Catch the Wind Ltd Signs New Licensing Agreement with AXYS Technologies for Land Based WindSentinel™
Minimum purchase commitment of 58 units over five years
Catch the Wind, Ltd. (TSX-V: CTW) providers of laser-based wind sensor products and technology, announced today that it has expanded its business relationship with AXYS Technologies (AXYS) and signed an exclusive worldwide licensing agreement to integrate the Vindicator® laser wind sensor (LWS) unit into an AXYS system for land-based wind resource assessment applications.
Under the terms of the five-year licensing agreement, AXYS has agreed to purchase a minimum of 58 high-precision Vindicator® LWS units from Catch the Wind over the next five years. With the collaboration of Catch the Wind, AXYS will design, construct, commission, and market a land-based wind resource assessment system under the name of WindSentinel™ Land Station.
“Developing new market channels for our technology is an important part of our strategy to accelerate commercialization and market adoption of the Vindicator products,” said Phil Rogers, President and CEO of Catch the Wind Inc. “We believe expanding our current relationship with AXYS to include the integration of the Vindicator to a land-based wind resource assessment system will capitalize on the growing demand for our technology and will add to our growing sales pipeline.”
“We believe there is a good market for a laser wind sensor that has the reliability of the Vindicator, combined with the remote management and reporting capabilities offered by our WatchMan500 controller”, says Graham Howe, International Business Development Renewables for AXYS. “We welcome this opportunity to strengthen our relationship with Catch the Wind.”
As announced previously, Catch the Wind granted AXYS an exclusive license to combine and integrate a Vindicator® LWS unit with custom AXYS marine floating platforms called the WindSentinel™, and sell the bundled products worldwide.
No financial terms of the agreement were provided.
About AXYS Technologies Inc.
AXYS Technologies Inc. is a Canadian company with over 30 years experience in the design, manufacture and installation of remote environmental monitoring systems worldwide. AXYS applies its extensive knowledge and experience to marine, freshwater, land-based monitoring stations, and offshore wind resource assessment systems that measure aquatic, oceanic and atmospheric parameters. For more information, visit www.axystechnologies.com.
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.
For more information, please contact:
Catch the Wind Ltd.
Claudia Jaques
Vice President and General Counsel
703-393-0754
[email protected]
TMX Equicom
Philip Dale
Investor Relations
416-815-0700 ext. 253
[email protected]