CATCH THE WIND FILES AGREEMENTS
December 01 2010 - 4:20PM
PR Newswire (Canada)
MANASSAS, VA, Dec. 1 /CNW/ -- MANASSAS, VA, Dec. 1 /CNW/ - Catch
the Wind Ltd. (TSX-V: CTW), providers of feed-forward, intelligent
turbine performance improvement systems that deliver increased
energy output and reduced equipment stress loads for utility scale
wind turbine generators, today announced that it has filed the
following material contracts on SEDAR: 1. Licensing Agreement dated
September 3, 2008 between Catch the Wind, Inc. ("CTW Inc.") ( a
wholly-owned subsidiary of the Company) and Optical Air Data
Systems LLC ("OADS") (filed on September 13, 2010); 2. Services
Agreement dated September 3, 2008 between CTW Inc. and OADS (filed
on September 13, 2010); 3. Aircraft Security Agreement dated
September 21, 2009 between Falcon Fifty LLC ("Falcon Fifty") (a
subsidiary of the Company) and VFS Financing, Inc. ("VFS") (filed
on November 30, 2010); and 4. Promissory Note dated September 21,
2009 issued by Falcon Fifty in favour of VFS (filed on November 30,
2010). The principal terms of the Licensing Agreement and the
Services Agreement are summarized in the Company's annual
information form filed on July 13, 2010 (the "AIF"), which is
available on SEDAR. In addition, on November 24, 2010 the Company
entered into a First Amendment to the Services Agreement with OADS,
which was filed on SEDAR on November 25, 2010 and is summarized in
the Company's financial statements and MD&A for and in respect
of the third quarter of 2010, and in a press release of the Company
issued on November 29, 2010. The principal terms of the
Aircraft Security Agreement and the Promissory Note are summarized
below. The Aircraft Security Agreement and the Promissory Note were
entered into in connection with the purchase by Falcon Fifty of an
aircraft in order to improve the efficiency of the Company's
business operations and accelerate its business plan. Further
information regarding this acquisition is available in a press
release of the Company issued on September 22, 2009, which is
available on SEDAR, and other continuous disclosure documents filed
by the Company, including its annual audited financial statements
and associated management's discussion and analysis filed on April
12, 2010 and the AIF. On September 21, 2009 Falcon Fifty entered
into an aircraft security agreement in connection with the purchase
of the aircraft whereby it granted to VFS Financing, Inc. a
security interest in the Falcon 50 aircraft to assure payment and
performance on any and all debts, obligations and liabilities to
VFS Financing, Inc., including those arising under the September
21, 2009 promissory note executed to VFS Financing, Inc. (as
summarized below). Among other terms, Falcon Fifty is
required to ensure that the aircraft will be operated, maintained,
repaired and stored properly, carefully and in compliance with all
applicable regulations, and Falcon Fifty agreed not to lease or
charter the aircraft without the written consent of VFS Financing,
Inc. On September 21, 2009, Falcon Fifty executed a
promissory note in favor of VFS Financing, Inc. in connection with
the purchase of the aircraft. The ten-year note is in the
amount of $4,600,000 and bears a fixed interest rate of 7.17% per
annum. The note is payable in one hundred and twenty consecutive
monthly installments of $40,649.40 commencing November 1,
2009, with a balloon payment of $2,300,000 due with the final
installment on November 1, 2019. Falcon Fifty can prepay in
full, but not in part, all amounts outstanding before they are due
on any installment date upon at least 30 days prior written notice
to VFS Financing, Inc. Falcon Fifty is subject to a
prepayment fee of up to 3% of the original principal balance,
depending on the timing of the prepayment, for a prepayment made
within the first two years of the date of the promissory
note. The promissory note also provides terms whereby Falcon
Fifty can make partial prepayments, on not more than one occasion
per year, subject to a prorated portion of any prepayment fee that
would be due on a prepayment in full. The Licensing Agreement
and the Services Agreement have been filed to remedy the
inadvertent non-filing of these documents at the time they were
entered into. The Aircraft Security Agreement and the Promissory
Note have been filed as a result of the board's re-consideration of
these documents as material contracts of the Company, thereby
necessitating their filing. 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. 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. p/p
table border="0" valign="top"trtdCatch the Wind
Ltd. /td tdThe Equicom Group/td/tr
trtdClaudia Jaques /td tdJoe
Racanelli/td/tr trtdVice President and General
Counsel /td tdInvestor Relations/td/tr
trtd703-393-0754 /td
td416-815-0700 ext. 243/td/tr trtda
href="mailto:cjaques@catchthewindinc.com"cjaques@catchthewindinc.com/a
/td td a
href="mailto:jracanelli@equicomgroup.com"jracanelli@equicomgroup.com/a/td/tr/table
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