A novel Lorenz-type system of nonlinear differential equations is proposed. Unlike the original Lorenz system, where the chaotic dynamics remain confined to the positive half-space with respect to the Z state variable due to a limiting threshold effect, the proposed system enables bipolar swing of this state variable. In addition, the classical set of parameters (a, b, c) controlling the behavior of the Lorenz system are reduced to a single parameter, namely a. Two possible modes of operation are admitted by the system; switching between these two modes results in the creation of a complex butterfly chaotic attractor. Numerical simulations and results from an experimental setup are presented.