CHANTILLY, VA, Oct. 25, 2012 /CNW/ - BlueScout Technologies (TSXV: SCT), providers of the BlueScout OCS-210 for optimized wind energy generation, announced today the complaint filed by Phil and Alisa Rogers against BlueScout Technologies, Ltd., relating to an alleged indemnification agreement in connection with the purchase of a Falcon Fifty aircraft, was dismissed yesterday without prejudice for lack of jurisdiction under the Virginia Declaratory Judgment Act in the Fairfax Circuit Court.
The Rogers also voluntarily dismissed an additional claim that BlueScout had breached the alleged indemnification agreement. With both the voluntary and court ordered dismissals of claims there are no longer any outstanding complaints against BlueScout relative to this issue.
"The court's dismissal of this complaint is good news for the Company; it allows us to continue honing our focus on product development and sales efforts," said Jo Major, President and CEO of BlueScout Technologies, Inc. "We are adding operational hours, now over 300,000, on a fleet of expanding deployed products and improving our data analysis capabilities. Optical control is becoming an economic reality. Turbines under OCS-210 control produce more power, are less noisy in their power output, and reduce turbine stress."
The dismissed complaint, originally filed in October 2011, was seeking a declaratory judgment that an alleged indemnification agreement by BlueScout relative to the Rogers' personal guaranty of a loan made by VFS Financing, Inc. to Falcon Fifty, LLC in connection with its purchase of a Falcon Fifty aircraft was valid and enforceable.
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.
The team consists of experienced high-tech, R&D and manufacturing engineers, innovative entrepreneurs, and proven leaders. The BlueScout team has unique expertise and shares a firm commitment, as part of the wind power industry, to continuously improve the reliability of wind power generation through innovation. For more information, visit www.BlueScout.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 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 Technologies
For further information:
BlueScout Technologies, Inc.
John E. Green
CFO & Treasurer
416-815-0700 ext. 253