CHANTILLY, VA, April 25, 2012 /CNW/ - Catch the Wind Ltd. ,
providers of Vindicator® Optical Control Systems (OCS), reported
its financial results for the three- and 12-month period ended
December 31, 2011. All figures are in U.S. dollars, unless
otherwise stated. "2011 was a year of substantial change for CTW,"
said Jo Major, Interim President and CEO of Catch the Wind, Inc.
"We have made many critical changes that have put the Company in a
much better position, both operationally and financially, than at
anytime in its history. Some of the important accomplishments
we achieved this year include: becoming an engineering independent
company, transitioning from an R&D focused company to a
manufacturing focused company, improving the data collection and
sharing this data with our customers, building and improving client
relationships, and developing good economic agreements with our
customers." "We are very excited about our future," Major
added. "We recently announced the Company's first follow-on
order with a major wind farm operator and succesfully transitioned
to third party manufacturing. Engineering efforts have dramatically
improved the product performance and its manufacturability."
Selected 2011 Financial and Operational Highlights -- The Company
has product mounted on seven different types of wind turbines. --
Shipped product to Invenergy Wind LLC, Boralex , Kruger Energy Port
Alma, and the Illinois Institute of Technology, adding to its
growing list of new customers. -- Susan Nickey was appointed to the
Board and then became Audit Chair and Jo Major was appointed to the
Board and then became Chairman. -- Expanded its business
relationship with AXYS Technologies by signing an exclusive
five-year worldwide licensing agreement to integrate the OCS into
an AXYS system for land-based wind resource assessment
applications. -- Built out its own independent engineering team and
launched the second generation of the OCS in the fourth quarter. --
Completed a short form prospectus offering for gross proceeds of
approximately CDN$15.1 million. -- Appointed Jo S. Major, PhD as
interim President and Chief Executive Officer, John Green as Chief
Financial Officer, and Frederick Belen to Vice President of
Technology and Product Line Management. -- Withdrew its membership
in Falcon Fifty LLC. -- After 45 days of testing, results of the
first ever deployment of the OCS in AXYS Technologies Inc.'s
WindSentinel™ offshore buoy were an unprecedented success;
providing wind profile information from the Great Lakes to wind
resource researchers and analysts at Grand Valley State University,
University of Michigan, the Weather Service and Michigan State
University. Similar data collection success was achieved off the US
east coast and a second Great Lakes deployment has begun.
Highlights Subsequent to Year-end -- Signed the Company's first
follow-on order by way of a multi-unit sales agreement with enXco,
an EDF Energies Nouvelles Company, for the purchase of five
additional OCS units to outfit wind turbines at multiple North
American wind farms, installation scheduled to begin in April of
2012. -- Signed a sales agreement with Saturn Power to equip all
wind turbines at its Gesner wind farm in Ontario, Canada with the
OCS. The installation of the OCS will be in parallel with the
construction of the new turbines, without modification of the
warranty agreement. -- Completed the transfer of manufacturing to
Sanmina-SCI, a tier 1 engineering and manufacturing solutions
partner. -- Continued to expand its patent portfolio, currently has
seven issued patents and 14 pending patent applications. --
Undertook a thorough review of the Company's existing technology
and its obligations under its technology licensing agreement and
concluded that its products and business are no longer subject to
any royalty requirements. Financial Performance Catch the Wind
recognized record revenue of $988,000 for the 12-month period ended
December 31, 2011, compared to recognized revenue of $507,500 for
the 12-month period ended December 31, 2010. Operating expenses for
2011 year were $25.0M, up from $16.3M for the corresponding period
of last year. The operating expenses have substantial
non-cash items; a) $5.0M from the elimination of Vindicator Beta
intangible assets originally booked in June 2010; b) $2.3M from the
impairment of property and equipment, a large majority associated
with the Falcon Fifty aircraft and c) $0.7M due to the accounting
treatment for the deconsolidation of Falcon Fifty LLC. Catch the
Wind recorded a net loss for 2011 of $24.0M or $0.24 per share,
compared to a net loss $15.8M or $0.26 per share for 2010. As of
December 31, 2011, Catch the Wind had cash and cash equivalents of
$6.0M, compared to $6.7M, respectively, for 2010. Catch the Wind
has filed its financial statements for the three months and year
ended December 31, 2011, and related Management's Discussion and
Analysis (MD&A) with securities regulatory authorities.
