLOGY CORP | v196490_ex10-01.htm |
| EX-10.04 - COMPOSITE TECHNOLOGY CORP | v196490_ex10-04.htm |
For
Immediate Release
COMPOSITE TECHNOLOGY APPOINTS DENNIS CAREY TO BOARD OF DIRECTORS
Irvine, CA – September 13,
2010 - Composite Technology Corporation (CTC) (OTC Bulletin Board: CPTC)
announced today that its Board of Directors has appointed Dennis Carey to the
Board of Directors of CTC. Mr. Carey will replace John Mitola, who
submitted his resignation for personal reasons to the Board effective September
7, 2010. Mr. Carey has no prior relationship with CTC or its
directors and employees, and therefore his appointment meets the criteria to
serve as an independent director. The Board of Directors continues to
be comprised of a majority of independent directors, with three independent
directors serving a five member board.
Dennis
Carey is Vice Chairman of Korn/Ferry International, based in Philadelphia and
Scottsdale, Arizona. Mr. Carey specializes in the recruitment of CEOs
and corporate directors. In recent years, he has conducted searches
for the CEOs of 3M, Tyco International, MCI and American Standard, among
others. Mr. Carey also has assisted numerous boards in CEO succession
projects. He has done board of director searches for dozens of
companies, among them American Express, Tyco International (entire new board),
CBS, Rohm and Haas, Amgen, AmerisourceBergen, Allied Signal, VF Corporation,
GlaxoSmithKline, Covidien, Cigna, Goldman Sachs, Merrill Lynch and
UNOCAL. He has also conducted director searches for a number of spin
offs and new boards, including AT&T Wireless, NCR, Sprint, and Delphi
Automotive. Previously, Mr. Carey spent nearly two decades at another
global recruitment firm. He was a managing director at Hay Management
Consultants. He has also served as Secretary of Labor and Industry to
Governor Pierre S. DuPont IV and as vice president of the University of
Delaware.
Mr. Carey
serves as a director of AirClic, Inc. and Scanbuy Inc., and was formerly a
director of Closure Medical Corporation which was sold to Johnson &
Johnson. He founded or co-founded G100, the Chairman Academy, CEO
Academy, Prium, Lead Director Academy, CHRO / Board Academy hosted at the
Wharton School, and the Director’s Institute at Wharton.
Mr. Carey
holds a Ph.D. in finance and administration from the University of Maryland and
was a post doctoral fellow at Harvard University in 1982-1983. He has
also held visiting Fellowships at Princeton Theological Seminary and the
ECC. He has also published three books: CEO Succession and
The Human Side of M&A, both published by Oxford University Press in 2000,
and How to Run a Company, published by Crown Press in 2003. Mr. Carey
has published op-ed pieces and articles recently in the Financial Times, Wall
Street Journal, The McKinsey Quarterly, and The Harvard Business Review on
Corporate Governance, CEO succession, the role of the Non-Executive Board
Leader, as well as the changing role of the Audit Committee.
“Mr.
Carey brings a wealth of contacts within the corporate world along with
experience in the operations of boards of public companies. He has a
keen interest in technology companies and the many challenges faced by companies
dealing in growth of a technology in international marketplace,” stated Benton
Wilcoxon, Chairman and CEO of CTC. “We are pleased with this
appointment and are confident that Mr. Carey will be of great assistance to the
Board of Directors as we plan and implement our new strategy.”
“I am
pleased to join the Board of CTC and look forward to being a part of this
terrific board and bringing this revolutionary technology to the marketplace,”
stated Dennis Carey.
Further
details regarding these changes to CTC’s Board of Directors will be included in
a Form 8-K report to be filed with the Securities and Exchange Commission in a
timely manner.
|
2026 McGaw Avenue, Irvine, California 92614
USA Tel: (949) 428-8500 Fax: (949)
428-8515
|
About
CTC:
Composite
Technology Corporation’s patented ACCC®
conductor technology enables superior performance of high voltage transmission
and distribution electrical grids. ACCC®
conductors use CTC’s proven carbon fiber core which is produced by its
subsidiary, CTC Cable Corporation, at its Irvine, California headquarters and
delivered to qualified conductor manufacturers who produce and distribute
ACCC®
conductors to operators of electrical grids worldwide. CTC’s
conductor technology significantly reduces thermal line sag and can replace
similar diameter and weight traditional conductors with its higher capacity and
more energy efficient ACCC®
conductor. It is an ideal conductor for both upgrading existing power
lines as well as building new lines since the technology allows for the
reduction of the number of support structures and/or a reduction of their
height. Since its commercial introduction in 2005, nearly 9,000
kilometers of ACCC®
conductor have been installed in all environmental and operating conditions,
including severe heat and ice environments, long span applications and high
capacity corridors for the modern grid. ACCC® is a
registered trademark of CTC Cable Corporation.
For
further information, visit our website: www.compositetechcorp.com or
contact Investor Relations: 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
(the “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,
resolution of pending and threatened litigation matters involving CTC or its
subsidiaries, resolution of disputes with CTC’s or subsidiaries’ creditors
competition with larger companies, development of and demand for a new
technology, general economic conditions, the availability of funds for capital
expenditure and financing in general by us and our customers, availability of
timely financing, cash flow, securing sufficient quantities of essential raw
materials, timely delivery by suppliers, 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, 2009 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.
|
2026 McGaw Avenue, Irvine, California 92614
USA Tel: (949) 428-8500 Fax: (949)
428-8515
|