"I would like to thank Mr. Chen Guijun for serving as the Company's Chief Financial Officer for the past nine months and for his wisdom and guidance, and I would also like to thank Mr. Marcus Laun for serving as a member of the board of directors of the Company for his contributions," said Mr. Hou Tiexin, Chairman of the Company. "We will miss Mr. Chen Guijun and Mr. Marcus Laun and wish them the best in their futures."

The Company also announced the appointment of Mr. Gong Maosheng as Interim Chief Financial Officer effective as of February 22, 2012. An accountant by training, Mr. Gong currently works for the Company's wholly-owned subsidiary, Wuhan Guoce Nordic New Energy Co., Ltd., where he provides financial and accounting expertise.

About GC China Turbine Corp.

GC China is a 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 what it believes is 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, future LVRT regulatory requirements, the Company's certification process, product development and collections of accounts receivables. 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 financial performance, regulatory changes 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.

Contact:
Todd M. Pitcher
Aspire Clean Tech Communications
Phone: 760-798-4938

As previously disclosed in the Company's filings with the Securities and Exchange Commission, on September 22, 2011, Deloitte forwarded the anonymous email to the Company and requested that the Company investigate the allegations made therein. These allegations included alleged fraudulent fund transfers resulting in incorrect accounts payable balances, a fabricated contract for the purposes of transferring funds outside the Company, and a fake payment entry from a customer. In response, the Company's Board of Directors appointed a Special Committee consisting of the independent members of the Company's Board of Directors to investigate the allegations.

The Special Committee has concluded that the allegations set forth in the anonymous email are all without merit. The Special Committee conducted interviews and reviewed applicable financial records and verified third-party payment information and account balances. The foregoing investigation found no irregularities in the Company's payment processes or its accounting methods.

The Special Committee received full cooperation from management, employees and third parties whom it sought to interview.

Cary Zhou, Chairman of the Special Committee, said, "As a result of the Special Committee's work and its investigation, we have found no merit to any of the allegations contained in the anonymous email and have provided the Board of Directors with our full report. On behalf of the Special Committee, I want to acknowledge the cooperation and dedication of all the individuals who assisted with the Special Committee's investigation."

About GC China Turbine Corp.

GC China is a 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 what it believes is 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 statements typically involve risks and uncertainties and actual results could differ materially from the expectations reflected in such forward-looking statements as a result of a variety of factors. Such factors include, among others, the inherent uncertainties associated with financial performance, regulatory changes 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 SPECIAL COMMITTEE
OF THE BOARD OF DIRECTORS OF
GC CHINA TURBINE CORP.

CaryZhou, Chairman of the Special Committee

Contact:
Investor Relations
Todd M. Pitcher
Aspire Clean Tech Communications
Hayden Communications, International
Phone: 760-798-4938

Update on Tianhe Project

In 2010, GC China shipped 50 1MW turbine units to Xilinguole Tianhe Wind Energy Development Co., Ltd. for Phase 1 of the Tianhe project in Inner Mongolia. Installation of the turbines had been completed in early September of 2011. Currently, the turbines are undergoing performance tests. To date, and including the $8.7 million collected on the Tianhe project in the third quarter, GC China has collected ¥164.64 million (about $25.7 million) on this project.

Management continues to make its best efforts to achieve payment milestones, working with customers to collect aging receivables on its projects including the Tianhe project, Jilin Fengshen project, Daqing Longjiang project, and Wuhan Kaidi project. The Company anticipated that successful resolution on low-voltage ride-through (LVRT) issues for its turbines will have a positive impact on the timeline of collection of receivables from its customers. At this stage, the Company is actively discussing its plans for resolving LVRT issues for its turbines with the China Electric Power Research Institute (CEPRI) and is optimistic about solving the issues.

Low Voltage Ride Through and CEPRI Certification

In electricity supply and generation, low voltage ride through is what an electric device, especially a wind generator, may be required to be capable of when the voltage in the grid is temporarily reduced due to a fault or load change in the grid.

Depending on the application the device may, during and after the dip, be required to:

      disconnect temporarily from the grid, but reconnect and continue operation after the dip

•       stay operational and not disconnect from the grid

•       stay connected and support the grid with reactive power

For generating units such as wind turbines, the required LVRT behavior is defined in grid codes issued by the grid operator. The LVRT requirement is specified under the grid code, and refers to the GC China turbine's ability to react properly to sudden fluctuations in grid voltage, and to remain connected to the grid under these abnormal conditions. The turbines will need to undergo and successfully pass symmetric and asymmetric testing under different voltage fluctuation and electrical system fault conditions at the CEPRI.

