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.
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).
Solar Wind Energy, Inc.
1997 Annapolis Exchange Parkway
Annapolis, Maryland 21401
SOURCE: Solar Wind Energy Tower, Inc.