ANNAPOLIS, Md., Sept. 27, 2011 /PRNewswire/ -- Clean Wind Energy Tower, Inc. (OTCBB: CWET, the "Company"), announced, in an SEC Form 8-K filed on September 26, 2011, what it has deemed to be the effective resignations of certain "Former Employees". As a result of these resignations the Company has taken steps to cancel certificates held by the "Former Employees", totaling 120,600,000 shares of common stock. The cancelled shares will be retired to treasury stock of the Company reducing the number of outstanding shares from 329,683,408 to 209,083,408.
Ron Pickett, President & CEO stated: "The Company is transitioning from a "Research and Development Stage" company to the actual development of our first Dual Renewable Energy Tower project. In recent months the Company has needed to seek numerous consultants with outside expertise beyond the disciplines of our in-house engineering staff. Management believes that the best course of action is to seek the advice of well recognized world class industry participants to work with our Company to bring our Dual Renewable Energy Tower to market. The CWET Board of Directors has concluded that it is in the mutual best interest of the shareholders and the Company to move forward in this new direction."
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. 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'. 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
Public Relations Contact:
Michael J. Porter, President,
Porter, LeVay & Rose, Inc.
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.