CHANTILLY, VA, Feb. 14, 2012 /CNW/ - Catch the Wind Ltd. (TSX-V: CTW), providers of optical turbine control systems (OTCS), announced today
that it, together with its wholly-owned operating subsidiary Catch the
Wind, Inc. ("CTW Virginia"), has filed a complaint in the Circuit Court
for Prince William County, Virginia, against Philip L. Rogers (former
President, Chief Executive Officer and Chairman of the Board of Catch
the Wind and a former director of CTW Virginia), his wife Alisa Rogers
(former director of Catch the Wind and a former director and Vice
President of CTW Virginia) and their daughter, Elizabeth Dakin (a
former director, Secretary and Treasurer of CTW Virginia), as well as
Falcon Fifty, LLC and Tristar Aviation, LLC (entities owned and
controlled by Philip and Alisa Rogers). Catch the Wind is seeking
damages in the amount of $18.6 million plus the costs of the action,
and the rescission of the Falcon 50 aircraft purchase transaction.
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 Vindicator® optical turbine control system.
Catch the Wind markets optical 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 or follow us on Twitter at www.twitter.com/CatchTheWindInc.
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.
SOURCE Catch the Wind Ltd.
For further information:
Catch the Wind Ltd.
Vice President and General Counsel
416-815-0700 ext. 253