Catch the Wind Relinquishes Interest in Falcon Fifty LLC and Related Aircraft
27 October 2011 - 1:01AM
PR Newswire (Canada)
CHANTILLY, VA, Oct. 26, 2011 /CNW/ - Catch the Wind Ltd. ,
providers of laser-based wind sensor products and technology,
announced today that effective October 22, 2011, the Company's
wholly-owned subsidiary, Catch the Wind, Inc. ("CTW"), withdrew its
membership in Falcon Fifty LLC, which was originally formed in
September 2009 to acquire a Falcon 50 aircraft. As a result,
the Company no longer has any interest in the aircraft. "The
mission of this Company is to become the premier provider of
high-performance wind-sensing equipment to the wind turbine
industry. The elimination of the corporate jet removes complexity
from the Company and allows us to be more efficient with our cash,
both of which are positive steps enabling us to execute more
effectively," said Jo Major, interim CEO of Catch the Wind.
"The timing of this action is right as the Company is progressing
into commercial production commencing this quarter and expanding
next quarter." "This withdrawal will benefit the Company as it had
been paying approximately $1.5 million a year for this aircraft. To
fully understand all of the financial impacts, CTW requires access
to information that is currently being withheld by Falcon Fifty
LLC," said Susan Nickey, the Board member appointed to conduct an
internal review of the financial impact of the aircraft to the
Company. In order to compel access to the necessary information and
for other declaratory relief, the Company announced that CTW has
filed a Complaint in the Delaware Chancery Court against Falcon
Fifty LLC, Tristar Aviation LLC (Falcon Fifty LLC's sole member)
and Tristar Aviation LLC's member and its owners, Phil and
Alisa Rogers. 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, 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.
In addition to such risk factors, statements provided as of the
date hereof regarding expected performance and results are based on
the assumption that we will be successful in obtaining the prompt
return of our business-critical property from OADS. 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.
CONTACT: Catch the Wind Ltd. TMX EquicomClaudia Jaques Philip
DaleVice President and General Investor RelationsCounsel
416-815-0700 ext. 253703-956-6554
pdale@equicomgroup.comcjaques@catchthewindinc.com
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