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TechnoratiCatch the Wind reports Q3 2009 financial results
/PRNewswire-FirstCall/ -Catch the Wind Ltd. (TSX-V: CTW.S), developer and manufacturer of the Vindicator(R) laser wind sensor (LWS) and other sensor products, announced today its financial results for the three- and nine-month...
periods ended
"We achieved a number of significant milestones in the third quarter as part of our ongoing efforts to bring our laser wind sensing technology to market," said
Third Quarter Highlights
- Released preliminary results of a field trial program with Nebraska
Public Power District that demonstrated that the Vindicator(R) LWS
significantly improved the yaw alignment control of a turbine over
traditional wind vane measurement equipment.
- Signed an evaluation program agreement with Helimax Energy Inc., an
independent consulting firm specializing in utility-scale wind
energy project development.
- Delivered the first Vindicator(R) LWS for commercial use to AXYS
Technologies, Inc., a leading provider of environmental data
acquisition, processing and telemetry systems for marine and
terrestrial applications.
- Entered into a trial program agreement with Canadian Hydro
Developers, Inc. to supply eight Vindicator(R) LWS test units for
direct side-by-side comparison on a designated wind farm with
turbines not equipped with forward wind measurement capabilities.
- Signed a Cooperative Research and Development Agreement with the
National Renewable Energy Laboratory, the U.S. Department of
Energy's primary laboratory for renewable energy research and
development.
- Signed a collaborative test and integration agreement with Gamesa, a
worldwide leading manufacturer of wind turbines, to mutually test a
Vindicator(R) LWS unit mounted on an operating Gamesa G8X 2.0
megawatt turbine.
- Entered into a manufacturing services agreement with BreconRidge
Corporation, a world-class provider of engineering and manufacturer
services for electronic products based in Ottawa, Canada, to
outsource the production and assembly of Vindicator(R) LWS units.
Highlights Subsequent to Quarter-End
- Signed a technology development agreement with SCADA Solutions,
Inc., a leading provider of integration and monitoring solutions for
renewable energy assets, to provide control of Vindicator(R) LWS
test units included in the field trial with Canadian Hydro
Developers.
- Released secondary results of its field trial with Nebraska Power
that demonstrated, with data collected via third-party
instrumentation, that the Vindicator(R) LWS significantly reduced
equipment stress loads. Recorded secondary results of its field
trial with Nebraska Power that demonstrated that the Vindicator(R)
LWS markedly increased the power output of an operating turbine.
- Deployed the Vindicator(R) LWS as part of the validation testing of
the WindSentinel(TM), the world's first offshore Lidar wind
assessment buoy.
- Installed a Vindicator(R) LWS unit on to an operating Gamesa G8X 2.0
megawatt turbine located in Spain.
Financial Performance
Catch the Wind is an early-stage development company focused on the commercialization of its Vindicator(R) LWS. Revenue relating to the commercial sales of the Vindicator(R) LWS will be recognized upon delivery and acceptance of units upon full commercialization.
Operating expenses for Q3 2009 were
Net loss for Q3 2009 was
Net cash usage for Q3 2009 was
At
Outlook
"We are very encouraged by the industry's feedback on the Vindicator's performance to date," Mr. Rogers said. "As a result of our successful trial programs and expanding sales initiatives, we are developing a sales pipeline that we expect will accelerate throughout 2010. Fully qualified production units will be manufactured and assembled by our principal outsourcing partner, BreconRidge."
Conference Call
The Company will host a conference call to discuss its 2009 third quarter and year-to-date financial results today,
To access the conference call by telephone, dial 416-644-3424 or 1-877-974-0445. Please connect approximately 15 minutes prior to the beginning of the call to ensure participation. A question and answer session for analysts and institutional investors will follow management's presentation.
A live audio webcast of the conference call will be available at www.catchthewindinc.com . Please connect at least 15 minutes prior to the conference call to ensure adequate time for any software download that may be required to join the webcast. The webcast will be archived at the above web site for 30 days.
A taped rebroadcast will be available to listeners from noon
About Catch the Wind Ltd.
Catch the Wind Ltd. is a high-growth technology company headquartered in
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.
Catch the Wind Ltd.
(A Development Stage Company)
Consolidated Balance Sheets
September 30, December 31,
2009 2008
(Expressed in United States dollars) $ $
-------------------------------------------------------------------------
(unaudited)
Assets
Current assets:
Cash and cash equivalents 14,690,809 9,143,767
Accounts receivable 378,293 -
Inventory 1,627,647 230,931
Prepaid expenses and other assets 116,533 103,902
------------- ------------
16,813,282 9,478,600
Capital assets 6,281,344 28,140
Project development costs 5,432,477 3,075,002
Deposits 68,108 4,499
------------- ------------
Total assets 28,595,211 12,586,241
------------- ------------
------------- ------------
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable and accrued liabilities 1,357,536 826,750
Due to related party 364,777 527,135
Obligations under capital lease - current
portion 159,556 -
Long-term debt - current portion 163,269 -
Deferred revenue and deposits 385,750 200,000
------------- ------------
2,430,888 1,553,885
------------- ------------
Obligations under capital lease 228,768 -
Long-term debt 4,436,731 -
------------- ------------
Total liabilities 7,096,387 1,553,885
------------- ------------
------------- ------------
Non-controlling interest 179,393 -
Shareholders' Equity
Capital stock 5,488 3,805
Contributed surplus 30,969,417 13,259,947
Deficit (9,655,474) (2,231,396)
------------- ------------
Total shareholders' equity 21,319,431 11,032,356
------------- ------------
Total liabilities and shareholders' equity 28,595,211 12,586,241
------------- ------------
------------- ------------
Catch the Wind Ltd.
(A Development Stage Company)
Interim Consolidated Statements of Loss, Comprehensive Loss and Deficit
(unaudited)
Three Three Nine Nine
months months months months
ended ended ended ended
September September September September
30, 2009 30, 2008 30, 2009 30, 2008
(Expressed in United
States dollars) $ $ $ $
-------------------------------------------------------------------------
Expenses:
Salaries and
benefits 589,293 116,350 1,711,690 117,808
General and
administrative 206,813 29,570 737,959 47,647
Inventory valuation
- Beta units 2,160,559 - 2,781,937 -
Amortization 74,296 1,220 144,846 1,220
Sales and marketing 54,628 42,870 226,504 194,490
Consulting fees 63,509 24,506 281,984 43,049
Professional fees 122,949 47,840 313,768 77,796
Professional
engineering fees 343,222 182,705 1,350,308 221,741
Research 34,030 56,036 34,030 83,459
Interest expense 24,968 5,352 45,727 5,352
Interest income (52,345) (4,893) (78,630) (4,893)
Foreign exchange gain (12,731) (25,028) (109,545) (25,028)
-------------------------------------------------
3,609,191 476,528 7,440,578 762,641
-------------------------------------------------
Loss before
non-controlling
interest (3,609,191) (476,528) (7,440,578) (762,641)
Non-controlling
interest (16,500) - (16,500) -
-------------------------------------------------
Net loss and
comprehensive loss (3,592,691) (476,528) (7,424,078) (762,641)
Deficit - Beginning of
period (6,062,783) (286,113) (2,231,396) -
-------------------------------------------------
Deficit - End of
period (9,655,474) (762,641) (9,655,474) (762,641)
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Net loss per common
share - basic and
diluted (0.07) (0.02) (0.16) (0.03)
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Weighted average number
of common shares
outstanding 54,806,165 26,843,567 46,270,480 25,619,008
-------------------------------------------------------------------------
SOURCE Catch the Wind Ltd.
