BlueScout Technologies Reduces Headcount to Conserve Capital
- Continuing to Pursue Financing Alternatives -
CHANTILLY, VA, Jan. 3, 2013 /CNW/ - BlueScout Technologies TSXV: SCT, providers of the BlueScout OCS-210 for optimized wind energy generation, announced today a reduction in headcount of 9 employees resulting in the reduction of normal day-to-day operations to conserve cash. To date, even though the Company has not paid out any damages relative to legal disputes, the increasing cost of defending against multiple legal actions by the former founder/CEO and his wife, Phil and Alisa Rogers, and their company Optical Air Data Systems LLC ("OADS") has severely impacted the cash flow and operations of the Company.
BlueScout's viability and ability to continue as a going concern is dependent on securing additional capital. BlueScout continues to actively seek to raise additional capital through debt, equity or other capital raising efforts while also considering other strategic alternatives. There can be no assurance that BlueScout will be able to successfully obtain financing or that any sale of assets or other strategic transactions can be successfully consummated.
BlueScout Technologies (TSXV: SCT) increases energy production and decreases operating costs by applying groundbreaking microgeographical wind flow sensing to turbine control systems that increases the effectiveness and availability of wind turbines. BlueScout combines precise, optically based wind forecasting with advanced predictive control architectures to ready the turbine for the imminent wind inflow changes - optimizing energy production and reducing the harmful effects of wind turbulence on the turbine. With extensive operating data on multiple wind turbine models, BlueScout is the leading, value-added innovator in wind turbine performance and optimization.
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 BlueScout Technologies. Any number of important factors could cause actual results to differ materially from these forward-looking statements as well as future results. Although BlueScout 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. BlueScout Technologies 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: BlueScout TechnologiesFor further information:
BlueScout Technologies, Inc.
John E. Green
CFO & Treasurer
416-815-0700 ext. 253