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Composite Technology, Far East establish JV in China

Posted: 25 Mar 2002 ?? ?Print Version ?Bookmark and Share

Keywords:Jiangsu Far East Group? Jiangsu Far East CTC? JV? proprietary composite material? cable?

Composite Technology Corp. has entered into a memorandum of understanding (MOU) with Jiangsu Far East Group Co. for the establishment of a joint venture, named Jiangsu Far East CTC Co. Ltd. The new company will produce and market Composite Technology's proprietary composite material products in China.

Composite Technology expects to begin shipping its composite core materials to JV during this quarter in preparation for the certification tests of the cables. Meanwhile, Far East will contribute aluminum wire wrapping for the cables that Composite Technology requires for certification tests.

In addition, Composite Technology is currently preparing an exclusive technology license agreement to the joint-venture in addition to an equipment purchase agreement for Composite Technology's proprietary composite production lines.

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