GC China Turbine Corp. Announces Plans to Move Wind Turbine Production From Current East-Lake Development Zone Assembly Facility
04 May 2011 - 11:19PM
Marketwired
GC China Turbine Corp. ("GC China" or the "Company") (OTCBB: GCHT)
today announced that has moved wind turbine production from the
current assembly facility which is located in the East-Lake
Development Zone to another assembly workshop to be provided by the
Wuhan Municipal Government as an interim for ultimately moving the
production to the assembly facility in Taonan, Jilin Province with
the capacity to produce up to 500MW per annum (up to 200 2.5MW
turbine units). The administrative office will continue to stay in
Wuhan.
GC China's current assembly facility is located in East-Lake
Development Zone in Wuhan, with land coverage of 36,000m(2). The
facility was originally designed to produce accessories for small
aircrafts. Given that the Company is the only wind power equipment
manufacturer in Hubei Province, in support of the Company, the
Wuhan Municipal Government provided such facility for at no cost to
the Company in 2006 for the production and assembly of wind turbine
products.
GC China has previously announced plans to expand its portfolio
of wind turbines to produce 2.5MW turbines, which it believes will
broaden its sales opportunities both into the domestic Chinese
market and into other high growth wind power markets including
Europe and North America. The East-Lake Development Zone facility
is designed to withstand small tonnage cranes but is not sufficient
to meet assembly requirements of the 2.5MW wind turbine.
The Company, through consultation and discussions with the Wuhan
Government, will move from the current assembly facility, to an
interim facility provided by the Wuhan Government at favorable
costs, which is located in Jiangxia District of Wuhan.
Mr. Hou Tiexin, Chairman of GC China, stated that, "The interim
facility satisfies all existing assembly requirements of the
Company for 1MW and 1.1MW turbines. It is important to note that
this move will not create any delays or impediments to fulfilling
current business and production of 1MW and 1.1MW turbines. Upon the
completion of the Taonan assembly facility, we plan to relocate
production to Taonan so as to satisfy the production requirement of
larger 2.5MW wind turbines. We expect to make this relocation to
Taonan in the first quarter of 2012. Furthermore, the Taonan
assembly facility is strategically located close to current key
markets of the Company, which will help to reduce transportation
costs. The relocation is not expected to have significant impacts
to the Company's production and operation."
The Company intends to move all wind turbine production to the
Taonan assembly facility before the end of 2011.
"In order to meet the needs of the overall economic development
of Wuhan City, the contribution by GC-Nordic (the wholly owned
subsidiary of GC China) is noteworthy. The Wuhan Municipal
Government will continue to support GC-Nordic's development,
eventually making it one of the most successful enterprises in
renewable energy industry in Hubei Province," said by the
leadership of Wuhan Municipal Government.
About GC China Turbine Corp.
GC China is a leading manufacturer of state-of-the-art 2-blade
and 3-blade 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. 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.
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Investor Relations Todd M. Pitcher Aspire Clean Tech
Communications Hayden Communications, International Phone:
760-798-4938 Email Contact
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