Wallace, Idaho-based Superior Silver Mines, Inc. announced today that it has completed a reverse merger transaction with Clean Wind Energy, Inc. Entering into the closing, Superior Silver Mines was a public “shell” company with nominal assets whose purpose was to seek, investigate and, if such investigation warranted, acquire an interest in business opportunities presented to it by other persons or firms.
Clean Wind Energy, which has business strategies to design, develop and construct large downdraft towers to generate electricity and clean water economically, will now become a wholly-owned subsidiary of Superior Silver Mines and its business operations will become the principal business operations of Superior Silver Mines from this point forward. Clean Wind Energy, Inc. has filed several patents which further perfect and enhance their downdraft tower technologies. In order to bring the technology to market, Clean Wind has assembled a world-class team of experienced business professionals, engineers and scientists with access to the breakthrough energy research.
As part of the merger, Superior Silver Mines Director Dale B. Lavigne has resigned and Ronald W. Pickett and Robert P. Crabb were appointed to the Company’s Board. Ronald W. Pickett will retain his positions as Superior Silver Mines’ President, CEO and Chairman. At this point, no name change or ticker change is scheduled for Superior Silver Mines and it will continue to trade on the Over the Counter Bulletin Boards under the ticker “SSVM”.
The transaction was completed through the two companies, as well as Superior’s wholly-owned subsidiary, Superior Silver Mines Acquisition Corporation, and entailed Clean Wind stockholders being issued rights to receive shares of SSVM in exchange for their Clean Winds common stock. An aggregate of 300 million shares were involved in this rights offering. Upon completion, there will be 327,055,199 shares of SSVM issued and outstanding, with the shareholders of SSVM controlling approximately six percent and the pre-merger shareholders of Clean Wind owning approximately 92 percent on a fully-diluted basis.
An 8-K will be filed with the Security and Exchange Commission no later than January 5, 2011. Additional information on Clean Wind Energy, Inc. and its concepts can be found on the Company’s website at www.cleanwindenergytower.com