Bluescout Technologies Ltd. (TSXV:CTW)
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MANASSAS, VA, July 18, 2011 /CNW/ --
MANASSAS, VA, July 18, 2011 /CNW/ - Catch the Wind Ltd. (TSX-V: CTW),
providers of laser-based wind sensor products and technology, announced
today the appointment of Dr. Jo Major, Jr. as non-executive Chairman of
the Board of Directors of the Company, replacing Philip Rogers, who is
stepping down from the role of Chairman. Mr. Rogers will remain a
director of the Company. Alisa Rogers is stepping down as a director
of the Company.
Mr. Rogers will not renew his employment agreement as President and
Chief Executive Officer of the Company following its expiration on
December 31, 2011, but will remain President and Chief Executive
Officer of the Company until the earlier of December 31, 2011 or the
date his successor is found. Subsequently, Mr. Rogers will assume the
role of Strategic Advisor to the Company.
The Board of Directors of the Company has established a special
committee of independent directors to initiate and oversee the search
for a successor to Mr. Rogers. The Company expects that the search for
a new CEO will begin immediately.
"On behalf of the board of directors of Catch the Wind, I would like to
thank both Phil and Alisa, founders of Catch the Wind and inventors of
the Company's Vindicator laser wind sensing system, for their
dedication and many significant contributions to the development of the
Company," said Dr. Jo Major, Chairman of the Board of Directors of the
Company. "Their entrepreneurial spirit and scientific vision have
positioned the Company to capitalize on the significant commercial
opportunities inherent in its technology and products."
"I am very proud of what Catch the Wind has accomplished during my
tenure," said Mr. Rogers. "With the solid momentum achieved in recent
months, the Company is well positioned for the commercial and
operational phase of our evolution as an organization."
Financing Update
As previously announced, the Company has filed a final short form
prospectus in relation to a proposed offering of common shares and
units of the Company on a best efforts basis (the "Prospectus
Offering"), pursuant to which the Company is seeking to raise minimum
gross proceeds of CDN$15 million and maximum gross proceeds of CDN$30
million (please see the Company's June 29, 2011 news release for
additional details regarding the Prospectus Offering). The Company is
continuing to pursue the Prospectus Offering in the context of existing
market conditions and has targeted July 29, 2011 as the proposed
closing date of the Prospectus Offering. The Company will provide an
update regarding the completion of the Prospectus Offering as and when
details regarding the Prospectus Offering are finalized.
In connection with the corporate governance initiatives described above
and the Company's marketing efforts for the Prospectus Offering, Hunter
Hall Investment Management Limited, the second largest shareholder of
the Company, has pledged to provide a lead order of CDN$8 million to
the Prospectus Offering.
About Catch the Wind Ltd.
Catch the Wind Ltd. is a high-growth technology company headquartered in
Manassas, Virginia. The company was founded in 2008 to develop and
manufacture the Vindicator(®) laser wind sensor.
Catch the Wind serves the commercial market sector for laser based wind
sensor systems, recognized as the "gold standard" in wind measurement.
The company is focused on becoming a major contributor in making clean,
renewable wind energy more affordable and profitable. For more
information, visit www.catchthewindinc.com.
Forward-Looking Information
This news release includes certain forward-looking statements within the
meaning of Canadian securities laws. Forward-looking statements involve
risks, uncertainties and other factors that could cause actual results,
performance, prospects and opportunities to differ materially from
those expressed in such forward-looking statements. Forward-looking
statements in this news release, include, but are not limited to,
economic performance and future plans and objectives of Catch the Wind.
Any number of important factors could cause actual results to differ
materially from these forward-looking statements as well as future
results. Although Catch the Wind believes that the assumptions and
factors used in making the forward-looking statements are reasonable,
undue reliance should not be placed on these statements, which only
apply as of the date of this news release, and no assurance can be
given that such events will occur in the disclosed timeframes or at
all. Catch the Wind disclaims any intention or obligation to update or
revise any forward-looking statement, whether as a result of new
information, future events or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/July2011/18/c5926.html
table border="0" valign="top" tr td Catch the Wind Ltd. /td td TMX Equicom /td /tr tr td Claudia Jaques /td td Philip Dale /td /tr tr td Vice President and General Counsel /td td Investor Relations /td /tr tr td 703-393-0754 /td td 416-815-0700 ext. 253 /td /tr tr td a href="mailto:cjaques@catchthewindinc.com"cjaques@catchthewindinc.com/a /td td a href="mailto:pdale@equicomgroup.com"pdale@equicomgroup.com/a /td /tr /table p /p