Composite Technology Corporation (CTC) has announced the completion of the acquisition of EU Energy Ltd., (formerly EU Energy plc), the owner of the EU Energy and DeWind group of companies.
EU Energy was valued at US$60.7 million and, by agreement with its shareholders, CTC has paid for the acquisition by issuing 39,169,670 shares of restricted common stock in exchange for the entire share capital of EU Energy taking into account the value of CTC common stock at its close on May 11, 2006. EU Energy Ltd will now operate as a wholly owned subsidiary of CTC and Mr. Michael Porter, the former CEO of EU Energy, has agreed to hold the position of President of CTC and to continue to manage the new wind division. Mr. Benton Wilcoxon remains as CTC’s Chief Executive Officer and there are no changes to its Board of Directors.
