North American Windpower: CTC Signs EU Energy Agreement

CTC Signs EU Energy Agreement

by NAW Staff on Tuesday 06 June 2006

Irvine, Calif.-based Composite Technology Corporation (CTC), a developer and manufacturer of composite materials, has executed a Share Exchange Agreement with shareholders of EU Energy PLC - representing at least 95% of the issued and outstanding shares of EU Energy - which allows the acquisition of 100% of EU Energy. EU Energy owns 100% of the issued and outstanding capital stock of a group of companies that own the rights to produce and sell the DeWind range of wind energy generation turbines worldwide.

Under the terms of the agreement, the EU Energy shareholders have agreed to transfer all of their shares in EU Energy to CTC.

Michael Porter, chief executive officer of EU Energy, will be appointed as the president of CTC, while Benton H. Wilcoxon will remain as chief executive officer of CTC following completion of the acquisition.

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