ANNAPOLIS, Md., March 15, 2012 /PRNewswire/ -- Clean Wind Energy Tower, Inc. (OTCBB: CWET), (the "Company") announced today that there have been no material changes to its operations or its business affairs. The Company is not aware of any undisclosed developments that would account for the recent unusual trading activity of its shares which created downward pressure triggering the default of a Convertible Promissory Note with Hanover Holdings I, LLC.
Ronald W. Pickett, President and Chief Executive Officer stated, "Ordinarily we do not comment on atypical market activity or on market rumors. However, due to the recent unusual trading activity of our stock, I would like to take this opportunity to convey to the investment community that our operations are progressing as expected. We have recently announced that the Company has made significant progress in assessing the potential of CWET's emission reduction on the worldwide carbon markets and estimating the expected revenue generation. The Company canceled 120,600,000 shares of common stock held by the 'Former Employees', which were retired to treasury stock of the Company reducing the number of outstanding shares from 329,683,408 to 209,083,408. We announced the final approval of our Unique Hydraulic System Patent that maximizes the capture and use of available wind tunnel energy. We have applied to a bureau of United States Department of the Interior for permission to lease a substantial parcel of property located in the southwestern United States, suitable for the development and construction of our first Downdraft Tower and we were recently notified by the Bureau of Reclamation that CWET may proceed with the local zoning process and site evaluations. We reported on March 9, 2012, the timely repayment of three segments of incremental project financing. We are pleased with the progress we have made on the project development aspect of our business. One of our top priorities is maximizing shareholder value and I am confident that as we head into the future, we will achieve our goals."
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 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.
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.
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 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'.
Phone: (855) 848-6937
Cautionary Note Regarding Forward-Looking Statements
Statements included in this release may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Litigation Reform Act of 1995. 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.