- Announces New Corporate Facility -
CHANTILLY, VA, Sept. 2, 2011 /CNW/ - Catch the Wind Ltd. (TSXV: CTW),
providers of laser-based wind sensor products and technology, announced
today that Jo S. Major, PhD has been named interim President and Chief
Executive Officer. Dr. Major will continue his role as Chairman of the
Board. Philip Rogers has resigned as President and Chief Executive
Officer, and as a Director, of the Company effective immediately.
"We appreciate Phil's contribution as a corporate founder, for
developing the technology and growing the Company to this point and we
wish him well in his future endeavors," said Dr. Major. "The Company
has developed a strong product offering for the wind industry. With the
successful completion of our recent financing, the Company is
positioned to advance the transition to full manufacturing. We believe
that the Company`s product suite will dramatically improve the
economics of the wind industry, translating to improved economics for
The Company has launched a CEO search which is expected to successfully
Mr. Rogers has demanded that the Company pay him severance under his
existing employment agreement in connection with his resignation as
President and CEO of the Company.
Relocation of Corporate Headquarters and Assembly Facility
The Company has moved out of the space previously leased by it from
Optical Air Data Systems and has expanded into a new facility at 4309
Henninger Ct., Chantilly, VA 20151, USA. This new facility will support
the technical and operational build out of the Company's business and
will also be the location of its headquarters.
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® laser wind sensor. The Vindicator® laser wind sensor is part of Catch the Wind's "next generation" turbine
control and performance enhancement system for utility-scale wind
turbines. From its position on top of the nacelle, the Vindicator® laser wind sensor determines wind speed and direction up to 300 meters
in front of the turbine, providing a three-dimensional view of actual
wind conditions. Catch the Wind's turbine performance enhancement
system responds to the real-time, actual measurements of the Vindicator® laser wind sensor to optimally control a wind turbine's performance for
the purposes of increasing energy output and reducing damaging stress
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.
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.
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