Clean Wind Energy restructures USD 530,000 of debt
Aug 21, 2012 - US firm Clean Wind Energy Tower Inc (OTC:CWET) said Tuesday it had restructured some USD 530,000 (EUR 425,100) of debt, so it would be easier for it to raise additional cash when needed to fund future growth.
The company converted to one-year notes USD 268,000 of current accounts payable. In addition, USD 262,000 in current accounts payable and reserves for payments due under the terms of a non-cancelable lease have been exchanged for stock.
Clean Wind Energy has developed an installation called the Downdraft Tower. The facility represents a hollow cylinder with a water spray system at the top. Pumps deliver water to the top of the facility to spray a fine mist across the entire opening. The water evaporates and cools the hot dry air at the top. The cooled air, which is denser and heavier, falls through the cylinder, driving turbines located at the base of the structure to produce electricity. In geographic areas where atmospheric conditions are conducive, the exterior of the Downdraft Tower may be constructed with vertical "wind vanes" that capture the prevailing wind and channel it to produce more electrical power.