After reaching a six-month low a couple of days ago, Clean Wind Energy Tower, Inc. (OTC:CWET)
has made several attempts to strike back, albeit with limited success. Now, third parties have just launched a promotional campaign hoping to boost the market value of CWET again.
Yesterday, CWET went down $0.003, or 6.98%, closing trade at $0.04 per share on a volume of 131 thousand. The latter is barely 27% of the company's daily average trading volume. Today, CWET is expected to shift a much larger volume as it has become a subject of artificial pumping. According to the campaign's disclaimer, third parties have negotiated a monthly compensation of 100 thousand shares of restricted stock with the promoter.
Clean Wind Energy intends to construct a novel green renewable energy Downdraft Tower Facility in the city of San Luis. In this respect, the company announced yesterday that its application in connection therewith had now been granted approval by the Arizona Planning Commission. As it is, the next step is a hearing on the project by the San Luis City Council scheduled for May 9.
While CWET's initiative could certainly yield potential gains, the company does not seem to have the full capacity to carry out a project of such magnitude as far as its financial stability is concerned. The company's 10-K report for the 2011 fiscal year revealed:
- cash reserves (and total current assets) of $52 thousand;
- working capital deficit of approx. $1.35 million;
- extremely high leverage and negative net worth in excess of $1.3M;
- zero revenue and an annual net loss of $2.26 million.