GC China Turbine Announces Recent Delivery of 26 Innovative Twin Blade Wind Turbines and Provides Update to Preliminary Full Year Revenue Estimates
NEW YORK, NY–GC China Turbine Corp. (OTCBB: GCHT) (the “Company” or “GC China”), today updated its estimated revenue and earnings estimates for the full year ended December 31, 2009 and wishes to announce that in the Company’s relatively short history it has already completed and delivered 26 units of its flagship 1.0MW state-of-the-art twin blade wind turbines as of the start of 2010.
GC China has manufactured and delivered 6 units to Daqing Longjiang Wind Power Co., Ltd. and 10 units each to Wuhan Kaidi Electric Engineering Co., Ltd., and to Shenzhen Guohan Investment Group’s Baicheng City resource area. Several of these units have been fully tested and are already producing to the local electrical grids in their regions.
Company Management places the preliminary sales figures for these units at an unaudited revenue figure of 134,000,000RMB with an estimated net profit of 10,210,000RMB. While the audit of GC China’s results will not be complete until the Company files its annual report, the Company expects revenue and net income for the full year ended December 31, 2009 to be approximately US$19.6 million and US$1.5 million, respectively, below the previously provided estimates of US$28.7 million and US$4.1 million, as a result of a delay in raising the necessary capital to meet certain existing customer obligations. Current production capacity is on-track and scheduled to fulfill its initial orders of 160 wind turbines, worth in excess of US$135 million.
Company Chairman, Mr. Hou Tie Xin comments, “We are very pleased by our recent growth and the outlook for 2010. While the revenue shortfall was unfortunate, we succeeded in raising approximately US$19 million prior to the end of 2009 in a very challenging environment. As a result, we have seen increasing throughput at our manufacturing facilities and we expect to meet our revenue target for 2010 of US$87.2 million. As we progress, we constantly develop new areas of efficiency and productivity which will translate into ever greater output capacity and profitability. Our sales and marketing efforts are also on the increase and we anticipate additional results from these efforts. We expect great news as we head into the New Year, especially as we move towards the anticipated launch of the newer and more powerful 2.5 and 3.0MW turbines.”
GC China expects to report year end results on its annual report due to be filed before March 31, 2010.
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. (OTCBB: GCHT)
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. The Company’s initial efforts have been rewarded with contracts of approximately US$135 million to-date. 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, 2009 and 2010 revenue and net income, the outlook for the Company’s markets and the demand for its products, future revenues, 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