BlueScout Announces Dismissal of Rogers' Indemnification Complaint
CHANTILLY, VA, Oct. 25, 2012 /CNW/ - BlueScout Technologies (TSXV: SCT),
providers of the BlueScout OCS-210 for optimized wind energy generation,
announced today the complaint filed by Phil and Alisa Rogers against BlueScout
Technologies, Ltd., relating to an alleged indemnification agreement in
connection with the purchase of a Falcon Fifty aircraft, was dismissed
yesterday without prejudice for lack of jurisdiction under the Virginia
Declaratory Judgment Act in the Fairfax Circuit Court.
The Rogers also voluntarily dismissed an additional claim that BlueScout had
breached the alleged indemnification agreement. With both the voluntary and
court ordered dismissals of claims there are no longer any outstanding
complaints against BlueScout relative to this issue.
"The court's dismissal of this complaint is good news for the Company; it
allows us to continue honing our focus on product development and sales
efforts," said Jo Major, President and CEO of BlueScout Technologies, Inc. "We
are adding operational hours, now over 300,000, on a fleet of expanding
deployed products and improving our data analysis capabilities. Optical
control is becoming an economic reality. Turbines under OCS-210 control
produce more power, are less noisy in their power output, and reduce turbine
The dismissed complaint, originally filed in October 2011, was seeking a
declaratory judgment that an alleged indemnification agreement by BlueScout
relative to the Rogers' personal guaranty of a loan made by VFS Financing,
Inc. to Falcon Fifty, LLC in connection with its purchase of a Falcon Fifty
aircraft was valid and enforceable.
About BlueScout BlueScout Technologies(TSXV: 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 +1 703-956-6554
TMX Equicom Philip Dale Investor Relations 416-815-0700 ext. 253
SOURCE: BlueScout Technologies
To view this news release in HTML formatting, please use the following URL:
CO: BlueScout Technologies
NI: ENV LAW VERDICTS LAWVIEWS
-0- Oct/25/2012 11:00 GMT
Press spacebar to pause and continue. Press esc to stop.