BlueScout Technologies Receives Receipt for Final Short Form Prospectus

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

CHANTILLY, VA, Oct. 19, 2012 /CNW/ - BlueScout Technologies (TSXV: SCT), providers of the BlueScout OCS‐210™ for optimized wind energy generation, is pleased to announce that on October 16, 2012 it received a receipt (the "Final Receipt") for its final short form prospectus dated October 12, 2012 (the "Prospectus") from the securities commissions of Ontario, British Columbia and Alberta.

The Prospectus qualifies the distribution of 56,189,269 common shares ("Common Shares") and 56,189,269 Common Share purchase warrants ("Warrants") of BlueScout issuable upon the automatic exercise of 51,081,154 previously issued special warrants (the "Special Warrants"), and 3,371,357 compensation options ("Compensation Options") of BlueScout issuable upon the automatic exercise of 3,064,870 previously issued compensation warrants ("Compensation Warrants"). Each Warrant entitles the holder to acquire, subject to adjustment in certain circumstances, one Common Share at a price of C$0.10 per share at any time before 5:00 p.m. (Toronto time) on August 24, 2015. Each Compensation Option entitles the holder to acquire, subject to adjustment in certain circumstances, one Common Share and one Common Share purchase warrant of the Company (each, a "Compensation Option Warrant") at an exercise price of C$0.06 per Compensation Option at any time prior to 5:00 p.m. (Toronto time) on August 24, 2014. Each Compensation Option Warrant entitles the holder to acquire, subject to adjustment in certain circumstances, one Common Share at a price of C$0.10 per share until 5:00 p.m. (Toronto time) on August 24, 2015.

As previously announced, the Special Warrants were issued on a private placement basis on August 24, 2012 pursuant to an agency agreement (the "Agency Agreement") between Stifel Nicolaus Canada Inc. and Fraser Mackenzie Limited, as agents, and BlueScout for total gross proceeds to BlueScout of approximately C$3,064,869.

None of the securities issued have been registered under the United States Securities Act of 1933, as amended (the "1933 Act"), and none of them may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act. This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there by any sale of the securities in any state where such offer, solicitation, or sale would be unlawful.

About BlueScout

BlueScout Technologies (TSXV: 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 optimization.

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.

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.

SOURCE: BlueScout Technologies

BlueScout Technologies, Inc.
John E. Green
CFO & Treasurer
[phone]
[email protected] 

TMX Equicom
Philip Dale
Investor Relations
416‐815‐0700 ext. 253
[email protected]