ANNAPOLIS, Md., Aug. 21, 2012 /PRNewswire/ -- Clean Wind Energy Tower, Inc. (OTCBB: CWET, the "Company") announced that it has successfully restructured approximately $530,000 of its debt. Approximately $268,000 of current accounts payable was converted to one year notes, and approximately $262,000 of current accounts payable and reserves for payments due under the terms of a non-cancelable lease was retired in exchange for stock.
Ronald W. Pickett, Chairman and CEO, commented, "We salute the shareholders who have stepped up to facilitate this transaction and appreciate the confidence and faith expressed by the note holders who agreed to defer payment for up to one year."
This restructuring will better enable the Company to raise additional needed capital for future growth.
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.
Our Company's core objective and focus is to become a leading provider of clean 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's 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.