CWET News CLEAN WIND ENERGY TOWER INC
Symbol U : CWET
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Clean Wind Energy Tower, Inc. Letter to Shareholders
2012-07-31 08:00 ET - News Release
ANNAPOLIS, Md., July 31, 2012 /PRNewswire/ -- Clean Wind Energy Tower, Inc. (OTCBB: CWET, the "Company") announced that the Company had communicated to their shareholders of record in a letter that stated:
July 31, 2012
To our valued shareholders,
The executive team at Clean Wind Energy Tower, Inc. has been busy pressing forward to monetize our valuable research, proprietary data and Intellectual Property. Last week we announced that our "Core Patent" had been issued and we believe this provides us with a distinct business advantage over any potential competitor in the development of the first Energy Downdraft Tower.
Our principal goal had been to secure a site and obtain all of the necessary entitlements to develop the first Energy Downdraft Tower. We recently announced that the City of San Luis, Arizona unanimously approved the zoning on a parcel of land in San Luis to host our first Tower. Simultaneously, San Luis approved zoning to allow construction of a manufacturing facility at the same location for the assembly of the Tower's wall sections. Our company also has entered into a separate Development Rights Agreement with San Luis to further support the addition of a second Tower on a neighboring property.
Perhaps the most exciting new development comes from the very recent weather data models recently completed by our consultants. It has always been our intention to develop the first Energy Downdraft Tower as inexpensively as possible, while preserving pro forma net cash flows after operations of at least twice that amount required to service the accompanying debt. Actual atmospheric data from the San Luis Tower location area now confirms that we can lower the first Tower height from 3,000 feet down to 2,250 feet without compromising our goal of maintaining 2:1 cash flow coverage for debt service. This modification significantly reduces risk, costs, and construction time as well as water consumption.
In closing, we have certainly come a long way towards achieving our intended goal of developing the first Energy Downdraft Tower. We are rapidly approaching that "turning point "when all that will be needed is sufficient capital to actually construct the first tower. Our objective is to obtain that necessary project capital through partnerships for each Tower. Until then, we will continue to seek to finance our early stage development activities through the public company.