About GC China Turbine Corp.

GC China is a 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 what it believes is 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, future LVRT regulatory requirements, the Company's certification process, product development and collections of accounts receivables. 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 financial performance, regulatory changes 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.

Investor Relations
Todd M. Pitcher
Aspire Clean Tech Communications
Hayden Communications, International
Phone: 760-798-4938

As a result of many instances of wind turbines getting disconnected from the power grid in China, involving more than 1,300 wind turbines, China's State Electricity Regulatory Commission (SERC) has stated that wind turbines must have Low Voltage Ride Through ('LVRT') capability and that wind turbines without this technology must be upgraded as soon as possible. The SERC has not yet released a timetable for the upgrades.

LVRT refers to the capacity of wind turbines to maintain operations even at times of large voltage dips. This improves the overall safety and stability of the grid.

There were several incidents which SERC cited where wind turbines were disconnected from the power grid due to voltage dips:

• On April 17, 702 wind turbines were disconnected from the power grid of Gansu's city of Jiuquan, causing a 54% decrease in wind power output, and on the same day another 644 wind turbines were disconnected from the power grid in Hebei's city of Zhangjiakou, causing a 48.5% decrease in wind power output. Previously, in February, 598 wind turbines were disconnected from Jiuquan's power grid for similar reasons.

China's wind turbines have not historically featured LVRT technology, as it was not previously required. But a standard for integrating wind facilities in China's national power grid will be finalized this year that is expected to require turbines to be LVRT-capable.

GC China has invested capital into the development of a 1.1MW wind turbine, the prototype of which is expects to be produced by the 3rd quarter this year, and larger-power 2.5MW and 3MW wind turbines which meet LVRT requirements.

Financial Results

Sales for the three months ended March 31, 2011 were nil compared to US$11,997,927 for the three months ended March 31, 2010. No wind turbine was sold in the first quarter of 2011 while 20 wind turbines were sold in the first quarter of 2010.

Selling expenses for the three months ended March 31, 2011 increased by US$123,238 from US$52,891 for the three months ended March 31, 2010 to US$176,129. After the foundation of the three new PRC subsidiaries in 2010 (Taonan Guoce, Baicheng Kairui and Baicheng Guoce), more focus was put on the expansion of business in Jilin Province.

Research and development expenses were US$169,961 for the three months ended March 31, 2011 compared to US$152,964 for the three months ended March 31, 2010. We incorporated Guoce Nordic AB and GC Windpower AB in Sweden, which are engaged in 1.1MW, 2.5MW and 3.0MW wind turbine research. The increase was primarily attributable to the research and development activities of the 1.1MW and 2.5MW wind turbines during the first quarter of 2011, offset by the decrease in amortization of intangible assets.

General and administrative expenses increased by US$226,491 from US$512,731 for the three months ended March 31, 2010 to US$739,222 for the three months ended March 31, 2011. Professional fees increased by US$122,782 in the three months ended March 31, 2011 and US$113,398 bad debt expense was booked in the three months ended March 31, 2011.

Net loss attributable to shareholders for the three months ended March 31, 2011 was US$927,053, a decrease of US$2,795,904 from net income attributable to shareholders of US$1,868,851 for the three months ended March 31, 2010. Net loss per basic and diluted share for the first quarter of 2011 was US $0.03 compared to net profit per basic and diluted share of US$0.02 for the same period last year.

As of March 31, 2011, we had cash and cash equivalents of US$1,433,670, other current assets of US$68,119,394 and current liabilities of US$42,841,201. Other current assets included US$122,018 restricted cash used as security against bank drafts which are used as short-term instruments to reduce financing cost. As of March 31, 2011, our accounts receivable consisted of billed receivable of US$25,635,410 and unbilled receivable of US$32,902,399, net of bad debt provision of $380,821. As of the date of filing of our first quarter 2011 financial statements with the Securities and Exchange Commission, we collected US$1,937,042 billed receivable from a customer. We anticipate collecting approximately US$3 million from customers by June 30, 2011.

About GC China Turbine Corp.

GC China is a 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 what it believes is 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, future LVRT regulatory requirements, the Company's certification process, product development and collections of accounts receivables. 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 financial performance, regulatory changes 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

 

Mr. Chen brings close to two decades of financial reporting, auditing and transactional expertise to the Company. Most recently, Mr. Chen served as Senior Manager of Ernst & Young's Wuhan Branch, where he worked on, and supervised audits of large-scale projects of enterprise groups and listed companies, including Industrial and Commercial Bank of China; Hunan Nonferrous Metals Corporation Limited; Hunan Zhuzhou Times Electric Co., Ltd.; China South Locomotive & Rolling Stock Corporation Limited; Wuhan Iron and Steel Company Limited; Dongfeng Motor Company., Ltd.; Wuhan C-BONS; Dalian Haichang Group Co., Ltd.; China subsidiaries of Cameron International Corporation; China subsidiaries of Siemens AG; and China subsidiaries of Valeo Group.

