CATCH THE WIND REPORTS THIRD QUARTER 2010 FINANCIAL RESULTS

- Completes operational review and takes action to optimize use of capital -
- Amends Services Agreement with Optical Air Data Systems -

MANASSAS, VA, Nov. 29 /CNW/ - Catch the Wind Ltd. (TSX-V: CTW), providers of feed-forward, intelligent utility scale wind turbine performance improvement systems, today reported its financial results for the three- and nine-month periods ended September 30, 2010.  All figures are in U.S. dollars unless otherwise stated.

"While we experienced considerable progress in the third quarter given our new customer agreements and growing sales pipeline, our developments subsequent to quarter end are even more encouraging and will help to accelerate our momentum in the near term," said Phil Rogers, President and CEO of Catch the Wind, Inc. "Most significantly, we closed an equity financing that generated gross proceeds of $8.7 million and we have implemented a number of actions designed to optimize our use of capital."

Third Quarter Highlights

• Initiated a review of the key aspects of the Company's business with the aid of an external financial advisor. The review has led the Company to take a number of actions with the goals of reducing its burn rate and strengthening its balance sheet. Key among these actions include amending of an engineering services agreement with Optical Air Data Systems, LLC and offering the Falcon 50 aircraft for lease or charter to third parties, exploring options to sell Company's interest in Falcon Fifty LLC.
• Signed an exclusive multi-million dollar distribution agreement with AXYS Technologies with a minimum purchase commitment of 47 Vindicator^® LWS units. AXYS will bundle the Vindicator^® LWS units with its floating platforms and sell the combined products for maritime wind resource assessment applications.
• Signed a six-month evaluation agreement with AWS Convergence Technologies, owner and operator of the WeatherBug brand of professional and consumer weather products and services, to evaluate the incorporation of the Vindicator^® LWS into its network of more than 8,000 weather stations.
• Signed a sales agreement with enXco, a leading company that develops, constructs, operates and manages renewable energy projects throughout North America.
• Signed an agreement with GL Renewables Certification, an independent certification body for renewable energies, to certify safety and performance of the Company's Vindicator^® LWS. The agreement is expected to accelerate the Company's sales cycle.
• Appointed Christopher Lowe, a senior financial executive with more than 20 years of experience in the investment banking and energy sectors, as an independent director of the Company and Chairman of the Audit Committee.
• Appointed Robin Roge, CPA, as acting Chief Financial Officer. Ms. Roge has more than 25 years of accounting and financial reporting experience, working with a number of public and private companies.

Highlights Subsequent to Quarter End

• Closed a private placement offering of 17,316,359 units and 5,665,588 shares of the Company for gross proceeds of CDN $8,679,680. Net proceeds will be used for production optimization of the Vindicator^® LWS, sales, marketing, customer trials and for general working capital purposes.
• Amended its support services agreement with Optical Air Data Systems, LLC.

Financial Performance
Catch the Wind recognized revenue of $7,500 for the three- and nine-month periods ended September 30, 2010. The revenue is attributable to a rental fee charged for the Company's Racer's Edge^® Laser Wind Sensor, the world's first hand-held device that provides accurate wind speed and direction measurement data for use in sailing, boating and other sporting events.

As reported previously, Catch the Wind operated as a development stage company focused on the development and commercialization of its wind sensor products through the first six months of 2010.  As a development stage company, the Company netted cash receipts from product sales against capitalized development costs.  As a result, the Company did not commence recognition of any revenue until the start of the third quarter, effective July 1, 2010.

Operating expenses for Q3 of FY2010 were $4.2 million, up from $3.6 million for the corresponding period of last year.  The increase in operating expenses is primarily attributable to the growth of the company, particularly as it progressed from a development stage company to a commercial stage enterprise. 

On a nine-month basis, operating expenses totaled $12.0 million for FY2010 and $7.4 million for FY2009. The increase in expenses is chiefly due to the growth of the Company and the accounting treatment of engineering and research and development expenses as non-capitalized costs.

Catch the Wind recorded a net loss for Q3 FY2010 of $4.1 million, or $0.07 per fully diluted share. This compares to a net loss of $3.6 million, or $0.07 per share, for the corresponding period of FY2009.  On a sequential basis, Catch the Wind had a net loss of $4.4 million or $0.08 per fully diluted share for Q2 FY2010.

On a year-to-date basis, Catch the Wind had a net loss of $11.8 million, or $0.21 per share, for FY2010 compared to a net loss of $7.4 million, or $0.16 per share, for FY2009. 

Net cash usage for the third quarter of FY2010 was approximately $3.4 million.

At September 30, 2010, Catch the Wind had cash and cash equivalents of $3.2 million. This compares to $10.6 million at December 31, 2009. 

Outlook
"We continue to receive very positive feedback from customers on the performance of the Vindicator^® LWS," Mr. Rogers also said.  "This ongoing validation of the benefits that our technology delivers to turbine manufacturers as well as owners and operators of wind farms is very encouraging and suggests the potential for follow-on orders in 2011 and beyond."

