Clean Wind Energy Tower, Inc. Fulfills Terms of Settlement Agreement, Secures Patent Rights and Retires 120M Shares to Treasury
ANNAPOLIS, Md., Feb. 29, 2012 /PRNewswire/ -- Clean Wind Energy Tower, Inc. (OTCBB: CWET, the "Company") is pleased to announce today that the Company and its subsidiary, Clean Wind Energy, Inc. has fulfilled its payment obligation set forth in the Settlement and Release Agreement entered into on January 12, 2012, with three Former Employees, pursuant to which the Former Employees agreed to a mutual release, and a settlement payment to be made by CWET on or before February 15, 2012 (the "Closing Date"). Upon Payment the Former Employees agreed to formally assign certain patent applications to the Company and to surrender their shares of common stock of the Company for cancellation.
Clean Wind Energy, Inc. has now received the Former Employee's stock certificates totaling 120,600,000 shares of common stock. The cancelled shares have been retired to treasury stock. The Company has received the executed patent assignment as directed in the Settlement Agreement, which is required by the USPTO to legally transfer ownership directly to the Company of the recently allowed patent titled Efficient Energy Conversion Devices & Methods. Also received were assignments for other filed patent applications.
Ronald W. Pickett, Chairman and CEO, stated, "We have retained the patents as well as the patent applications that we feel are instrumental to the core development of our project. We intend to continue to refine our technology and are certain to file additional patent applications to protect the intellectual property that will be generated from our progress. The action taken by the Company is intended to protect the Company's intellectual property rights and serves the best interests of our shareholders."
Abundant, Clean, Affordable Energy
As designed, the Company anticipates that each Downdraft Tower could generate enough electricity to power up to 1,600,000 homes using the guidelines set forth in the California Statewide Residential Appliance Saturation Study, 2004. As an independent power producer of clean, renewable energy, the Company will not be selling power directly to consumers but rather to the grid. As currently designed, the Company anticipates that each Downdraft Tower will be capable of generating 1,100 megawatts per hour of salable electricity to the grid. One megawatt equates to 1,000,000 watts or 1,000 kilowatts of electricity. Currently, avoided costs per kilowatt in California are running approximately $0.11 per kilowatt hour.
About Clean Wind Energy, Inc.
Clean Wind Energy, Inc., a wholly owned subsidiary of Clean Wind Energy Tower, Inc., has designed and is preparing to develop and construct large "Downdraft Towers" that use benevolent, non-toxic natural elements to generate electricity and clean water economically by integrating and synthesizing numerous proven as well as emerging technologies.
The Company's core objective and focus is to become a leading provider of clean and efficient green energy to the world communities at a reasonable cost without the destructive residuals of fossil fuel, while continuing to generate innovative technological solutions for today and tomorrow's electrical power needs. In addition to constructing Downdraft Towers in the United States and abroad, the Company intends to establish partnerships at home and abroad to propagate these systems and meet increasing global demand for clean water and electricity. Clean Wind has assembled a team of experienced business professionals, engineering and scientific consultants with access to the breakthrough energy research upon which this technology is founded and the proven ability to bring the idea to market. Clean Wind has filed several patents that the Company believes will further enhance this potentially revolutionary technology. Clean Wind Energy, Inc. is based in Annapolis MD, and is traded on the OTCBB under the symbol 'CWET'. For more information, please visit www.cleanwindenergytower.com.
Clean Wind Energy, Inc.
1997 Annapolis Exchange Parkway
Annapolis, Maryland 21401
Investor Relations Contact:
Phone: (855) 848-6937
Cautionary Note Regarding Forward-Looking Statements
Statements included in this release may constitute "forward-looking statements". Such statements involve a number of risks and uncertainties such as competitive factors, technological development, market demand and the Company's ability to obtain new contracts and accurately estimate net revenues due to variability in size, scope and duration of projects, and internal issues in the sponsoring client. Further information on potential factors that could affect the Company's financial results, can be found in the Company's various filings with the Securities and Exchange Commission (SEC).
SOURCE Clean Wind Energy Tower, Inc.