Prior to Ernst & Young, Mr. Chen served at Zhongxing Financial Accounting Firm Wuhan Branch, Hubei Business Development Company, and Wuhan Commercial Group Co., Ltd. In terms of educational background, Mr. Chen received an MBA (Investment Professionalization) at Anhui University (Hefei city, China), with an English Proficiency, as well as having attained professional qualifications such as the Chinese Chartered Public Accountant, Chinese Lawyer and Chinese Certified Appraiser.

Mr. Hou Tiexin, Chairman of GC China, said that, "We are pleased to welcome Mr. Chen to the team at GC and believe that his experience in auditing at a Big Four accounting firm, as well as with financial transactions will be invaluable to our commitment to higher standards of financial reporting. In addition, we believe that Mr. Chen's presence locally to our day-to-day operations is important and critical to business continuity. Importantly, Mr. Chen is a proficient English speaker and will be available to work closely with our U.S. investors to provide appropriate levels of financial and reporting transparency. We look forward to his involvement in and participation at upcoming financial conferences in the U.S. and Europe through the remainder of 2011 and going forward."

Mr. Chen said that, "I am looking forward to working with the executive team at GC China and its employees to build a leading Chinese wind turbine manufacturing firm with a strong domestic presence as well as toward extending our reach to European and North American markets. From a public reporting standpoint, I am aware of and understand the increasing level of scrutiny that Chinese firms are under with U.S. investors and greater transparency and demonstration of best reporting practices are amongst my top priorities to implement at GC China."

About GC China Turbine Corp.

GC China is a 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 what it believes is 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, Mr. Guijian's impact in the Company's financial reporting and operations, availability to work with U.S. investors and involvement and participation of financial conferences. 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 officers 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

 

NEW YORK, NY -- (Marketwire) -- 05/04/11 -- 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

 

• Revenues of approximately $58.2 million for FY10 compared to approximately $12.8 million for FY09;
• Net income of approximately $11.4 million for FY10 compared to approximately $340 thousand for FY09; and
• Shipments of 100 turbines in 2010 compared to 16 turbines in 2009.

"We are pleased to announce record results in terms of revenue, profit and shipments for the fiscal year ended December 31, 2010," said Hou Tiexin, GC China's Chairman. "Throughout 2010, we expanded our business in several key areas that will position GC China for continued strong growth.

"We are committed to improving product quality and advancing our research and development program. The design and development of 1.1MW and 2.5MW turbines which meet increasingly rigorous market standards is an important milestone in our business. We look forward to moving into production, and to achieving key certifications of these technologies starting this year. In addition, we are expanding our sales efforts to capture opportunities in fast-growing markets," concluded Chairman Hou.

Financial Results for the Year Ended December 31, 2010

The Company reported sales of US$58,199,785 compared to US$12,760,248 for the year ended December 31, 2009.  This increase of US$45,439,537 or 356%, was due to an increase in the number of units sold during 2010 as compared with 2009.  For 2010, we recorded sales of 100 units of 1.0 MW wind turbines, as compared to 16 wind turbines sold in 2009.

Gross profit increased to US$16,296,610, an increase from US$2,968,171 in 2009, with gross margin of 28.00% and 23.26%, respectively. The improvement in gross margins was due to certain economies of scale achieved through increased production levels, and the Company's release of royalty obligations to Nordic Windpower.

Net income attributable to shareholders for the year ended December 31, 2010 was US$11,394,527, an increase of US$11,054,880 from net income attributable to shareholders of US$339,647 for the year ended December 31, 2009.  Earnings per diluted share were $0.17 and $0.01, respectively.

As of December 31, 2010, the Company had a net accounts receivable balance of US$58,182,615 which is comprised of amounts due from four customers.

As of December 31, 2010, the Company had cash and cash equivalents of US$1,788,138, other current assets of US$71,340,151 and current liabilities of US$45,047,487.  Other current assets included US$1,056,972 six-month term deposit and US$2,551,304 restricted cash used as security against bank drafts.  As of the date hereof, the Company has collected US$498,287 billed receivable from the customers, and management anticipates collecting approximately US$10 million from customers in the second quarter of 2011.

