Windfair.net - Member News - Catch The Wind

Catch the Wind Ltd., providers of laser-based wind sensor products and technology, announced today the appointment of Dr. Jo Major, Jr. as non-executive Chairman of the Board of Directors of the Company, replacing Philip Rogers, who is stepping down from the role of Chairman. Mr. Rogers will remain a director of the Company. Alisa Rogers is stepping down as a director of the Company.

Mr. Rogers will not renew his employment agreement as President and Chief Executive Officer of the Company following its expiration on December 31, 2011, but will remain President and Chief Executive Officer of the Company until the earlier of December 31, 2011 or the date his successor is found. Subsequently, Mr. Rogers will assume the role of Strategic Advisor to the Company.

The Board of Directors of the Company has established a special committee of independent directors to initiate and oversee the search for a successor to Mr. Rogers. The Company expects that the search for a new CEO will begin immediately.

“On behalf of the board of directors of Catch the Wind, I would like to thank both Phil and Alisa, founders of Catch the Wind and inventors of the Company’s Vindicator laser wind sensing system, for their dedication and many significant contributions to the development of the Company,” said Dr. Jo Major, Chairman of the Board of Directors of the Company. “Their entrepreneurial spirit and scientific vision have positioned the Company to capitalize on the significant commercial opportunities inherent in its technology and products.”

“I am very proud of what Catch the Wind has accomplished during my tenure,” said Mr. Rogers. “With the solid momentum achieved in recent months, the Company is well positioned for the commercial and operational phase of our evolution as an organization."

Financing Update:
As previously announced, the Company has filed a final short form prospectus in relation to a proposed offering of common shares and units of the Company on a best efforts basis (the “Prospectus Offering”), pursuant to which the Company is seeking to raise minimum gross proceeds of CDN$15 million and maximum gross proceeds of CDN$30 million (please see the Company’s June 29, 2011 news release for additional details regarding the Prospectus Offering). The Company is continuing to pursue the Prospectus Offering in the context of existing market conditions and has targeted July 29, 2011 as the proposed closing date of the Prospectus Offering. The Company will provide an update regarding the completion of the Prospectus Offering as and when details regarding the Prospectus Offering are finalized.

In connection with the corporate governance initiatives described above and the Company's marketing efforts for the Prospectus Offering, Hunter Hall Investment Management Limited, the second largest shareholder of the Company, has pledged to provide a lead order of CDN$8 million to the Prospectus Offering.

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® 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.