GC China Turbine Corp. Announces Close of Financing and Completion of Reverse Acquisition -- Company Now Moves Ahead as a Major Wind Turbine Manufacturer

 

NEW YORK, NY—Thursday, November 05, 2009
GC China Turbine Corp. (OTCBB: GCHT) (the "Company" or "GC China") is pleased to announce that pursuant to the previously announced Share Exchange Agreement the company is now the 100% owner of GC Nordic Group and has become a leading manufacturer of state-of-the-art 2-bladed wind turbines based in China.

 

The consummation of the share exchange transaction was contingent on a minimum equity financing of US$ 8,000,000. Clarus Capital Limited acted as lead placement agent assisting notable clean energy advocates Longboard Capital Advisors LLC in their participation as lead investors together with the support of Southridge Investment Group LLC's clean energy practice and network of renewable energy Investors across the USA and Northern Europe as well as the welcome efforts of many other qualified co-investors.

 

The financing was over-subscribed resulting in the purchase of 6,400,000 shares of common stock. Additionally, a debt financing transaction closed with Clarus Capital Limited in the amount of US$ 1,000,000, convertible into the Company's common stock at US$ 2.00 per share. The current investment along with the previously announced US$ 10 million round provides the Company with a combined capital raise of US$ 19 million for the issuance of an aggregate total of 18,900,000 shares.

 

The management of GC China Turbine Corp. is very pleased by the Company's ability to readily access investment capital and is further excited by its early stage sales performance and future growth opportunities. Recent contract announcements amounting to nearly US$ 128 million in sales and plans for the rapid development of newer and significantly more powerful turbines provides a strong fundamental platform from which to capitalize on GC China's innovative technology and unique market position. With the conclusion of the share exchange transaction and financing the Company now has the ability to forge ahead with strategic plans to solidify its position as a leading manufacturer in the rapidly growing and government mandated wind power energy sector in China.

 

Further details regarding the Company and details of the share exchange, debt and equity financing agreements along with further information about the business, financial condition and management of GC China and related parties are 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 Longboard Capital Advisors LLC (www.longboardcapital.net)

Longboard Capital Advisors invest in clean energy businesses. The company was created in 2006 when it became clear that one of the most effective ways to accelerate the move to cleantech and institute change would be to help capitalize cleantech companies that address global warming and security issues head on. Staying ahead of complex developments in clean technologies and markets allows Longboard Capital to provide focused investment advice to clients worldwide.

 

About Southridge Investment Group LLC (www.southridgellc.com)

Southridge Investment Group LLC is a full service registered broker dealer and investment banking firm authorized to do business in all 50 states. The investment banking practice focuses on the sponsorship needs of small, medium and emerging growth companies as well as the needs of both institutional and individual investors interested in that segment of the market. The firm offers a full range of corporate finance services, including underwritings, M & A, financial advisory, valuations and private placements.

 

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.
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Marcus Laun, Director