Catch the Wind reports first quarter 2009 financial results

    - Makes considerable operational progress -

    MANASSAS, VA, May 27 /CNW/ - Catch the Wind Ltd. (TSX-V: CTW.S),
developer and manufacturer of the Vindicator(R) laser wind sensor (LWS) and
other sensor products, announced today its first quarter results for the
period ended March 31, 2009. All figures are in U.S. dollars unless otherwise
    "Our progress during the first quarter was very encouraging," said Phil
Rogers, President and CEO of Catch the Wind. "We signed our first customer,
identified new market opportunities for off-shore wind energy assessment and
signed an agreement with a major wind farm operator to launch a field trial
this year. Combined, these efforts illustrate the potential of the Vindicator
LWS in addressing the wind energy's need for reduced operating costs and
increased energy output through optimal turbine performance."

    First Quarter Highlights

    -   Completed first commercial sale of the Vindicator(R) LWS to AXYS
        Technologies, a leading provider of environmental data acquisition,
        processing and telemetry systems for marine and terrestrial
    -   Signed an OEM distribution agreement with AXYS, granting the company
        a license to combine and integrate the Vindicator(R) LWS with custom
        AXYS salt/fresh water fixed and floating platforms. AXYS will sell
        the bundled products, which will provide wind energy assessment
        capabilities for off-shore environments, worldwide.
    -   Entered into an agreement to launch a field trial program with the
        Nebraska Public Power District that will test the capabilities of the
        Vindicator(R) LWS on Nebraska's largest wind farm, the Ainsworth Wind
        Energy Facility.
    -   Signed a consulting agreement with DNV Global Energy Concepts Inc.,
        which will be providing engineering services to integrate the
        Vindicator(R) LWS with a yaw control system of an operating turbine.
    -   Recorded additional deferred revenue on future sales of $154,500,
        resulting in an aggregate balance of $354,500 when added to existing
        deferred revenue and customer deposits.

    Highlights Subsequent to Quarter-end

    -   On May 20, 2009, completed a private placement of approximately 16.7
        million common shares, at a price of CDN $1.30, generating gross
        proceeds of approximately CDN $21.8 million.

    Financial Performance

    Catch the Wind is an early stage development company focused on the
commercialization of its Vindicator(R) LWS. The Company, as a result, did not
generate any revenue for the first quarter ended March 31, 2009. Revenue
relating to the commercial sales of the Vindicator(R) LWS will be recognized
upon delivery and acceptance of the units during the year.
    Operating expenses for the first quarter of 2009 were $1.7 million and
consisted of salaries and benefits, general and administrative expenses as
well as professional fees associated with the development of the Company's
Vindicator(R) LWS. Operating expenses for the first quarter of 2008, when the
Company was an affiliate of Optical Air Data Systems, LLC with minimal
operations, were $41,000.
    Net loss for the first quarter of 2009 was $1.7 million or $0.04 per
basic and diluted share, based on 38.0 million shares issued and outstanding.
This compares to a net loss of $41,000 for the first quarter of 2008.
    At March 31, 2009, Catch the Wind held cash and cash equivalents of $5.5
million and its total assets were $11.4 million.
    On May 20, 2009, Catch the Wind completed a private placement equity
offering, securing gross proceeds of approximately CDN $21.8 million. The net
proceeds, approximately CDN $20.3 million, will be used to further develop the
efficient manufacture of the Company's Vindicator(R) LWS and other laser-based
products as well as to increase external sales initiatives, support field
engineering services and for general working capital purposes. Following the
completion of the private placement, Catch the Wind's number of common shares
outstanding totals 54.8 million.


    "We are very bullish on our long-term prospects based on recent industry
feedback and emerging trends within the wind energy sector," Mr. Rogers said.
"Over the short-term, our focus will be on the continued implementation of our
business plan and completion of key milestones, including our field trial with
Nebraska Power and the launch of full-scale manufacturing capabilities with a
third-party supplier to address customer demand."

