Clean Wind Energy Tower, Inc. Secures $5 Million Credit Facility Agreement
ANNAPOLIS, Md., Nov. 28, 2012 /PRNewswire/ -- Clean Wind Energy Tower, Inc. (OTCBB: CWET, the "Company") announced today that it has entered into an Investment Agreement with Deer Valley Management, LLC headquartered in White Plains, New York. This Agreement allows the Company to obtain up to $5,000,000 under the definitive financing terms including a registration statement having been declared effective with the Securities and Exchange Commission.
Company President Ronald W. Pickett stated, "As we continue to move our technology and our project forward, we see vast opportunities within the alternative energy markets for our Downdraft Towers. We are very pleased to be working with a quality investment partner such as Deer Valley Management. We believe this financing will provide a firm foundation for our capital needs and will help to accelerate all aspects of our program and execute our ambitious business plan. We continue to make value engineering progress on our tower structure, incorporating a variety of potential energy enhancing power techniques that will enable our Downdraft Energy Tower to produce abundant saleable power to the grid."
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 and operate with virtually no carbon footprint, fuel consumption, or residual waste to generate electricity and clean water economically by integrating and synthesizing numerous proven as well as emerging technologies. This technology will generate clean, cost effective and efficient electrical power without the damaging effects caused by using fossil or nuclear fuels, and other conventional power sources.
Abundant, Clean, Inexpensive Electricity
The present Downdraft Tower has a design capacity on an hourly basis of up to 850 megawatt hours, gross. Using a 60% capacity factor, the Tower's potential hourly yield would be 510 megawatt hours from which approximately 20% will be used to power its operations, yielding approximately 408 megawatt hours available for sale to the power grid. Currently in California, avoided costs are running approximately $0.11 per kilowatt hour. As an independent power producer of clean, renewable energy, the Company will not be selling power directly to consumers but rather to the grid.
The Company's core objective and focus is to become a provider of clean efficient green energy to the world communities at a reasonable cost without the destructive residuals of fossil fuel, and to help broker the chasm between both, 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, engineers and scientists 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 Energy, Inc. 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 visit www.cleanwindenergytower.com
Clean Wind Energy, Inc.
1997 Annapolis Exchange Parkway
Annapolis, Maryland 21401
Phone: (855) 848-6937
Safe Harbor Statement
Some statements in this news release contain forward-looking information or forward-looking statements for the purposes of applicable securities laws. These statements include, but are not limited to, statements with respect to the ability of the Company to become the world's largest producer of the highest quality stevia and invest into R&D and IP acquisition. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, among others, the timing and completion of contemplated financings, the actual use of proceeds, receipt of regulatory approvals and the ability to secure sufficient land for cultivation. In making the forward-looking statements, the Company has applied several material assumptions including, but not limited to, the assumptions that: (1) the proposed corporate development and expansion plans will proceed as planned; (2) market fundamentals will result in sustained commodities pricing and (3) any additional financing needed will be available on reasonable terms. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation. These statements are based on our current plans and expectations and involve risks and uncertainties that could cause actual future events or results to be different than those described in or implied by such forward-looking statements. These risks and uncertainties include those relating to: lack of operating history, transitioning from a development company to an operating company, market acceptance of our products and services; operational difficulties relating to international operations; our ability to form and maintain mutually beneficial relationships with customers and strategic partners; changes in economic, political or regulatory conditions or other trends affecting the food sector, and our ability to attract and retain qualified personnel. Further information about these matters can be found in our Securities and Exchange Commission filings. We expressly disclaim any intent or obligation to update these forward-looking statements.
SOURCE Clean Wind Energy Tower, Inc.