ANNAPOLIS, MD – September 27, 2011 (InvestorIdeas.com Newswire) – Clean Wind Energy Tower, Inc. (OTCBB: CWET), announced today that the Company is closing their internally staffed engineering office in Warrenton, Virginia and transitioning to a Development Team that will oversee and coordinate the efforts of industry consultants and advisors to develop and construct their first Dual Renewable Energy Tower.
Ron Pickett, President & CEO stated: "In recent months the Company has needed to seek numerous consultants with outside expertise beyond the disciplines of our in-house engineering staff. Management believes that as the Company commences the transition from a "Research and Development Stage" company to the actual development of our first project, the best course of action is to seek the advice of well recognized world class industry participants to work with our Company to bring our Dual Renewable Energy Tower to market. For example, during the past year we have been working very closely with Kroll Cranes, a subsidiary of Muhibbah Engineering, in our planning and research phase as well as consulting with professors from several well recognized universities."
Management has accepted the resignations, effective September 20, 2011, from John Hanback, Chief Technology Officer, Itzhak Tepper, P.E. Chief Structural Engineer and Christopher Johnson, Program Manager, Research Engineer. Management anticipates that there may be disputes from former employees; however the CWET Board of Directors has concluded that it is in the mutual best interest of the shareholders and the Company to move forward in this new direction.
About Kroll Cranes
Kroll Cranes A/S, a member of the Muhibbah Engineering Group, is situated in Denmark on the outskirts of Copenhagen. The company has had over 40 years experience in Tower Crane design and manufacture; supply, trade, lease, and servicing of offshore oil and gas pedestal cranes, tower cranes, shipyard cranes, and other heavy lifting equipment cranes.
About Muhibbah Engineering
Muhibbah Engineering (M) Bhd., incorporated in 1972 and headquartered in Klang, Malaysia engages in infrastructure, civil and structural engineering contract works in Malaysia and internationally. The company's Infrastructure Construction segment involves the construction of petroleum hub and bunkering facilities, oil and gas terminals, liquefied natural gas jetty works, marine ports, bridges and dams, airport terminals, runway and facility support buildings, heavy concrete foundations, and other similar construction works.
Clean Wind Energy, Inc., a wholly owned subsidiary of Clean Wind Energy Tower, Inc, is designing and 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. 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, engineers and scientists 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 has filed several patents that the Company believes will further enhance this potentially revolutionary technology.
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).
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