Catch the Wind Ltd. Announces Major as Interim CEO
Announces New Corporate Facility
Catch the Wind Ltd. (TSX-V: CTW), providers of laser-based wind sensor products and technology, announced today that Jo S. Major, PhD has been named interim President and Chief Executive Officer. Dr. Major will continue his role as Chairman of the Board. Philip Rogers has resigned as President and Chief Executive Officer, and as a Director, of the Company effective immediately.
“We appreciate Phil’s contribution as a corporate founder, for developing the technology and growing the Company to this point and we wish him well in his future endeavors,” said Dr. Major. “The Company has developed a strong product offering for the wind industry. With the successful completion of our recent financing, the Company is positioned to advance the transition to full manufacturing. We believe that the Company`s product suite will dramatically improve the economics of the wind industry, translating to improved economics for our customers.”
The Company has launched a CEO search which is expected to successfully conclude soon.
Mr. Rogers has demanded that the Company pay him severance under his existing employment agreement in connection with his resignation as President and CEO of the Company.
Relocation of Corporate Headquarters and Assembly Facility
The Company has moved out of the space previously leased by it from Optical Air Data Systems and has expanded into a new facility at 4309 Henninger Ct., Chantilly, VA 20151, USA. This new facility will support the technical and operational build out of the Company’s business and will also be the location of its headquarters.
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. The Vindicator® laser wind sensor is part of Catch the Wind’s “next generation” turbine control and performance enhancement system for utility-scale wind turbines. From its position on top of the nacelle, the Vindicator® laser wind sensor determines wind speed and direction up to 300 meters in front of the turbine, providing a three-dimensional view of actual wind conditions. Catch the Wind’s turbine performance enhancement system responds to the real-time, actual measurements of the Vindicator® laser wind sensor to optimally control a wind turbine’s performance for the purposes of increasing energy output and reducing damaging stress loads.
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.
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.
Claudia Jaques
Vice President and General Counsel
703-393-0754
[email protected]
TMX Equicom
Philip Dale
Investor Relations
416-815-0700 ext. 253
[email protected]
