- Minimum purchase commitment of 58 units over five years -
MANASSAS, VA, June 13, 2011 /CNW/ - Catch the Wind Ltd. (TSX-V: CTW),
providers of laser-based wind sensor products and technology, announced
today that it has expanded its business relationship with AXYS
Technologies (AXYS) and signed an exclusive worldwide licensing
agreement to integrate the Vindicator® laser wind sensor (LWS) unit into an AXYS system for land-based wind
resource assessment applications.
Under the terms of the five-year licensing agreement, AXYS has agreed to
purchase a minimum of 58 high-precision Vindicator® LWS units from
Catch the Wind over the next five years. With the collaboration of
Catch the Wind, AXYS will design, construct, commission, and market a
land-based wind resource assessment system under the name of
WindSentinel™ Land Station.
"Developing new market channels for our technology is an important part
of our strategy to accelerate commercialization and market adoption of
the Vindicator products," said Phil Rogers, President and CEO of Catch
the Wind Inc. "We believe expanding our current relationship with AXYS
to include the integration of the Vindicator to a land-based wind
resource assessment system will capitalize on the growing demand for
our technology and will add to our growing sales pipeline."
"We believe there is a good market for a laser wind sensor that has the
reliability of the Vindicator, combined with the remote management and
reporting capabilities offered by our WatchMan500 controller", says
Graham Howe, International Business Development Renewables for AXYS.
"We welcome this opportunity to strengthen our relationship with Catch
As announced previously, Catch the Wind granted AXYS an exclusive
license to combine and integrate a Vindicator® LWS unit with custom
AXYS marine floating platforms called the WindSentinel™, and sell the bundled products worldwide.
No financial terms of the agreement were provided.
About AXYS Technologies Inc.
AXYS Technologies Inc. is a Canadian company with over 30 years
experience in the design, manufacture and installation of remote
environmental monitoring systems worldwide. AXYS applies its extensive
knowledge and experience to marine, freshwater, land-based monitoring
stations, and offshore wind resource assessment systems that measure
aquatic, oceanic and atmospheric parameters. For more information, visit www.axystechnologies.com.
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® 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.
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
SOURCE Catch the Wind Ltd.
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