- Updates on Guidance and Falcon Fifty -
CHANTILLY, VA, Nov. 15, 2011 /CNW/ - Catch the Wind Ltd. (TSXV: CTW),
providers of laser-based wind sensor products and technology, announced
today the appointments of John Green as Chief Financial Officer and
Frederick Belen to Vice President of Technology and Product Line
Mr. Green has been supporting Catch the Wind as a financial and
operational consultant since early September, 2011 to help with the
transition to a manufacturing company from a R&D focused company. He
has over 20 years of executive experience, primarily in Silicon Valley
based high technology companies. In addition to being the senior
financial executive during this time, he has been heavily involved in
driving operational process improvements domestically and
internationally. Mr. Green's expertise has contributed to the rapid
growth of early revenue manufacturing companies including as Chief
Financial Officer of Corsair Memory Inc. and CFO/COO/VP-HR of Strategy
Manufacturing, Inc. Mr. Green holds a Bachelor of Science from
Pepperdine University, a Master's of Science from Northeastern
University and an MBA from the University of Southern California.
"We are delighted to add John to the team. He has a deep knowledge of
both operations and finance and is playing an instrumental role in our
corporate transformation," said Jo Major, Chairman and interim CEO of
Catch the Wind. "John got his initial corporate experience in the
financial analysis of semiconductor wafer facilities at Advanced Micro
Devices, Inc. His corporate roles include running the Multichip
Technology subsidiary of Cypress Semiconductor, reporting to T. J.
Rogers, with his most recent role being the CFO at Corsair Memory,
which grew in annual revenues from $20 to $400M during his time with
the company. We would also like to thank Robin for her contributions as
interim CFO and look forward to her continuing role with the Company."
Mr. Belen has been a consultant with Catch the Wind since 2008. Mr.
Belen has broad civilian and military experience developing and
procuring complex systems. During his federal career, Mr. Belen held
positions, ever-increasing in responsibility, from the research
laboratory to the Office of the Secretary of the Navy and the Office of
Naval Research managing programs in shipbuilding, communications &
electronics, sensors, weapons systems and vehicles. Since 2003, Mr.
Belen ran a consultant firm serving a wide variety of customers,
including Lockheed, General Dynamics, and Textron. Mr. Belen holds a
Bachelors of Science and Masters of Science in Mechanical Engineering
from Virginia Polytechnic Institute and State University, and has
completed post-graduate work at Massachusetts Institute of Technology,
University of Virginia, the Defense Systems Management College, the
Federal Executive Institute, and George Washington University. Mr.
Belen has also served as a Senior Executive Fellow at Harvard
"We are very excited about Fred and his contribution to the team," added
Jo Major. "Fred has a unique combination of deep technical
understanding, great business acumen, and extensive management
experience. In his new role, Fred now has responsibility for both
product development and product line management, placing him in a great
position to help guide corporate strategy as the Company continues
growing in scale. Both John and Fred are tremendous assets that have
skill sets required to execute our growth and corporate development
Both Mr. Green and Mr. Belen were issued stock option grants on November
14, 2011. Mr. Green was issued 890,000 options and Mr. Belen was
issued 280,000 options, each at an exercise price of C$0.16. One
quarter of these options vest on the first anniversary of the date of
grant, with 1/36th of the remaining grant vesting each month over the subsequent 36
months. The expiry date of the options is November 14, 2021.
Shipping Guidance Update
As previously disclosed, Catch the Wind is currently requesting the
return of certain property, including inventory, from Optical Air Data
Systems, LLC ("OADS"). The Company now believes that this property
will not be returned by OADS in a timely fashion. This property
included certain components and circuit cards required for shipments in
this quarter. Although Catch the Wind has ordered all needed parts to
manufacture its products, the Company's supply chain cannot provide the
components rapidly enough for certain deliveries this quarter. As such,
the Company anticipates that shipments for the quarter will now be
between $0.9M and $1.1M compared to $1.2M and $1.6M as previously
"While we are disappointed that we do not have the parts to build all of
the products to meet customer demand this quarter, we believe that we
now have all of the technical, manufacturing and supply chain assets in
place such that our operational ability to take orders and ship
products is no longer dependent upon the actions of OADS," stated Jo
Major. "We are very proud that the number of units shipped this
quarter is very strong, and is the largest shipment quarter in
corporate history. We've already started booking orders for next
quarter and look forward to exciting growth going forward."
Falcon Fifty Update
The Company also announced today that, in connection with the Complaint filed by the
Company in the Delaware Chancery Court against Falcon Fifty LLC
("Falcon Fifty"), Tristar Aviation LLC (the other member of Falcon
Fifty), Apogee Holdings LLC (the sole member of Tristar Aviation LLC,
which is owned by Philip Rogers and Alisa Rogers), and Philip Rogers
and Alisa Rogers personally, seeking to compel Falcon Fifty to disclose
to the Company certain contractual, operational and financial
information regarding Falcon Fifty, it has received a copy of a
Complaint filed by Philip Rogers and Alisa Rogers against the Company
in the Circuit Court for Prince William County, Virginia. Pursuant to
the Complaint, Mr. and Mrs. Rogers have asserted a claim for
confirmation of the validity of the indemnity agreement executed by the
Company's wholly-owned subsidiary in favor of Mr. and Mrs. Rogers for
any claims made against the Rogers' in the event of a default under
security granted by the Company to VFS Financing, Inc. for the
financing of the Falcon Fifty aircraft. If the indemnity agreement is
held to be valid and binding on the Company's wholly-owned subsidiary,
the Company believes that its potential exposure under the indemnity
agreement is approximately USD$4.2 million, less the proceeds from the
eventual sales of the aircraft, plus any applicable interest, penalties
and costs associated therewith.
The Company believes that the claims made by Mr. and Mrs. Rogers are
without merit and the Company intends to take appropriate action to
defend this matter.
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.
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, please visit www.catchthewindinc.com and follow us 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 Catch the Wind Ltd.
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