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CHANTILLY, VA, April 25, 2012 /CNW/ - Catch the Wind Ltd. , providers of Vindicator® Optical Control Systems (OCS), reported its financial results for the three- and 12-month period ended December 31, 2011. All figures are in U.S. dollars, unless otherwise stated.
"2011 was a year of substantial change for CTW," said Jo Major, Interim President and CEO of Catch the Wind, Inc. "We have made many critical changes that have put the Company in a much better position, both operationally and financially, than at anytime in its history. Some of the important accomplishments we achieved this year include: becoming an engineering independent company, transitioning from an R&D focused company to a manufacturing focused company, improving the data collection and sharing this data with our customers, building and improving client relationships, and developing good economic agreements with our customers."
"We are very excited about our future," Major added. "We recently announced the Company's first follow-on order with a major wind farm operator and succesfully transitioned to third party manufacturing. Engineering efforts have dramatically improved the product performance and its manufacturability."
Selected 2011 Financial and Operational Highlights
-- The Company has product mounted on seven different types of
wind turbines.
-- Shipped product to Invenergy Wind LLC, Boralex ,
Kruger Energy Port Alma, and the Illinois Institute of
Technology, adding to its growing list of new customers.
-- Susan Nickey was appointed to the Board and then became Audit
Chair and Jo Major was appointed to the Board and then became
Chairman.
-- Expanded its business relationship with AXYS Technologies by
signing an exclusive five-year worldwide licensing agreement to
integrate the OCS into an AXYS system for land-based wind
resource assessment applications.
-- Built out its own independent engineering team and launched the
second generation of the OCS in the fourth quarter.
-- Completed a short form prospectus offering for gross proceeds
of approximately CDN$15.1 million.
-- Appointed Jo S. Major, PhD as interim President and Chief
Executive Officer, John Green as Chief Financial Officer, and
Frederick Belen to Vice President of Technology and Product
Line Management.
-- Withdrew its membership in Falcon Fifty LLC.
-- After 45 days of testing, results of the first ever deployment
of the OCS in AXYS Technologies Inc.'s WindSentinel™
offshore buoy were an unprecedented success; providing wind
profile information from the Great Lakes to wind resource
researchers and analysts at Grand Valley State University,
University of Michigan, the Weather Service and Michigan State
University. Similar data collection success was achieved off
the US east coast and a second Great Lakes deployment has
begun.
Highlights Subsequent to Year-end
-- Signed the Company's first follow-on order by way of a
multi-unit sales agreement with enXco, an EDF Energies
Nouvelles Company, for the purchase of five additional OCS
units to outfit wind turbines at multiple North American wind
farms, installation scheduled to begin in April of 2012.
-- Signed a sales agreement with Saturn Power to equip all wind
turbines at its Gesner wind farm in Ontario, Canada with the
OCS. The installation of the OCS will be in parallel with the
construction of the new turbines, without modification of the
warranty agreement.
-- Completed the transfer of manufacturing to Sanmina-SCI, a tier
1 engineering and manufacturing solutions partner.
-- Continued to expand its patent portfolio, currently has seven
issued patents and 14 pending patent applications.
-- Undertook a thorough review of the Company's existing
technology and its obligations under its technology licensing
agreement and concluded that its products and business are no
longer subject to any royalty requirements.
Financial Performance Catch the Wind recognized record revenue of $988,000 for the 12-month period ended December 31, 2011, compared to recognized revenue of $507,500 for the 12-month period ended December 31, 2010.
Operating expenses for 2011 year were $25.0M, up from $16.3M for the corresponding period of last year. The operating expenses have substantial non-cash items; a) $5.0M from the elimination of Vindicator Beta intangible assets originally booked in June 2010; b) $2.3M from the impairment of property and equipment, a large majority associated with the Falcon Fifty aircraft and c) $0.7M due to the accounting treatment for the deconsolidation of Falcon Fifty LLC.
Catch the Wind recorded a net loss for 2011 of $24.0M or $0.24 per share, compared to a net loss $15.8M or $0.26 per share for 2010.
As of December 31, 2011, Catch the Wind had cash and cash equivalents of $6.0M, compared to $6.7M, respectively, for 2010.
Catch the Wind has filed its financial statements for the three months and year ended December 31, 2011, and related Management's Discussion and Analysis (MD&A) with securities regulatory authorities. Catch the Wind's financial statements, MD&A and related documents are available via SEDAR as well as through the Company's website, www.catchthewindinc.com.
Conference Call Catch the Wind will host a conference call to discuss its 2011 year-end financial results on Thursday, April 26, 2012 at 10:00 a.m. ET.
To access the conference call by telephone, dial 647-427-7450 or 1-888-231-8191. Please connect approximately 15 minutes prior to the beginning of the call to ensure participation. A question and answer session for analysts and institutional investors will follow management's presentation.
A live audio webcast of the conference call will be available at www.catchthewindinc.com. Please connect at least 15 minutes prior to the conference call to ensure adequate time for any software download that may be required to join the webcast. The webcast will be archived at the above web site for 30 days.
