Zoltek Announces New Wind Energy Development Alliance
ST. LOUIS, Sept. 9, 2009 (GLOBE NEWSWIRE) -- Zoltek Companies, Inc.
(Nasdaq:ZOLT) today announced that it has entered into a technology and
marketing agreement with Global Blade Technology (GBT), of Utrecht, the
Netherlands. Zoltek and GBT are joining forces to accelerate the design and
manufacture of advanced wind turbine blades utilizing Zoltek carbon fibers. GBT
offers design, engineering, prototype development, testing and manufacturing
assistance for new and existing wind turbine and independent turbine blade
manufacturers. We expect the combination of GBT's expertise as the first fully
integrated rotor blade designer, and Zoltek's ability to offer reliable low-cost
carbon fiber supplies in high volumes, will accelerate adoption of carbon fibers
as wind turbine blade lengths continue to increase.
"We are pleased to announce this alliance with GBT, which we believe can have
strategic value to Zoltek by playing a key role in facilitating and speeding up
the whole process of design and development at the leading edge of the wind
turbine business," said Zsolt Rumy, Zoltek's Chairman and Chief Executive
Officer. "GBT's founders are highly regarded in the industry for their expertise
in the design and production of advanced wind turbine blades. GBT will be
serving original equipment manufacturers in a variety of ways -- from design and
engineering through various stages of manufacture, including supply of molds and
production of prototype blades. We are gratified that GBT has recognized
Zoltek's commercial carbon fibers as the key enabling material in designing and
building the most efficient and powerful wind turbines. We look forward to
working cooperatively with them to develop customer relationships in this
growing global market that will benefit both of our organizations."
Under the agreement, GBT has agreed to actively promote Zoltek carbon fibers in
the development of blade designs when the performance parameters require the
superior properties of carbon fibers. Zoltek has agreed to offer its low-cost
assured supply of high-performance carbon fibers to GBT's clients who seek
design assistance or other technical support in the development and production
of the super-long blades used in the most advanced and powerful wind turbines.
"We recognized Zoltek's leadership and proven success in the application of
carbon fibers in the wind energy market," said Jan Willem van der Werff, GBT's
President. He added, "GBT believes Zoltek has the best value proposition for
users of carbon fibers in wind turbine blades. We are pleased to establish this
relationship with Zoltek and expect it will improve our abilities to support our
customers' needs."
This press release contains certain statements that constitute "forward-looking
statements" within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The
words "expect," "believe," "goal," "plan," "intend," "estimate," and similar
expressions and variations thereof are intended to specifically identify
forward-looking statements. Those statements include statements regarding the
intent, belief or current expectations of us, our directors and officers with
respect to, among other things: (1) our financial prospects; (2) our growth
strategy and operating strategy, including our focus on facilitating
acceleration of the introduction and development of mass market applications for
carbon fibers; (3) our current and expected future revenue; and (4) our ability
to complete financing arrangements that are adequate to fund current operations
and our long-term strategy.
This press release also contains statements that are based on the current
expectations of our company. You are cautioned that any such forward-looking
statements are not guarantees of future performance and involve risks and
uncertainties, and that actual results may differ materially from those
projected in the forward-looking statements as a result of various factors. The
factors that might cause such differences include, among others, our ability to:
(1) successfully implement and coordinate the new alliance with GBT; (2)
successfully adapt to recessionary conditions in the global economy; (3)
penetrate existing, identified and emerging markets, including entering into new
supply agreements with large volume customers; (4) continue to improve
efficiency at our manufacturing facilities on a timely and cost-effective basis
to meet current order levels of carbon fibers; (5) successfully add new planned
capacity for the production of carbon fiber and precursor raw materials and meet
our obligations under long-term supply agreements; (6) maintain profitable
operations; (7) increase our borrowing at acceptable costs; (8) manage changes
in customers' forecasted requirements for our products; (9) continue investing
in application and market development in a range of industries; (10) manufacture
low-cost carbon fibers and profitably market them despite increases in raw
material and energy costs; (11) successfully operate our Mexican facility to
produce acrylic fiber precursor and add carbon fiber production lines; (12)
resolve the pending non-public, fact-finding investigation being conducted by
the Securities and Exchange Commission; (13) successfully continue operations at
our Hungarian facility if natural gas supply disruptions occur; (14)
successfully prosecute patent litigation; and (15) manage the risks identified
under "Risk Factors" in our filings with the SEC. Because forward-looking
statements are inherently subject to risks and uncertainties, some of which
cannot be predicted or quantified, you should not rely upon forward-looking
statements as predictions of future events. The events and circumstances
reflected in the forward-looking statements may not be achieved or occur and
actual results could differ materially from those projected in the
forward-looking statements.
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CONTACT: Zoltek Companies, Inc.
Zsolt Rumy, Chairman and CEO
(314) 291-5110
3101 McKelvey Road
St. Louis, MO 63044
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