Solar Wind Energy Tower Issues Business Update

Solar Wind Energy Tower (OTC:SWET) issued a business update detailing the current status of various projects.
As quoted in the press release:
There are a few minority interest holders in AGP currently owning less than 8% of AGP. AGP is working with SWET’s expert consultants and engineers finalizing the convergence of downdraft winds into the tunnels surrounding the base of the Tower. Optimizing this design is an important engineering and design task. The number of tunnels, their diameter and the length of the tunnels necessary to maximize the efficiency of the multiple turbine energy extraction system directly impacts the total project capital cost.
Management has always used conservative assumptions, (tallest Tower height, longest tunnels, and maximum number of tunnels). Maximizing the conditions predicted the highest construction and highest maintenance cost projections. As these studies near completion, management is now confident that our original estimates were in fact very conservative. As we complete the due diligence process we will continue to provide updates on the projects.
SWET has been supporting the development efforts of a company in Kenya pursuing the exclusive license rights from SWET to develop two downdraft Towers in Kenya, Africa. The SWET business model is to license our technology to developers, utilities, sovereign nations to bring our solution to market. The model includes a license fee, development fees during construction and an ongoing annual Royalty fee based on kWh output from the project for 20-25 years. The development group in Kenya has agreed to the fees and structure and is diligently pursuing site approval and the required Power Purchase Agreement and documents necessary to move forward. Although SWET’s management is working with and supporting this effort on a weekly basis, the success of the project is in the hands of the Kenya developer. Activation of the license agreement requires the upfront license fee payment from the developer. We will continue to provide updates on the Kenya Tower(s) project.
SWET has pursued a project in Mexico just across the border from the AGP project in Arizona. The owner of the site on which SWET had an option to purchase has died and that site is no longer available. Our CEO has made a number of trips to Mexico in support of this project and remains in contact with the local development authority. We have received assurances that the local authorities still support the Tower project and will again assist in locating a new site, extend the previous commitments for a water supply agreement and provide the needed entitlements to support a new site. Management has informed the Mexican authorities that as soon as the final design and pricing comes in on the Arizona project we will again revisit San Luis Rio Colorado, Sonora, Mexico in pursuit of a Tower solution for them.
Finally, one of our Teaming Partners is seeking possible ways to repurpose abandoned tall chimneys and stacks rather than tear them down. They have explored solutions such as mounting solar panels on the chimneys and stacks which proved not to be feasible. We were posed the question of whether or not our Tower solution could possibly serve as a retrofit solution to repurpose abandoned stacks. Our consultants have been working with us since late last fall and we have decided to pursue the possible benefit of applying our technology to this potential repurposing opportunity. SWET has formed a new affiliated company, Solar RePurposing Systems LLC, to offer this retrofit solution and potentially benefit our shareholders. SWET owns 90% of this new company and the new company has retained the expertise of an industry consultant to advise and direct us into this market and introduce us to potential Teaming Members. We will continue to provide updates on this potential market opportunity.
Click here for the full press release.