Catch the Wind Announces Executive Appointments
13 11월 2011 - 9:57AM
PR Newswire (Canada)
- Updates on Guidance and Falcon Fifty - CHANTILLY, VA, Nov. 15,
2011 /CNW/ - Catch the Wind Ltd. , providers of laser-based wind
sensor products and technology, announced today the appointments of
John Green as Chief Financial Officer and Frederick Belen to Vice
President of Technology and Product Line Management. Mr. Green has
been supporting Catch the Wind as a financial and operational
consultant since early September, 2011 to help with the transition
to a manufacturing company from a R&D focused company. He
has over 20 years of executive experience, primarily in Silicon
Valley based high technology companies. In addition to being
the senior financial executive during this time, he has been
heavily involved in driving operational process improvements
domestically and internationally. Mr. Green's expertise has
contributed to the rapid growth of early revenue manufacturing
companies including as Chief Financial Officer of Corsair Memory
Inc. and CFO/COO/VP-HR of Strategy Manufacturing, Inc. Mr.
Green holds a Bachelor of Science from Pepperdine University, a
Master's of Science from Northeastern University and an MBA from
the University of Southern California. "We are delighted to add
John to the team. He has a deep knowledge of both operations and
finance and is playing an instrumental role in our corporate
transformation," said Jo Major, Chairman and interim CEO of Catch
the Wind. "John got his initial corporate experience in the
financial analysis of semiconductor wafer facilities at Advanced
Micro Devices, Inc. His corporate roles include running the
Multichip Technology subsidiary of Cypress Semiconductor, reporting
to T. J. Rogers, with his most recent role being the CFO at Corsair
Memory, which grew in annual revenues from $20 to $400M during his
time with the company. We would also like to thank Robin for her
contributions as interim CFO and look forward to her continuing
role with the Company." Mr. Belen has been a consultant with Catch
the Wind since 2008. Mr. Belen has broad civilian and
military experience developing and procuring complex systems.
During his federal career, Mr. Belen held positions,
ever-increasing in responsibility, from the research laboratory to
the Office of the Secretary of the Navy and the Office of Naval
Research managing programs in shipbuilding, communications &
electronics, sensors, weapons systems and vehicles. Since 2003, Mr.
Belen ran a consultant firm serving a wide variety of customers,
including Lockheed, General Dynamics, and Textron. Mr. Belen holds
a Bachelors of Science and Masters of Science in Mechanical
Engineering from Virginia Polytechnic Institute and State
University, and has completed post-graduate work at Massachusetts
Institute of Technology, University of Virginia, the Defense
Systems Management College, the Federal Executive Institute, and
George Washington University. Mr. Belen has also served as a
Senior Executive Fellow at Harvard University. "We are very excited
about Fred and his contribution to the team," added Jo Major. "Fred
has a unique combination of deep technical understanding, great
business acumen, and extensive management experience. In his new
role, Fred now has responsibility for both product development and
product line management, placing him in a great position to help
guide corporate strategy as the Company continues growing in
scale. Both John and Fred are tremendous assets that have
skill sets required to execute our growth and corporate development
plans." Both Mr. Green and Mr. Belen were issued stock option
grants on November 14, 2011. Mr. Green was issued 890,000
options and Mr. Belen was issued 280,000 options, each at an
exercise price of C$0.16. One quarter of these options vest
on the first anniversary of the date of grant, with 1/36(th) of the
remaining grant vesting each month over the subsequent 36
months. The expiry date of the options is November 14, 2021.
Shipping Guidance Update As previously disclosed, Catch the Wind is
currently requesting the return of certain property, including
inventory, from Optical Air Data Systems, LLC ("OADS"). The
Company now believes that this property will not be returned by
OADS in a timely fashion. This property included certain components
and circuit cards required for shipments in this quarter. Although
Catch the Wind has ordered all needed parts to manufacture its
products, the Company's supply chain cannot provide the components
rapidly enough for certain deliveries this quarter. As such, the
Company anticipates that shipments for the quarter will now be
between $0.9M and $1.1M compared to $1.2M and $1.6M as previously
expected. "While we are disappointed that we do not have the parts
to build all of the products to meet customer demand this quarter,
we believe that we now have all of the technical, manufacturing and
supply chain assets in place such that our operational ability to
take orders and ship products is no longer dependent upon the
actions of OADS," stated Jo Major. "We are very proud that
the number of units shipped this quarter is very strong, and is the
largest shipment quarter in corporate history. We've already
started booking orders for next quarter and look forward to
exciting growth going forward." Falcon Fifty Update The Company
also announced today that, in connection with the Complaint filed
by the Company in the Delaware Chancery Court against Falcon Fifty
LLC ("Falcon Fifty"), Tristar Aviation LLC (the other member of
Falcon Fifty), Apogee Holdings LLC (the sole member of Tristar
Aviation LLC, which is owned by Philip Rogers and Alisa Rogers),
and Philip Rogers and Alisa Rogers personally, seeking to compel
Falcon Fifty to disclose to the Company certain contractual,
operational and financial information regarding Falcon Fifty, it
has received a copy of a Complaint filed by Philip Rogers and Alisa
Rogers against the Company in the Circuit Court for Prince William
County, Virginia. Pursuant to the Complaint, Mr. and Mrs.
Rogers have asserted a claim for confirmation of the validity of
the indemnity agreement executed by the Company's wholly-owned
subsidiary in favor of Mr. and Mrs. Rogers for any claims made
against the Rogers' in the event of a default under security
granted by the Company to VFS Financing, Inc. for the financing of
the Falcon Fifty aircraft. If the indemnity agreement is held to be
valid and binding on the Company's wholly-owned subsidiary, the
Company believes that its potential exposure under the indemnity
agreement is approximately USD$4.2 million, less the proceeds from
the eventual sales of the aircraft, plus any applicable interest,
penalties and costs associated therewith. The Company believes that
the claims made by Mr. and Mrs. Rogers are without merit and the
Company intends to take appropriate action to defend this matter.
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, please visit www.catchthewindinc.com and follow us
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. CONTACT: Catch the Wind Ltd. TMX EquicomClaudia
Jaques Philip DaleVice President and General Counsel Investor
Relations703-956-6554 416-815-0700 ext.
253cjaques@catchthewindinc.com pdale@equicomgroup.com
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