CHANTILLY, VA, Jan. 24, 2013 /CNW/ - BlueScout Technologies Ltd.
(TSXV: SCT) the "Company", providers of the BlueScout OCS-210 for
optimized wind energy generation, announces today that it has filed
a voluntary petition under Chapter 7 of the United States
Bankruptcy Code.
As previously announced on January 3, 2013, the Company's viability and
ability to continue as a going concern was dependent on securing
additional capital. The Company had been actively seeking to raise
additional capital through debt, equity or other capital raising
efforts while also considering other strategic alternatives. The
Company was unsuccessful in raising such additional capital or
completing a strategic transaction, in large part due to ongoing
legal matters. To date, even though the Company has not paid out
any damages relative to legal disputes, the increasing cost of
defending against multiple legal actions by Philip Rogers and Alisa
Rogers, the former founders (and, in the case of Mr. Rogers,
the former CEO) of the Company and their related entities, Optical
Air Data Systems LLC and Falcon Fifty LLC, has severely impacted
the Company's cash flow and operations.
Accordingly, after multiple reviews of the
various alternatives available to the Company, the board of
directors concluded that voluntarily entering the Chapter 7 process
is the best available option to the Company and its stakeholders.
The bankruptcy filing was made in The
United States Bankruptcy Court for the District of
Delaware.
The Company also announces that Susan Nickey, Martin
Crotty and David Garman have
resigned as directors of the Company, and John Green has resigned as the Chief Financial
Officer of the Company.
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.
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 BlueScout Technologies. Any number
of important factors could cause actual results to differ
materially from these forward-looking statements as well as future
results. Although BlueScout 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. BlueScout Technologies 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.
SOURCE BlueScout Technologies, Inc.