EXHIBIT 99
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[ZOLTEK logo]
FOR IMMEDIATE RELEASE NASDAQ NMS SYMBOL: "ZOLT"
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ZOLTEK REPORTS LONG TERM CARBON FIBER SUPPLY AGREEMENT
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WITH XXXXXX
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ST. LOUIS, MISSOURI -- JUNE 12, 2007 -- Xxxxxx Companies Inc. today
announced that it has concluded a long-term strategic supply agreement with
XxXxxx Incorporated and XxXxxx Ltd of Luebeck, Germany (a subsidiary of
Composite Technology Corporation - CTC). The expected sales volume is over US
$30 million for the first three years of the contract. Under the agreement
Zoltek will be the exclusive supplier of carbon fiber and carbon fiber
materials to XxXxxx for the production of rotor blades for its most advanced
turbines.
"The agreement with XxXxxx represents another strong vote of
confidence by a leading-edge wind energy company in the expanded use of carbon
fiber. XxXxxx has been particularly innovative in its design of a high carbon
fiber content blade resulting in a very light and stiff rotor integrated with
a novel generator concept," said Xxxxx Xxxx, Xxxxxx'x Chairman and Chief
Executive Officer.
The D8 turbine (2.0 MW) from XxXxxx is established in Europe as one
of the most reliable and productive turbines in the industry. The new D8.2
represents yet another novel advancement with the WinDrive Hydrodynamic
Gearbox enabling the use of a Synchronous Generator.
Since late 2005, XxXxxx has announced a series of agreements for the
sale of turbines with customers around the world. In February 2006, XxXxxx
announced an agreement with NorthWinds Advisors for the sale of up to 250 of
its D8.2 turbines representing 500 megawatts of capacity. Subsequent reserve
agreements in the US for up to 1,600 megawatts for delivery over the next five
years along with an assembly plant in the US have been announced.
Additionally, agreements in India for the purchase of 300 megawatts of D-6 and
D-8 turbines to be manufactured in India have been concluded by XxXxxx as well
as license agreements in China.
"We are pleased to be partnered with Zoltek, which has given us
critical support during the development and scale-up of our unique rotor blade
used in our most advanced turbines," said Xxxxxxxx Xxxxx, Commercial Director
of XxXxxx Ltd. "What's more, we need a reliable source of carbon fiber to
match our growth and expansion plans, and Zoltek is geared up to meet the
needs of a fast-growing market."
FOR FURTHER INFORMATION CONTACT:
XXXXX XXXX, CEO OR XXXXX XXXXXX, CFO
0000 XXXXXXXX XXXX
XX. XXXXX, MO 63044
(000) 000-0000
This press release contains forward-looking statements, which are based upon
the current expectations of the Company. Because these forward-looking
statements are inherently subject to risks and uncertainties, there are a
number of factors that could cause the Company's plans, actions and actual
results to differ materially. Among these factors are the Company's ability
to: successfully resolve pending litigation; re-activate its formerly idle
manufacturing facilities on a timely and cost-effective basis, meet current
order levels for carbon fibers; successfully add new capacity for the
production of carbon fiber and precursor raw material; execute plans to exit
its specialty products business and reduce costs; achieve profitable
operations; raise new capital and increase its borrowing at acceptable costs;
manage changes in customers' forecasted requirements for the Company's
products; continue investing in application and market development;
manufacture low-cost carbon fibers and profitably market them; and penetrate
existing, identified and emerging markets. The timing and occurrence (or
non-occurrence) of transactions and events that determine the future effect of
these factors on the Company, as well as other factors, may be beyond the
control of the Company. The Company undertakes no obligation to update any
forward-looking statement to reflect events or circumstances after the date of
this press release.
