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Clean Wind Energy Tower Raises $849K - cbl
Posted May 26, 2011
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By Brian Wolak
ANNAPOLIS -- Clean Wind Energy Tower Inc. (OTCBB:CWET) has raised $849,000 of a $1 million equity offering while attracting 11 investors.
Based in Annapolis, Clean Wind Energy is designing and preparing to develop large "Downdraft Towers" that use natural elements to generate electricity and clean water.
Principals named in a recent SEC filing include:
- Ronald Pickett, CEO, president and chairman
- Ownkar Persaud, CFO
- Stephen Sadle, COO
- Robert Crabb, CMO
- John Hanback, CTO
- Itzhak Tepper, chief structural engineer
- Thomas Smith, director
- H. James Magnuson, director
- Arthur Dammarell, director
Pickett has over 40 years of construction, development and technology skills and has founded numerous companies from startup, including three from inception through the public ownership process.
Westport, Conn.-based Source Capital Group; Altamonte Springs, Fla.-based Merrimac Corporate Securities; and Atlanta-based JP Turner & Co. were issued common stock purchase warrants to acquire an aggregate of 119,000 shares at $0.10.
Clean Wind Energy Tower's Downdraft Tower is a hollow cylinder with a water spray system at the top. Pumps deliver water to the top of the Downdraft Tower to spray a fine mist across the entire opening. The water evaporates and cools the hot dry air at the top. The cooled air is more dense and heavier than the outside warmer air and falls through the cylinder at speeds up to 50 mph, driving the turbines located at the base of the structure. The turbines power generators to produce electricity.
SEC filing: http://tinyurl.com/3r44j8l
Bios:
Robert P. Crabb, Secretary and Chief Marketing Officer, Director
Bob has over 40 years of public and private sector experience including 15 years in the insurance industry including, sales and sales management with MetLife and independent property and casualty brokerage. His entrepreneurial expertise includes marketing consulting, corporate management and commercial/residential real estate development. He has served in a corporate governance capacity as secretary to a number of start-up companies.
Itzhak Tepper, P.E. Chief Structural Engineer
Itzhak is an accomplished Senior Structural Engineer with over 45 years of international experience in the construction of stadiums, hotels, medical facilities, parking structures, industrial facilities, shopping centers, office buildings and educational and institutional facilities. Mr. Tepper designed pre-cast concrete production facilities and developed their prototype products. In addition, he also developed the use of steel mesh and stainless steel mesh in concrete construction.
His vast construction experience is an invaluable asset to Clean Wind Energy Tower, Inc. in the design and construction of our world changing energy production facility.
Ownkar Persaud, Chief Financial Officer
Ownkar is a Chartered Accountant with extensive public and private company experience. He has served as the Vice President of Finance and Principal Accounting Officer for a publicly traded cable, telephone and Internet service provider, in which capacity he managed the Company's financial operations. He was also the Assistant Controller and SOX Compliance Officer for a publicly traded energy management solutions provider. Ownkar served as Assistant Controller at SOTAS Inc., a provider of telecommunication network management services.
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Clean Wind Energy Tower Inc.
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