Catch the Wind appoints Christopher Lowe to its Board of Directors
18 August 2010 - 1:00PM
PR Newswire (Canada)
MANASSAS, VA, Aug. 18 /CNW/ -- MANASSAS, VA, Aug. 18 /CNW/ - Catch
the Wind Ltd. (TSX-V: CTW) (the "Company" or "Catch the Wind"),
developer and manufacturer of the Vindicator(R) laser wind sensor
(LWS) and other wind sensor products, announced today that it has
appointed Christopher Lowe, a senior financial executive with more
than 17 years of experience in the investment banking and energy
sectors, as an independent director of the Company. Mr. Lowe will
serve as the Chair of the Company's Audit Committee and will also
serve on its Governance and Compensation Committee. "We are very
excited to have Chris join our board," said Philip Rogers,
President and CEO of the Company. "He brings a deep understanding
of finance and the capital markets, and extensive experience in the
energy sector, including wind energy. We look forward to his many
contributions in helping us commercialize our laser wind sensing
technology and grow the Company." Mr. Lowe is currently Chief
Financial Officer of Noble Environmental Power. Prior to joining
Noble, Mr. Lowe was a Managing Director at JPMorgan Securities, and
most recently, a Managing Director and Head of the Americas
Resources and Energy Group at HSBC Securities. Consistent with the
Company's non-employee director compensation policy, Mr. Lowe was
issued a stock option grant consisting of 100,000 shares. The
options have an exercise price of C$1.44 based on the Company's
closing share price on the TSX Venture Exchange on August 17, 2010.
One third of these options vested on the date of grant and the
remaining two thirds of these options will vest in equal increments
on each of the first and second anniversaries of the date of grant.
The expiry date of the options is August 17, 2020. In order to
increase the ratio of independent directors on the Board, and in
furtherance of the Company's corporate governance mandate, David
Samuels, the Chief Financial Officer of the Company, has resigned
from the Board effective as of August 17, 2010, the date of Mr.
Lowe's appointment. As a result of Mr. Lowe's appointment, and Mr.
Samuels' resignation from the Board, a majority of the Company's
directors are now independent within the meaning of applicable
securities laws. 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 www.catchthewindinc.com or follow us on twitter
at www.twitter.com/catchthewindinc 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, cjaques@catchthewindinc.com; The Equicom Group, Joe
Racanelli, Investor Relations, 416-815-0700 ext. 243,
jracanelli@equicomgroup.com
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