CENTERVILLE, MA -- 11/02/09 --
GC China Turbine Corp. (OTCBB: GCHT) (the
"Company" or "GC China") is pleased to announce that on October 30, 2009
(the "Closing Date"), GC China Turbine Corp., a Nevada corporation, closed
a voluntary share exchange transaction with a wind turbine manufacturer
based in China pursuant to a Share Exchange Agreement (the "Exchange
Agreement") by and among the Company and related parties collectively
referred to as "GC Nordic Group."
At the closing of the Exchange Transaction the Company issued 32,383,808
shares of its common stock to the sole stockholder of GC Nordic Group for
100% ownership of GC Nordic Group. US$ 10,000,000 in previously issued
convertible promissory notes was converted into 12,500,000 shares of the
Company's common stock. Immediately prior to the Exchange Transaction, the
Company had 7,686,207 shares of common stock issued and
outstanding. Immediately after the Exchange Transaction and notes
conversion the Company has 52,570,015 shares of common stock issued and
outstanding.
As previously announced, as of September 4, 2009, Mr. Hou Tie Xin, Ms. Qi
Na and Mr. Xu Jia Rong and as of October 16, 2009, Mr. Christopher Walker
Wadsworth were appointed to the Company's board of directors. Mr. Hou was
appointed as Chairman of the board of directors. Effective as of the
Closing Date, Mr. John J. Lennon resigned as Chief Executive Officer,
President, Chief Financial Officer, Secretary and director, and Ms. Qi was
appointed as Chief Executive Officer, Ms. Zhao Ying was appointed as Chief
Financial Officer and Mr. Tomas Lyrner was appointed as Chief Technology
Officer. Mr. Marcus Laun remains as a director.
Further details regarding the Company and details of the share exchange
agreement, additional debt and equity financing agreements and further
information about the business, financial condition and management of GC
China and related parties are all 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 2.3MW and 3.0MW utility scale turbine in
development. The Company's initial efforts have been rewarded with
contracts of approximately US$ 128 million to-date.
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, 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.
- - - - - - - - - - - - - - - - - -
Marcus Laun, Director
For more information visit our website at www.gcchinaturbine.com
Investor Relations:
PR Financial Marketing, LLC
Jim Blackman
(713) 256-0369
jim@prfmonline.com
Boundary Point Investor Relations, Inc.
1-888-838-8478
investors@gcchinaturbine.com