ANNAPOLIS, Md., Oct. 1, 2012 /PRNewswire/ -- Clean Wind Energy Tower, Inc. (OTCBB: CWET, the "Company") announced today that the Company had signed a Letter of Intent ("LOI") to enter into a Definitive Agreement to purchase a 3,200 acre site in Mexico that has the ideal attributes required for the Company's Downdraft Tower, an alternative energy project currently under development.
The Company intends to build and operate two Clean Wind Energy Downdraft Towers on this site. The proposed property is located in a particularly exceptional area for the development of these projects as it possesses suitable access, along with the required topography.
Both Clean Wind Energy Tower, Inc. and the current land owner have been in discussions regarding this project since the later part of 2011 and are working together diligently under the LOI towards the execution of a Definitive Agreement.
The land purchase is subject to the seller providing clear title and unrestricted access to the property as well as acquiring all of the needed prerequisites and approvals for the implementation of the Downdraft Towers including access to the power grid and the Company securing a satisfactory Power Purchase Agreement.
For an on-line demonstration of the proposed construction and operation of Clean Wind Energy, Inc.'s Downdraft Tower, please visit www.cleanwindenergytower.com/tower.html#demo.
Abundant, Clean, Affordable Energy
As designed, the Company anticipates that each Downdraft Tower could generate enough electricity to power up to 1,000,000 homes using the guidelines set forth in the California Statewide Residential Appliance Saturation Study, 2004. As an independent power producer of clean, renewable energy, the Company will not be selling power directly to consumers but rather to the grid. As currently designed, the Company anticipates that each Downdraft Tower will be capable of generating 1,200 megawatt hours of salable electricity to the grid - one megawatt equates to 1,000,000 watts or 1,000 kilowatts of electricity. Currently, average costs per kilowatt in California are running approximately $0.11/kilowatt hour. Power sales at $0.11/kilowatt hour, from a plant capable of generating 1200 megawatt hours of power, averaging 750 megawatt hours of production, could generate in excess of $700 million annually in power sales.
Ronald W. Pickett, Chairman and CEO, stated, "We are excited about the opportunity to locate two Downdraft Towers in this region as it is one of the prime locations in the world due to the climate, which enables the Tower to produce an optimum amount of clean, renewable energy. Other ideal locations for the Downdraft Towers include Western Australia, North Africa, and select regions of South America, India, the Middle East and South West USA."
About Clean Wind Energy, Inc.
Clean Wind Energy, Inc., a wholly owned subsidiary of Clean Wind Energy Tower, Inc, has designed and is preparing to develop, and construct large "Downdraft Towers" that use benevolent, non-toxic natural elements to generate electricity and clean water economically by integrating and synthesizing numerous proven as well as emerging technologies.
The Company's core objective and focus is to become a leading provider of clean efficient green energy to the world communities at a reasonable cost without the destructive residuals of fossil fuel, while continuing to generate innovative technological solutions for today and tomorrow's electrical power needs. In addition to constructing Downdraft Towers in the United States and abroad, the Company intends to establish partnerships at home and abroad to propagate these systems and meet increasing global demand for clean water and electricity. Clean Wind has assembled a team of experienced business professionals, engineering and scientific consultants with access to the breakthrough energy research upon which this technology is founded and the proven ability to bring the idea to market. Clean Wind Energy, Inc. has been awarded their core patent and has additional patents pending that the Company believes will further enhance this potentially revolutionary technology. Clean Wind Energy, Inc. is based in Annapolis MD, and is traded on the OTCBB under the symbol 'CWET'. For more information, please visit www.cleanwindenergytower.com.
Phone: (855) 848-6937
Cautionary Note Regarding Forward-Looking Statements
Statements included in this release may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Litigation Reform Act of 1995. 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 net revenues 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).
SOURCE Clean Wind Energy Tower, Inc.