ANNAPOLIS, MD--(Marketwired - Mar 3, 2017) - Solar Wind Energy Tower, Inc. (OTC PINK: SWET) (the "Company"), the innovator and creator behind the Solar Wind Downdraft Tower structures capable of producing abundant, inexpensive electricity to meet the world's increasing demand, announced today that it has filed its overdue 10-K for 2015 and is working to complete the three 10-Q's for 2016 which are currently in arrears. The 10-K contains more current financial information and a number of "Subsequent Events" through February 2017. The Company is filing this release in addition to the SEC filing and encourages its shareholders and any potential interested parties to review the 10-K filing.
Additionally, the Company announced that its majority owned single purpose project development company, Arizona Green Power LLC (AGP) had executed a new five year "Development and Development Rights Agreement" with the City of San Luis, Arizona. The Agreement provides for the necessary permits and rights of way needed to complete the development of a Solar Wind Energy downdraft tower project in San Luis, Arizona. The Agreement also guarantees the project a 50-year water supply agreement by the City. The Agreement replaces a similar shorter-term agreement between the Company and the City that was set to expire in June 2017.
Ron Pickett, CEO of SWET and Managing Member of AGP commented: "This new Agreement supports a time frame necessary to complete construction of the San Luis tower project. The Company and AGP salute the Mayor, City Council and staff of San Luis for their understanding and unanimous support for this project and we reassured San Luis of our absolute commitment to make this project a reality."
The Company and AGP are continuing to work with their expert consultants to advance the engineering and update the cost estimates for the project which are needed to support the pursuit and the timing for potential power purchase agreements. It is noteworthy that some of our consultants have donated their services in 2016, others have deferred some payments for their services and all have continued to enthusiastically support our efforts to bring this potentially global changing solution to the market.
The Company had very limited capital available for 2016 operations. Moving forward required the much needed assistance and cooperation from our consultants, deferred payroll by all employees, the necessary minimum operating capital supplied from the personal funds of the CEO, the conversion of much debt into equity, and the outright forgiveness of debt by others.
Management looks forward to the opportunity it faces in 2017 and thanks all of those who have believed in the Company for their support!
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.
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.
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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).