Catch the Wind Announces Major as Interim CEO
03 September 2011 - 11:31AM
PR Newswire (Canada)
CHANTILLY, VA, Sept. 2, 2011 /CNW/ -- - Announces New Corporate
Facility - CHANTILLY, VA, Sept. 2, 2011 /CNW/ - Catch the Wind Ltd.
(TSXV: 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. To
view this news release in HTML formatting, please use the following
URL:
http://www.newswire.ca/en/releases/archive/September2011/02/c8441.html
table valign="top" border="0" tr td Catch the Wind
Ltd. /td td /td td TMX Equicom
/td /tr tr td Claudia Jaques /td td
/td td Philip Dale /td /tr tr td Vice President and General
Counsel /td td /td td Investor Relations
/td /tr tr td a cr="true"
href="mailto:cjaques@catchthewindinc.com"cjaques@catchthewindinc.com/a
/td td /td td 416-815-0700 ext.
253 /td
/tr tr td /td td /td td a
href="mailto:pdale@equicomgroup.com"pdale@equicomgroup.com/a /td
/tr /table p /p
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