A taped rebroadcast will be available to listeners until 12 a.m. ET on Thursday, May 3, 2012. To access the rebroadcast, please dial 416-849-0833 or 1-855-859-2056 and enter passcode 69598551, followed by the number sign.
About Catch the Wind Ltd. Catch the Wind Ltd. is a high-growth technology company headquartered in Chantilly, Virginia. The company was founded in 2008 to develop and manufacture the OCS.
The OCS is a "next generation" wind turbine control system for utility-scale wind turbines. From its position on top of the nacelle, the OCS simultaneously measures wind speed and direction in the free stream inflow ahead of the turbine and uses this information to optimize wind turbine performance, increasing energy output and reducing damaging stress loads.
Catch the Wind is focused upon the optical wind sensor systems, and using the data produced by these sensors to enable highly efficient control systems. The Company is focused on becoming a major contributor in making clean, renewable wind energy more affordable and profitable. For more information, please visit www.catchthewindinc.com or follow us on Twitter at www.twitter.com/CatchTheWindInc.
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.
Catch the Wind Ltd. Consolidated Balance Sheets
December December
31, 31, January 1,
2011 2010 2010
(Note 5) (Note 5)
(Expressed in
United States Note
dollars) $ $ $
Assets
Current assets:
Cash and cash
equivalents 6,018,559 6,746,467 10,616,065
Accounts
receivable 167,705 202,157 119,627
Inventory 6 1,830,350 2,605,224 1,667,997
Prepaid
expenses and
other assets 352,002 228,262 107,719
8,368,616 9,782,110 12,511,408
Non-current
assets:
Property and
equipment 7 418,896 5,794,514 6,466,248
Intangible
assets 8 3,166 5,990,404 5,923,105
Other assets 82,050 81,109 77,045
504,112 11,866,027 12,466,398
Total assets 8,872,728 21,648,137 24,977,806
Liabilities and
Equity
Current
liabilities:
Accounts
payable and
other
liabilities 1,391,799 2,043,448 1,339,905
Obligations
under finance
leases 11 62,707 188,064 166,206
Warranty
provision 12 93,750 31,250 -
Due to related
party 15 18,516 74,388 355,685
Borrowings 16,
17 - 178,530 166,213
Deferred
revenue and
customer
deposits 552,800 333,500 360,000
2,119,572 2,849,180 2,388,009
Non-current
liabilities:
Obligations
under finance
leases 11 7,620 41,467 212,934
Borrowings 16, 17 - 4,215,527 4,394,057
Warrant
liability 18 249,329 596,117 -
Provision for
indemnification
agreement 12 2,000,000 - -
2,256,949 4,853,111 4,606,991
Total liabilities
4,376,521 7,702,291 6,995,000
Commitments and
Contingencies
(Notes 13 and 14)
Equity
Equity
attributable to
owners of the
Company:
Capital stock 21 12,252 8,049 5,488
Contributed
surplus 22 56,521,284 42,739,096 31,266,174
Deficit
(52,037,329) (28,930,873) (13,481,028)
Non-controlling
interest - 129,574 192,172
Total equity 4,496,207 13,945,846 17,982,806
Total liabilities
and equity 8,872,728 21,648,137 24,977,806
Catch the Wind Ltd. Consolidated Statements of Loss, Comprehensive Loss and Deficit For the years ended December 31,
2011 2010
(Expressed in
United States Note
dollars) $ $
Revenue 988,000 507,500
Expenses
Cost of sales 6, 11,
12, 15 2,485,530 1,133,127
Salaries and 10
benefits 2,088,719 3,505,566
General and 11, 15
administrative 2,543,936 2,479,542
Inventory 6
writedown 1,836,743 1,836,333
Amortization of
intangible 8
assets 1,018,870 740,360
Depreciation of
property and 7
equipment 588,134 701,474
Sales and
marketing 346,621 417,401
Consulting fees 654,611 723,921
Professional
fees 1,334,099 1,509,761
Professional
engineering 15
fees 439,103 2,273,902
Research and 15
development 3,921,520 2,084,076
Finance costs 255,616 388,963
Interest income (5,057) (17,832)
Other income, 16
net (53,647) (18,550)
Gain on fair
value of 18
warrant
liability (620,168) (1,535,594)
Impairment of
property and 7
equipment 2,486,798 149,000
Impairment of
intangible 8
assets 4,968,369 -
Loss on
deconsolidation 12, 16
of Falcon Fifty
LLC 656,326 -
Foreign
exchange loss
(gain) 82,777 (82,611)
25,028,900 16,288,839
Net loss and
total
comprehensive
loss (24,040,900) (15,781,339)
Net loss and
total
comprehensive
loss
attributableto:
Owners of the
Company (23,106,456) (15,449,844)
Non-controlling
interest (934,444) (331,495)
(24,040,900) (15,781,339)
Net loss per
share - basic and
diluted (0.24) (0.26)
Weighted average
number of common
shares
outstanding 97,645,981 58,798,384
Catch the Wind Ltd.
CONTACT: Catch the Wind Ltd.Claudia JaquesVice President and General Counsel703-956-6554cjaques@catchthewindinc.comTMX EquicomPhilip DaleInvestor Relations416-815-0700 ext. 253pdale@equicomgroup.com