CHANTILLY, VIRGINIA--(Marketwire - Nov. 7, 2012) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Catch the Wind Ltd. (the "Company" or "BlueScout Technologies") (TSX VENTURE:SCT), provider of the BlueScout OCS-210 for optimized wind energy generation, announced today that it has consolidated its common shares, changed its corporate name and increased its authorized common share capital as approved by shareholders at the Annual and Special Meeting of shareholders held on September 20, 2012.
The consolidation of BlueScout Technologies' common shares was completed on the basis of one post-consolidation share for every 20 pre-consolidation shares.
Accordingly, BlueScout Technologies' issued and outstanding capital was consolidated such that all of the 122,513,614 currently issued and outstanding common shares were consolidated into 6,125,680 common shares. The exercise price and the number of common shares issuable under any of BlueScout Technologies' outstanding warrants and stock options were proportionately adjusted upon consolidation.
No fractional common shares were issued pursuant to the share consolidation. In lieu of any such fractional securities, each registered shareholder of BlueScout Technologies otherwise entitled to a fractional interest in a post-consolidation common share has received the nearest whole number of post-consolidation common shares. For greater certainty, any fractional interest representing less than 0.5 of a post-consolidation common share did not entitle the holder thereof to receive a post-consolidation common share and any fractional interest representing 0.5 or more of a post-consolidation common share entitled the holder thereof to receive one whole post-consolidation common share. No cash has been or will be paid in lieu of fractional post-consolidation common shares.
The share consolidation has been undertaken with the expectation that it will provide certain benefits and flexibility to BlueScout Technologies. TSX Venture Exchange policies do not permit venture listed companies to issue securities for less than $0.05 per share or $0.10 per warrant or incentive stock option. Because the current market price for BlueScout Technologies' publicly traded shares has rested near these levels for some time, any further drop in the market price to these levels may impose restrictions on BlueScout Technologies' ability to raise financing through the issuance of securities and provide incentives to employees through the BlueScout Technologies' current stock option plan.
The share consolidation received approval of the TSX Venture Exchange as of the date of this release.
The Company has changed its corporate name from Catch the Wind Ltd. to BlueScout Technologies Ltd.
The purpose of the name change is part of the initiative to rebrand the Company. The Company believes that the new name better reflects the Company's commitment to its customers, investors and partners to help turbines reliably produce clean, renewable energy.
Authorized Capital Increase
The Company has increased its authorized capital from US$52,500 to US$522,500, by the creation of an additional 235,000,000 post-consolidation common shares with par value of US$0.002 ranking pari passu in all respects with the existing common shares in the capital of the Company.
BlueScout Technologies (TSX VENTURE:SCT) increases energy production and decreases operating costs by applying groundbreaking microgeographical wind flow sensing to turbine control systems that increases the effectiveness and availability of wind turbines. BlueScout combines precise, optically based wind forecasting with advanced predictive control architectures to ready the turbine for the imminent wind inflow changes - optimizing energy production and reducing the harmful effects of wind turbulence on the turbine. With extensive operating data on multiple wind turbine models, BlueScout is the leading, value-added innovator in wind turbine performance and optimization.
The team consists of experienced high-tech, R&D and manufacturing engineers, innovative entrepreneurs, and proven leaders. The BlueScout team has unique expertise and shares a firm commitment, as part of the wind power industry, to continuously improve the reliability of wind power generation through innovation. For more information, visit www.BlueScout.com.
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 BlueScout Technologies. Any number of important factors could cause actual results to differ materially from these forward-looking statements as well as future results. Although BlueScout 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. BlueScout Technologies 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.
BlueScout Technologies, Inc.
John E. Green
CFO & Treasurer
416-815-0700 ext. 253