Catch the Wind's financial statements, MD&A and related
documents are available via SEDAR as well as through the Company's
website, www.catchthewindinc.com. Conference Call Catch the Wind
will host a conference call to discuss its 2011 year-end financial
results on Thursday, April 26, 2012 at 10:00 a.m. ET. To access the
conference call by telephone, dial 647-427-7450 or
1-888-231-8191. 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
www.catchthewindinc.com. 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 until 12 a.m. ET on Thursday, May 3,
2012. To access the rebroadcast, please dial 416-849-0833 or
1-855-859-2056 and enter passcode 69598551, followed by the number
sign. 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 OCS. The OCS is a "next generation" wind turbine
control system for utility-scale wind turbines. From its position
on top of the nacelle, the OCS simultaneously measures wind speed
and direction in the free stream inflow ahead of the turbine and
uses this information to optimize wind turbine performance,
increasing energy output and reducing damaging stress loads. Catch
the Wind is focused upon the optical wind sensor systems, and using
the data produced by these sensors to enable highly efficient
control systems. The Company is focused on becoming a major
contributor in making clean, renewable wind energy more affordable
and profitable. For more information, please 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. Consolidated Balance Sheets December December 31, 31,
January 1, 2011 2010 2010 (Note 5) (Note 5) (Expressed in United
States Note dollars) $ $ $ Assets Current assets: Cash and cash
equivalents 6,018,559 6,746,467 10,616,065 Accounts receivable
167,705 202,157 119,627 Inventory 6 1,830,350 2,605,224 1,667,997
Prepaid expenses and other assets 352,002 228,262 107,719 8,368,616
9,782,110 12,511,408 Non-current assets: Property and equipment 7
418,896 5,794,514 6,466,248 Intangible assets 8 3,166 5,990,404
5,923,105 Other assets 82,050 81,109 77,045 504,112 11,866,027
12,466,398 Total assets 8,872,728 21,648,137 24,977,806 Liabilities
and Equity Current liabilities: Accounts payable and other
liabilities 1,391,799 2,043,448 1,339,905 Obligations under finance
leases 11 62,707 188,064 166,206 Warranty provision 12 93,750
31,250 - Due to related party 15 18,516 74,388 355,685 Borrowings
16, 17 - 178,530 166,213 Deferred revenue and customer deposits
552,800 333,500 360,000 2,119,572 2,849,180 2,388,009 Non-current
liabilities: Obligations under finance leases 11 7,620 41,467
212,934 Borrowings 16, 17 - 4,215,527 4,394,057 Warrant liability
18 249,329 596,117 - Provision for indemnification agreement 12
2,000,000 - - 2,256,949 4,853,111 4,606,991 Total liabilities
4,376,521 7,702,291 6,995,000 Commitments and Contingencies (Notes
13 and 14) Equity Equity attributable to owners of the Company:
Capital stock 21 12,252 8,049 5,488 Contributed surplus 22
56,521,284 42,739,096 31,266,174 Deficit (52,037,329) (28,930,873)
(13,481,028) Non-controlling interest - 129,574 192,172 Total
equity 4,496,207 13,945,846 17,982,806 Total liabilities and equity
8,872,728 21,648,137 24,977,806 Catch the Wind Ltd.
Consolidated Statements of Loss, Comprehensive Loss and Deficit For
the years ended December 31, 2011 2010 (Expressed in United States
Note dollars) $ $ Revenue 988,000 507,500 Expenses Cost of sales 6,
11, 12, 15 2,485,530 1,133,127 Salaries and 10 benefits 2,088,719
3,505,566 General and 11, 15 administrative 2,543,936 2,479,542
Inventory 6 writedown 1,836,743 1,836,333 Amortization of
intangible 8 assets 1,018,870 740,360 Depreciation of property and
7 equipment 588,134 701,474 Sales and marketing 346,621 417,401
Consulting fees 654,611 723,921 Professional fees 1,334,099
1,509,761 Professional engineering 15 fees 439,103 2,273,902
Research and 15 development 3,921,520 2,084,076 Finance costs
255,616 388,963 Interest income (5,057) (17,832) Other income, 16
net (53,647) (18,550) Gain on fair value of 18 warrant liability
(620,168) (1,535,594) Impairment of property and 7 equipment
2,486,798 149,000 Impairment of intangible 8 assets 4,968,369 -
Loss on deconsolidation 12, 16 of Falcon Fifty LLC 656,326 -
Foreign exchange loss (gain) 82,777 (82,611) 25,028,900 16,288,839
Net loss and total comprehensive loss (24,040,900) (15,781,339) Net
loss and total comprehensive loss attributableto: Owners of the
Company (23,106,456) (15,449,844) Non-controlling interest
(934,444) (331,495) (24,040,900) (15,781,339) Net loss per share -
basic and diluted (0.24) (0.26) Weighted average number of common
shares outstanding 97,645,981 58,798,384
Catch the Wind Ltd. CONTACT: Catch the Wind
Ltd.Claudia JaquesVice President and General
Counsel703-956-6554cjaques@catchthewindinc.comTMX EquicomPhilip
DaleInvestor Relations416-815-0700 ext. 253pdale@equicomgroup.com
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