The Company has a loan facility in the amount of US$18,119,520 (RMB120,000,000) from a PRC bank for procuring raw material purpose, which is guaranteed by a related party, Wuhan Guoce Science & Technology Corp. and four shareholders of the Company, and collateralized by the same amount of our accounts receivable.  As of December 31, 2010, GC China is in compliance with all the covenant requirements under this loan agreement., with US$4,529,880 (RMB30,000,000) available from the loan facility for future withdrawal.

Product Update

In addition to the current 1.0MW two-blade wind turbine, the Company's 1.1MW turbine has been completed its designing process and is under prototype assembly stage at the moment. In addition, another 2.5MW turbine is also under development.  In contrast to the 1MW turbine, these two newly developed products will enable the Company to expand its business into wind farms that require turbines to have larger unit power and Low Voltage Ride Through Capability ("LVRT"), a new requirement issued by PRC's State Electricity Regulatory Commission for wind turbines to be capable to maintain continuous operation during and after abrupt voltage dips and allow the power grid to be adjusted more quickly, thereby improving the overall safety and stability of the grid.

As a result of new PRC requirements, certain orders previously announced by the Company that have not been executed may be cancelled as the 1.0MW turbine does not qualify for the LVRT requirements.  However, management does not anticipate that these LVRT requirements will affect GC China's current orders that have already been executed, while they may take effect in its future business activities.

The Company's development strategy for 2011 is focused on the further development and EU certifications of its 1.1MW and 2.5MW wind turbines while emphasizing low-cost control, suitable for its target markets. It expects to have its 1.1MW prototype and 2.5MW prototype turbines produced and EU certifications applied for in the second quarter and third quarter of 2011, respectively.

About GC China Turbine Corp.

Based in Wuhan City of Hubei Province, China, GC China Turbine Corp. is a manufacturer of state-of-the-art 2-blade and 3-blade wind turbines, leveraging soft-design technology to reduce costs, reduce the overall total cost of ownership and increase turbine lifetime. It has approximately 600MW annual assembly capacity. 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.

Investor Relations
Todd M. Pitcher
Aspire Clean Tech Communications
Hayden Communications, International
Phone: 760-798-4938
tpitcher@aspirecleantech.com

SOURCE GC China Turbine Corporation

Source: PR Newswire (April 1, 2011 - 10:39 AM EDT)

News by QuoteMedia

Key Highlights

• Revenues of approximately $58.2 million for FY10 compared to approximately $12.8 million for FY09;
• Net income of approximately $11.4 million for FY10 compared to approximately $340 thousand for FY09; and
• Shipments of 100 turbines in 2010 compared to 16 turbines in 2009.

"We are pleased to announce record results in terms of revenue, profit and shipments for the fiscal year ended December 31, 2010," said Hou Tiexin, GC China's Chairman. "Throughout 2010, we expanded our business in several key areas that will position GC China for continued strong growth.

"We are committed to improving product quality and advancing our research and development program. The design and development of 1.1MW and 2.5MW turbines which meet increasingly rigorous market standards is an important milestone in our business. We look forward to moving into production, and to achieving key certifications of these technologies starting this year. In addition, we are expanding our sales efforts to capture opportunities in fast-growing markets," concluded Chairman Hou.

Financial Results for the Year Ended December 31, 2010

The Company reported sales of US$58,199,785 compared to US$12,760,248 for the year ended December 31, 2009.  This increase of US$45,439,537 or 356%, was due to an increase in the number of units sold during 2010 as compared with 2009.  For 2010, we recorded sales of 100 units of 1.0 MW wind turbines, as compared to 16 wind turbines sold in 2009.

Gross profit increased to US$16,296,610, an increase from US$2,968,171 in 2009, with gross margin of 28.00% and 23.26%, respectively. The improvement in gross margins was due to certain economies of scale achieved through increased production levels, and the Company's release of royalty obligations to Nordic Windpower.

Net income attributable to shareholders for the year ended December 31, 2010 was US$11,394,527, an increase of US$11,054,880 from net income attributable to shareholders of US$339,647 for the year ended December 31, 2009.  Earnings per diluted share were $0.17 and $0.01, respectively.

As of December 31, 2010, the Company had a net accounts receivable balance of US$58,182,615 which is comprised of amounts due from four customers.

As of December 31, 2010, the Company had cash and cash equivalents of US$1,788,138, other current assets of US$71,340,151 and current liabilities of US$45,047,487.  Other current assets included US$1,056,972 six-month term deposit and US$2,551,304 restricted cash used as security against bank drafts.  As of the date hereof, the Company has collected US$498,287 billed receivable from the customers, and management anticipates collecting approximately US$10 million from customers in the second quarter of 2011.

