Catch the Wind reports second quarter 2009 financial results

    - Focused on path towards commercialization of laser wind sensing
    technology -

    MANASSAS, VA, Aug. 26 /CNW/ - Catch the Wind Ltd. (TSX-V: CTW.S),
developer and manufacturer of the Vindicator(R) laser wind sensor (LWS) and
other wind sensing products, announced its financial results for the three and
six-month periods ended June 30, 2009. All figures are in U.S. dollars unless
otherwise stated.
    "Consistent with our strategy, we focused our Q2 efforts on identifying
select wind farm operators, turbine manufacturers and other key organizations
within the renewable energy sector to initiate testing of our laser wind
sensing technology," said Phil Rogers, President and CEO of Catch the Wind
Ltd. "As evidenced by the number of evaluation programs we have recently
signed with quality partners, our progress will help to validate our
technology and accelerate the commercialization of the Vindicator(R) Laser
Wind Sensor."

    Second Quarter Highlights

    -   Completed a private placement of 16.7 million common shares at a
        price of CDN $1.30 per share, generating gross proceeds of
        approximately CDN $21.8 million.
    -   Net loss from operations was $2.1 million or $0.05 per basic share,
        compared to a net loss of $1.7 million or $0.04 per basic share for
        Q1 of 2009 and a net loss of $0.2 million for Q2 of 2008.
    -   Net cash used in operating activities was $3.1 million, compared to
        net cash used in operating activities of $2.2 million for Q1 of 2009
        and a net cash benefit from operating activities of $0.2 million for
        Q2 of 2008.

    Highlights Subsequent to Quarter End

    -   Entered the test phase of a trial program with Nebraska Public Power
        District, following the successful development of capabilities to
        integrate the Vindicator(R) LWS to a turbine control system.
    -   Signed an evaluation program agreement with Hélimax Energy Inc., an
        independent consulting firm specializing in utility-scale wind energy
        project development.
    -   Delivered the first Vindicator(R) LWS for commercial use to AXYS
        Technologies, Inc., a leading provider of environmental data
        acquisition, processing and telemetry systems for marine and
        terrestrial applications.
    -   Entered into a trial program agreement with Canadian Hydro
        Developers, Inc. to supply eight Vindicator(R) LWS test units for
        direct side-by-side comparison on a designated wind farm with
        turbines not equipped with forward wind measurement capabilities.
    -   Signed a cooperative research and development agreement with the
        National Renewable Energy Laboratory, the U.S. Department of Energy's
        primary laboratory for renewable energy research and development.

    Financial Performance

    Catch the Wind is an early stage development company focused on the
commercialization of its Vindicator(R) LWS. Revenue relating to the commercial
sales of the Vindicator(R) LWS will be recognized upon delivery and acceptance
of the units upon full commercialization.
    Operating expenses for Q2 and year-to-date 2009 were $2.1 million and
$3.8 million, respectively, compared to $0.2 million and $0.3 million for the
same periods of 2008. The expenses consisted of salaries and benefits,
professional engineering fees, inventory valuation adjustments, general and
administrative costs, consulting fees, other professional fees, and sales and
marketing costs associated with the development and marketing of the
Vindicator(R) LWS.
    Net loss for Q2 2009 was $2.1 million or $0.05 per basic share compared
to a net loss of $0.2 million for the same period of 2008. On a year-to-date
basis, net loss for 2009 was $3.8 million or $0.09 per basic share, compared
to $0.3 million for the same period of 2008. The Company had no publicly
traded shares during the first six months of 2008.
    Net cash usage from operating activities for Q2 2009 and year-to-date was
$3.1 million and $5.4 million, respectively.
    At June 30, the Company held cash and cash equivalents of $19 million.