    Conference Call

    Catch the Wind will host a conference call on May 28, 2009 at 10:00 a.m.
(ET) to discuss its first quarter 2009 results.
    To access the conference call by telephone, dial 416-644-3425 or
1-800-732-1073. Please connect approximately 15 minutes prior to the beginning
of the call to ensure participation. A question and answer session for
analysts and institutional investors will follow management's presentation.
    A live audio webcast of the conference call will be available at . Please connect at least 15 minutes prior to the
conference call to ensure adequate time for any software download that may be
required to join the webcast. The webcast will be archived at the above web
site for 30 days.
    A taped rebroadcast will be available to listeners until 12 a.m. on
Thursday, June 4, 2009. To access the rebroadcast, please dial 416-640-1917 or
1-877-289-8525 and enter passcode 21306668, followed by the number sign.
    Catch the Wind will file its financial statements for the quarter ended
March 31, 2009 and related Management's Discussion and Analysis (MD&A) with
securities regulatory authorities within applicable timelines. Catch the
Wind's financial statements, MD&A and related documents will be available via
SEDAR as well as through the Company's website,

    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

    Forward-Looking Information

    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.

                             Catch the Wind Ltd.
                        (A Development Stage Company)
        Interim Consolidated Statement of Loss and Comprehensive Loss

                                               Three months    Three months
                                                   ended           ended
                                              March 31, 2009  March 31, 2008

    Expressed in United States dollars               $               $

    Revenues:                                              -               -

      Salaries and benefits                          637,246               -
      General and administrative                     285,617           4,406
      Amortization                                    20,307               -
      Sales and marketing                             73,732          15,157
      Consulting fees                                114,451               -
      Professional fees                               40,840          18,947
      Professional engineering fees                  509,011               -
      Research                                             -           2,468
      Interest                                         6,743               -
      Foreign exchange gain                           (3,852)              -
                                                   1,684,095          40,978

    Net loss and comprehensive loss for
     the period                                   (1,684,095)        (40,978)

    Net loss per common share - basic and
     diluted                                           (0.04)          (0.00)

    Weighted average number of shares
    Outstanding                                   38,046,784      25,000,000

                             Catch the Wind Ltd.
                        (A Development Stage Company)
                     Interim Consolidated Balance Sheet
                             As at March 31, 2009

                                                 March 31,     December 31,
                                                   2009            2008

    Expressed in United States dollars               $               $

    Current assets:
      Cash and cash equivalents                    5,494,610       9,143,767
      Accounts receivable                             27,731               -
      Inventory                                      963,656         230,931
      Prepaid expenses and other assets               68,133         103,902
                                                  -----------     -----------
                                                   6,554,130       9,478,600

    Capital Assets                                   553,875          28,140
    Project Development Costs                      4,214,200       3,075,002
    Deposits                                          56,487           4,499
                                                  -----------     -----------
                                                  11,378,692      12,586,241
                                                  -----------     -----------
                                                  -----------     -----------

    Liabilities and Shareholders' Equity

    Current liabilities:
      Accounts payable and accrued liabilities       805,101         826,750
      Due to related party                           402,400         527,135
      Obligation under capital leases -
       current portion                               112,643               -
      Deferred revenue and deposits                  354,500         200,000
                                                  -----------     -----------
    Total Liabilities:                             1,674,644       1,553,885

    Obligation under capital leases                  247,855               -

    Shareholders' Equity
      Capital stock                               13,096,998      13,096,998
      Contributed surplus                            274,686         166,754

      Deficit                                     (3,915,491)     (2,231,396)
                                                  -----------     -----------
                                                   9,456,193      11,032,356
                                                  -----------     -----------

                                                  11,378,692      12,586,241
                                                  -----------     -----------
                                                  -----------     -----------

For further information:

For further information: Catch the Wind Ltd., David Samuels, Chief
Financial Officer, (703) 393-0754, or Claudia
Jaques, Vice President and General Counsel, (703) 393-0754,; The Equicom Group, Joe Racanelli, Investor
Relations, (416) 815-0700 ext. 243,

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