BlueScout Technologies: Press Release
CHANTILLY, VIRGINIA -- (Marketwire) -- 11/07/12 --
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,
The consolidation of BlueScout Technologies' common shares was
completed on the basis of one post-consolidation share for every 20
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
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 Technologie
s' 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
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
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
Press spacebar to pause and continue. Press esc to stop.