Solar Wind Energy Tower, Inc. Clarifies Wall Street Analyzer Interview Comments
13 June 2014 - 12:00AM
Marketwired
Solar Wind Energy Tower, Inc. Clarifies Wall Street Analyzer
Interview Comments
ANNAPOLIS, MD--(Marketwired - Jun 12, 2014) - Solar Wind Energy
Tower, Inc. (OTCQB: SWET) (the "Company"), the inventor of large
Solar Wind Downdraft Tower structures capable of producing
abundant, inexpensive electricity, today issued a note from CEO Ron
Pickett providing clarification on comments documented in its Wall
Street Analyzer Interview regarding the financing of its Arizona
tower project.
Friends and Shareholders,
It has recently come to my attention that in an interview done
with the Wall Street Analyzer on May 14, 2014, I inadvertently
omitted the word conditional when describing the financing
agreement with National Standard Finance. The Wall Street Analyzer
has already issued a correction.
The financing agreement signed with National Standard Financing
is conditional as clearly stated in title and body of our
May 5, 2014 press release found here:
http://www.marketwatch.com/story/solar-wind-energy-tower-inc-obtains-conditional-financing-commitment-for-first-solar-tower-in-arizona-2014-05-05
As mentioned in the May 5th announcement: "Under the proposed
terms, National Standard would fund the purchase of the required
renewable energy equipment and power station as well as pay for
related development costs to become operational. National Standard
will lease the equipment to Solar Wind Energy Tower, Inc. for a 20
year term. National Standard has developed with Solar Wind Energy
Tower a financial plan that details the steps, conditions and
requirements necessary to satisfy National Standard's investment
requirements for this project. These requirements relate to
customary construction risks, operational risks and performance
guarantees related to the sale of power long term to qualified
buyers. Solar Wind Energy Tower is currently in negotiations to
provide these milestones and project deliverables to advance the
projects progress towards closing on the investment capital and
lease. A definitive agreement has not yet been finalized between
the parties."
We are committed to accuracy and transparency throughout all of
our communication initiatives, and would like to thank the
shareholder who brought this to our attention. And everyone for
their continued support of Solar Wind Energy Tower and our mission
to bring affordable, clean energy solutions to communities
worldwide.
Sincerely,
Ron Pickett, CEO
About Solar Wind Energy Tower, Inc.
Founded in 2010, Solar Wind Energy Tower, Inc., and its wholly
owned commercializing subsidiary, Solar Wind Energy, Inc., is the
inventor of the patented Solar Wind Downdraft Tower, which uses
state of the art technologies and construction systems to produce
abundant, inexpensive electricity, 24 hours a day, 7 days a week,
and the Energy Generation Calculator software which can calculate
and predict energy production of a Tower given a site's local
weather data. The Company secured the site and development
financing for its first Tower project in the U.S. in the City of
San Luis, Arizona which may be ready for operation as soon as 2018.
Under the most recent design specifications, the first Tower in San
Luis, Arizona has a design capacity on an hourly basis of up to
1,250 megawatt hours, gross. The Company is also focused on
licensing its development know-how and establishing partnerships at
home and abroad to propagate Tower development projects in return
for licensing fees for territories, development fees during
construction, and recurring royalty fees based on the actual
kilowatt hours produced by the Tower. Solar Wind Energy has
assembled a team of experienced business professionals, engineering
and scientific consultants with the proven ability to bring this
solution to market.
The Company's core objective and focus is to become a leading
enabler of clean, efficient renewable energy to world communities,
at a reasonable cost, without the destructive residuals of fossil
fuels, while continuing to generate innovative technological
solutions to meet tomorrow's electrical power needs. Solar Wind
Energy has filed and been issued patents that the Company believes
will further enhance this potentially revolutionary technology.
Solar Wind Energy Tower, Inc., based in Annapolis, MD, is traded on
the OTCQB under the symbol 'SWET'.
For more information visit http://www.solarwindenergytower.com,
www.facebook.com/pages/Solar-Wind-Energy-Tower/ and
www.twitter/SWETower.com.
Cautionary Note Regarding Forward-Looking Statements Statements
included in this release may constitute "forward-looking
statements". Actual results may differ materially from those
projected in 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 revenues, if any,
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).
CONTACT: Solar Wind Energy, Inc. 1997 Annapolis Exchange Parkway
Suite 300 Annapolis, Maryland 21401 Phone: 410-972-4713 E-mail:
Info@swetower.com