Catch the Wind's financial statements and related Management's Discussion & Analysis are available via SEDAR as well as through the Company's website, www.catchthewindinc.com.

Amendment to Services Agreement with OADS
Effective October 1, 2010, Catch the Wind amended its Services Agreement with OADS dated September 3, 2008, under which it engaged OADS, on a non-exclusive basis, to provide technical assistance and other services to the Company. Under the terms of the original services agreement, OADS' services are billed to Catch the Wind on a time and materials basis.  Per the amendment, OADS will charge the Company for technical and administrative support at a fixed price per month.  The fixed price will at no time exceed the amount which would have been charged applying previous terms and rates. The fixed price will be reviewed quarterly by Catch the Wind and OADS, and adjusted if required based upon forecasted support needs.

Conference Call
Catch the Wind will hold a conference call to discuss its 2010 third quarter and year-to-date financial results tomorrow, Tuesday, November 30, 2010 at 10:00 a.m. ET. 

To access the conference call by telephone, dial 647-427-7450 or 1-888-231-8191.  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 until 12 a.m. ET on Tuesday, December 7, 2010. To access the rebroadcast, please dial 416-849-0833 or 1-800-642-1687 and enter passcode 20339264.

About Catch the Wind Ltd.
Catch the Wind Ltd. is a technology company that develops and commercializes forward looking laser wind sensors and control systems primarily for the wind energy industry. The Company offers retrofit products for existing wind farms, original equipment manufacturers' development and integration programs, and applications for wind assessment. Headquartered in Manassas, Virginia, the company is focused on making 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.
Consolidated Balance Sheets

				September 30,		December 31,
				2010		2009
(Expressed in United States dollars)				$		$
				(unaudited)
Assets
Current assets:
	Cash and cash equivalents			3,205,831		10,616,065
	Accounts receivable			45,121		119,627
	Inventory			2,782,010		1,667,997
	Prepaid expenses and other assets			207,874		107,719
				6,240,836		12,511,408
Capital assets				6,025,742		6,486,358
Other intangible assets				6,306,345		5,889,286
Deposits				81,109		77,045
Total assets				18,654,032		24,964,097
Liabilities and Shareholders' Equity
Current liabilities:
	Accounts payable and accrued liabilities			1,986,498		1,339,905
	Due to related party			901,097		355,685
	Obligations under capital leases - current portion			202,857		179,633
	Long-term debt - current portion			175,368		166,213
	Deferred revenue and customer deposits			208,500		360,000
				3,474,320		2,401,436
Obligations under capital leases				81,861		218,026
Long-term debt				4,261,363		4,394,057
Total liabilities				7,817,544		7,013,519
Non-controlling interest				137,367		182,913
Shareholders' Equity
	Capital stock			5,751		5,488
	Contributed surplus			35,071,524		31,572,347
	Warrants			1,201,360		-
	Deficit			(25,579,514)		(13,810,170)
Total shareholders' equity				10,699,121		17,767,665
Total liabilities and shareholders' equity				18,654,032		24,964,097

Catch the Wind Ltd.
Interim Consolidated Statements of Loss, Comprehensive Loss and Deficit
(Unaudited)

						Three months ended September 30,				Nine months ended September 30,
						2010	2009			2010	2009
(Expressed in United States dollars)						$	$			$	$
Revenue:
	Other revenue					7,500	-			7,500	-
Expenses:
	Salaries and benefits					248,880	589,293			1,738,049	1,711,690
	General and administrative					604,501	206,813			1,946,856	737,959
	Inventory writedown - beta units					519,781	2,160,559			1,851,619	2,781,937
	Amortization					565,809	74,296			1,033,154	144,846
	Sales and marketing					21,168	54,628			348,982	226,504
	Consulting fees					212,668	63,509			491,777	281,984
	Professional fees					410,017	122,949			1,354,789	313,768
	Professional engineering fees					790,236	343,222			1,985,677	1,350,308
	Research and development					717,747	34,030			999,843	34,030
	Interest expense, long-term debt					80,030	-			242,572	-
	Interest expense, leases					12,555	24,968			40,863	45,727
	Interest income					(3,414)	(52,345)			(17,106)	(78,630)
	Foreign exchange loss (gain)					2,943	(12,731)			6,436	(109,545)
						4,182,921	3,609,191			12,023,511	7,440,578
Loss before non-controlling interest						(4,175,421)	(3,609,191)			(12,016,011)	(7,440,578)
	Non-controlling interest					(67,946)	(16,500)			(246,667)	(16,500)
Net loss and comprehensive loss						(4,107,475)	(3,592,691)			(11,769,344)	(7,424,078)
Deficit - Beginning of period						(21,472,039)	(6,062,783)			(13,810,170)	(2,231,396)
Deficit - End of period						(25,579,514)	(9,655,474)			(25,579,514)	(9,655,474)
Net loss per common share - basic and diluted						(0.07)	(0.07)			(0.21)	(0.16)
Weighted average number of common shares outstanding						57,509,972	54,806,165			56,454,536	46,270,480

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