    "The preliminary feedback we have received on our technology has been
very encouraging," Mr. Rogers said. "In the coming months, we expect to
receive empirical data from a number of trial programs currently under way.
These results, we believe, will demonstrate that the Vindicator(R) LWS
delivers capabilities for accurate forward measurement of wind speed and
direction, and more importantly, for addressing the wind energy sector's need
for reduced turbine maintenance costs and stress loads as well as increased
energy output."
    Catch the Wind will file its financial statements for the period ended
June 30, 2009 and related Management's Discussion and Analysis (MD&A) with
securities regulatory authorities on or before August 30, 2009. Catch the
Wind's financial statements, MD&A and related documents will be available via
SEDAR as well as through the Company's website,

    Conference Call

    Catch the Wind will hold a conference call to discuss its 2009
second-quarter and year-to-date financial results on Thursday, August 27, 2009
at 10:00 a.m. ET.
    To access the conference call by telephone, dial 416-644-3419 or
1-800-595-8550. 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 from noon August 27
until midnight on Thursday, September 3, 2009. To access the rebroadcast,
please dial 416-640-1917 or 1-877-289-8525 and enter passcode 21312911,
followed by the number sign.

    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.

                        (Financial statements follow)

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

                                Three       Three        Six         Six
                                months      months      months      months
                                ended       ended       ended       ended
                               June 30,    June 30,    June 30,    June 30,
    (Expressed in United         2009        2008        2009        2008
     States dollars)               $           $           $           $
                              (unaudited) (unaudited) (unaudited) (unaudited)

      Salaries and benefits      485,151       1,458   1,122,397       1,458
      General and
       administrative            233,738      13,671     538,850      18,077
      Inventory valuation -
       Beta units                621,378           -     621,378           -
      Amortization                50,243           -      70,550           -
      Sales and marketing         98,144     136,464     171,876     151,621
      Consulting fees            104,024      18,543     218,475      18,543
      Professional fees          149,979      25,996     190,819      29,957
       engineering fees          498,074      24,049   1,007,085      39,035
      Research                         -      24,955           -      27,423
      Interest expense            14,016           -      20,759           -
      Interest income             (6,789)                (26,284)
      Foreign exchange gain     (100,666)          -    (104,518)          -
                               2,147,292     245,136   3,831,387     286,114

    Net loss and comprehensive
     loss for the period      (2,147,292)   (245,136) (3,831,387)   (286,114)

    Deficit - Beginning
     of period                (3,915,491)    (40,978) (2,231,396)          -
    Deficit - End of period   (6,062,783)   (286,114) (6,062,783)   (286,114)

    Net loss per common share
     - basic and diluted           (0.05)      (0.01)      (0.09)      (0.01)

    Weighted average number
     of common shares
     outstanding              45,774,322  25,000,000  41,931,900  25,000,000

                             Catch the Wind Ltd.
                        (A Development Stage Company)
                         Consolidated Balance Sheet
                             As at June 30, 2009

                                                      June 30,   December 31,
                                                        2009         2008
    (Expressed in United States dollars)                  $            $

    Current assets:
      Cash and cash equivalents                       18,953,367   9,143,767
      Inventory                                        2,181,286     230,931
      Prepaid expenses and other assets                   35,097     103,902
                                                      ----------- -----------
                                                      21,169,750   9,478,600

    Capital assets                                       708,958      28,140
    Project development costs                          4,882,133   3,075,002
    Deposits                                              65,223       4,499
                                                      ----------- -----------
                                                      26,826,064  12,586,241
                                                      ----------- -----------
                                                      ----------- -----------

    Liabilities and Shareholders' Equity

    Current liabilities:
      Accounts payable and accrued liabilities           972,800     826,750
      Due to related party                               411,539     527,135
      Obligations under capital lease -
       current portion                                   141,002           -
      Deferred revenue and deposits                      354,500     200,000
                                                      ----------- -----------
    Total Liabilities:                                 1,879,841   1,553,885
                                                      ----------- -----------

    Obligations under capital lease                      257,716           -
                                                      ----------- -----------

    Shareholders' Equity
      Capital stock                                        5,479       3,805
      Contributed surplus                             30,745,811  13,259,947
      Deficit                                         (6,062,783) (2,231,396)
                                                      ----------- -----------
                                                      24,688,507  11,032,356
                                                      ----------- -----------

                                                      26,826,064  12,586,241
                                                      ----------- -----------
                                                      ----------- -----------

For further information:

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

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