MANASSAS, VA, Aug. 18 /CNW/ - Catch the Wind Ltd. (TSX-V: CTW) (the "Company" or "Catch the Wind"), developer and manufacturer of the Vindicator(R) laser wind sensor (LWS) and other wind sensor products, announced today that it has appointed Christopher Lowe, a senior financial executive with more than 17 years of experience in the investment banking and energy sectors, as an independent director of the Company. Mr. Lowe will serve as the Chair of the Company's Audit Committee and will also serve on its Governance and Compensation Committee.
"We are very excited to have Chris join our board," said Philip Rogers, President and CEO of the Company. "He brings a deep understanding of finance and the capital markets, and extensive experience in the energy sector, including wind energy. We look forward to his many contributions in helping us commercialize our laser wind sensing technology and grow the Company."
Mr. Lowe is currently Chief Financial Officer of Noble Environmental Power. Prior to joining Noble, Mr. Lowe was a Managing Director at JPMorgan Securities, and most recently, a Managing Director and Head of the Americas Resources and Energy Group at HSBC Securities.
Consistent with the Company's non-employee director compensation policy, Mr. Lowe was issued a stock option grant consisting of 100,000 shares. The options have an exercise price of C$1.44 based on the Company's closing share price on the TSX Venture Exchange on August 17, 2010. One third of these options vested on the date of grant and the remaining two thirds of these options will vest in equal increments on each of the first and second anniversaries of the date of grant. The expiry date of the options is August 17, 2020.
In order to increase the ratio of independent directors on the Board, and in furtherance of the Company's corporate governance mandate, David Samuels, the Chief Financial Officer of the Company, has resigned from the Board effective as of August 17, 2010, the date of Mr. Lowe's appointment. As a result of Mr. Lowe's appointment, and Mr. Samuels' resignation from the Board, a majority of the Company's directors are now independent within the meaning of applicable securities laws.
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(R) 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 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 BlueScout Technologies, Inc.
For further information: For further information: Catch the Wind Ltd., Claudia Jaques, Vice President and General Counsel, 703-393-0754, email@example.com; The Equicom Group, Joe Racanelli, Investor Relations, 416-815-0700 ext. 243, firstname.lastname@example.org