Catch the Wind Ltd. has sold two Vindicator laser wind sensor (LWS) units to BP Wind Energy. Upon the successful installation and testing of the units, BP Wind Energy has agreed to purchase sizable quantities of additional units.
Both companies have agreed to use the services of a recognized third-party evaluator to confirm the results of the test program, which will begin upon delivery and integration of the Vindicator units.
Financial terms of the sales agreement were not disclosed.
In related news, Catch the Wind has completed its corporate re-domestication to the Cayman Islands for the purpose of achieving greater flexibility in potential future financings. In connection therewith, the ‘.s’ designation on the company's existing trading symbol will be removed.
The company's trading symbol on the TSX Venture Exchange will now be ‘CTW,’ and the company's common shares will trade under a new CUSIP number. The re-domestication was not completed for any tax-related reasons, according to Catch the Wind.
SOURCE: Catch the Wind Ltd.