SOURCE: Solar Wind Energy Tower

June 22, 2015 08:30 ET

Solar Wind Energy Tower, Inc. Files 14C Information Statement to Prepare for Additional Project Financing Opportunities

ANNAPOLIS, MD--(Marketwired - June 22, 2015) - 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 announced that it filed a Schedule 14C Information Statement with the Securities and Exchange Commission on June 19th disclosing the following actions that have already been approved by written consent of a majority of the voting stockholders and the Board of Directors.

  • To increase the Company's authorized common stock from 1,300,000,000 shares to 5,000,000,000 shares.
  • To effectuate a reverse stock split of up to a 1 for 400 of the Company's common stock at the sole discretion of the Board of Directors at such time in the future. This does not necessarily mean that a 1 for 400 stock split or any derivate thereof has been or will be done, but prepares the Company to consider alternative financing proposals from a larger segment of perspective partners/investors.
  • The Company has filed a Certificate of Amendment to its Articles of Incorporation to allow the increased number of shares. If and when the Board of Directors decides to effect a reverse stock split an additional amendment to its Articles of Incorporation would be filed.

Ron Pickett, CEO of Solar Wind Energy Tower, Inc., commented, "As mentioned in our June 2, 2015 press release, we have been working with a well-known and highly respected firm to facilitate the pursuit of suitable project financing partners/investors for our project in Arizona, Arizona Green Power, which is staged for development. Attracting and securing those partners/investors will end the utilization of expensive and dilutive "short term convertible notes" as a funding mechanism for the Company. At the advice of this firm, and in the opinion of our Majority Stockholders and the Board, these actions should give us the flexibility to meet the demands of these potential project financing partners/investors. The Company's objective is, and always has been, to complete the first of many game-changing renewable energy towers, and bring increased value to our loyal, long-term shareholders. We look forward to doing just that."

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 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".

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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).

Contact Information

  • Contact:
    Solar Wind Energy, Inc.
    1997 Annapolis Exchange Parkway Suite 300
    Annapolis, Maryland 21401
    Phone: 410-972-4713