Solar Wind Energy Tower, Inc. Receives Operational Financing Through JDF Capital Inc.
June 16 2014 - 8:30AM
Marketwired
Solar Wind Energy Tower, Inc. Receives Operational Financing
Through JDF Capital Inc.
ANNAPOLIS, MD--(Marketwired - Jun 16, 2014) - Solar Wind
Energy Tower, Inc. (OTCQB: SWET) (the "Company"), the inventor of
large Solar Wind Downdraft Tower structures capable of producing
abundant, inexpensive electricity, announced today that it has
entered into a financing agreement with JDF Capital Inc. under
which JDF Capital Inc. will provide up to $1,585,000 through a
combination of convertible debt and additional equity via potential
warrant exercises.
The initial round of funding in the amount of $555,000 was
completed on June 9, 2014. The second round of funding in the
amount of $330,000 is due within 15 days of the effectiveness of a
registration statement, which must be filed within 60 days from the
closing date. Also included in the financing are two warrants
with an exercise price of $0.04 and $0.05, expiring in 3 months and
5 months, respectively, after the registration statement becomes
effective and which can each raise the Company an additional
$350,000.
JDF Capital President John Fierro commented, "We have invested
in many public companies and we always look for seasoned
management. In the case with SWET we found not only the management
team in place but a company that is positioned to transition and
capitalize from all of their research and development to a full
development company."
Solar Wind Energy Tower CEO Ron Pickett commented on the
transaction, "On our conference call last December, we discussed
how the Company was using short term notes that converted to shares
from multiple lenders to finance operations and that the Company
did not believe these lenders were investing in the long term
interests of the Company. After establishing an initial
relationship with the Company last October and following our own
due diligence process, we found JDF Capital Inc. to be an investor
that we believe is more interested in the long-term success of the
Company and as such, are pleased to have selected them to provide
the capital necessary to move forward with our
operations.
The funds will be used not only towards operating capital, but
also towards retiring existing notes. We look forward to working
with JDF Capital Inc. in these efforts, and to together achieving
our long-term growth prospects."
Pickett added, "All one has to do is look at our financials and
realize that SWET has incurred approximately $10 million in costs
achieving our patents, proprietary information, and securing our
first domestic site with entitlements, yet our market cap today is
less than $10 million. We believe this represents a great
opportunity to invest for those who believe in the Company and our
plans for growth."
For more details on this transaction, please review the
Company's 8K filed with the Securities & Exchange Commission on
Friday, June 13th.
About JDF Capital Inc. JDF Capital Inc. is a privately held
investment firm established in 2009 that specializes in providing
capital to emerging microcap and small cap companies. JDF Capital
Inc. is widely recognized as a global leader in small and
lower-middle market structured financings. JDF Capital Inc. is
currently invested in a portfolio of companies listed on NASDAQ,
OTCBB, and AMEX/NYSEMKT. For more information please
visit www.jdfcap.com.
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'.
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).
CONTACT: Solar Wind Energy, Inc. 1997 Annapolis Exchange Parkway
Suite 300 Annapolis, Maryland 21401 Phone: 410-972-4713 E-mail:
Info@swetower.com