The Company has a loan facility in the amount of US$18,119,520 (RMB120,000,000) from a PRC bank for procuring raw material purpose, which is guaranteed by a related party, Wuhan Guoce Science & Technology Corp. and four shareholders of the Company, and collateralized by the same amount of our accounts receivable.  As of December 31, 2010, GC China is in compliance with all the covenant requirements under this loan agreement., with US$4,529,880 (RMB30,000,000) available from the loan facility for future withdrawal.

Product Update

In addition to the current 1.0MW two-blade wind turbine, the Company's 1.1MW turbine has been completed its designing process and is under prototype assembly stage at the moment. In addition, another 2.5MW turbine is also under development.  In contrast to the 1MW turbine, these two newly developed products will enable the Company to expand its business into wind farms that require turbines to have larger unit power and Low Voltage Ride Through Capability ("LVRT"), a new requirement issued by PRC's State Electricity Regulatory Commission for wind turbines to be capable to maintain continuous operation during and after abrupt voltage dips and allow the power grid to be adjusted more quickly, thereby improving the overall safety and stability of the grid.

As a result of new PRC requirements, certain orders previously announced by the Company that have not been executed may be cancelled as the 1.0MW turbine does not qualify for the LVRT requirements.  However, management does not anticipate that these LVRT requirements will affect GC China's current orders that have already been executed, while they may take effect in its future business activities.

The Company's development strategy for 2011 is focused on the further development and EU certifications of its 1.1MW and 2.5MW wind turbines while emphasizing low-cost control, suitable for its target markets. It expects to have its 1.1MW prototype and 2.5MW prototype turbines produced and EU certifications applied for in the second quarter and third quarter of 2011, respectively.

About GC China Turbine Corp.

Based in Wuhan City of Hubei Province, China, GC China Turbine Corp. is a manufacturer of state-of-the-art 2-blade and 3-blade wind turbines, leveraging soft-design technology to reduce costs, reduce the overall total cost of ownership and increase turbine lifetime. It has approximately 600MW annual assembly capacity. 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.

Investor Relations
Todd M. Pitcher
Aspire Clean Tech Communications
Hayden Communications, International
Phone: 760-798-4938
tpitcher@aspirecleantech.com

SOURCE GC China Turbine Corporation

NEW YORK, NY -- (Marketwire) -- 02/28/11 -- GC China (OTCBB: GCHT) announced today that it has applied for and received Chinese utility patents for passive-yaw system, a flexible drive system for support-tube structure, and a teeter-structured flexible hub, which further underpin the Company's commitment to technology leadership in the global wind energy market.

Description of Technology

• The adoption of passive-yaw system allows for a lighter tower and smaller foundation, thereby reducing the manufacturing costs for a complete machine.
• The adoption of a flexible drive system for support-tube structure which is lighter than a stiff tower so as to directly save raw materials costs.
• Compared to a traditional rigid connection design, the teeter-structured flexible hub technology can significantly reduce fatigue on all moving parts, extending the service life and reducing operational costs.

Chairman Hou Tiexin commented that, "These patents are a milestone in our pursuit of the idea of 'Soft Design,' and are important to our strategy to differentiate our wind turbines through enhancing performance and reducing costs, which are both fundamental to building our presence in the Chinese wind market, which is the largest in the world, and setting the stage for our entrance into the international wind markets."

With a service life of about 20 years, wind turbine power trains are subjected to a very diverse spectrum of dynamic loads. Due to the high number of load cycles which occur during the life of the turbine, fatigue considerations are of particular importance in wind turbine design. Adoption of these patents will effectively extend the service life of the wind turbine and improve its performance as well as reduce the costs for manufacturing and maintenance, and ultimately benefits the owner of the wind farm.

GC China plans to incorporate these technologies into its future wind turbine design in accordance with actual condition.1.1MW, 2.5MW and 3MW turbine designs which are in development.

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

 

Conference Presentation Details:

  Date:                            Tuesday, March 8, 2011

  Time:                            3:40pm

  Speaker:                         Ping Ye, Chief Financial Officer

  Location:                        LeRoyal Meridien Shanghai Hotel

  Presentation Room:               Ballroom II

Ms. Qi Na and Ms. Ping Ye will participate in one-on-one meetings with investors during the conference. If you are interested in meeting with GC China, please contact our Rodman & Renshaw representative or Todd M. Pitcher at 760-798-4938, email tpitcher@aspirecleantech.com.

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