Kean Wind Turbines, Inc. is registered and acknowledged with the S.E.C. (Securities Exchange Commission) in Washington, D.C. and with the State Department of New York as a “C” corporation. It filed its original certificate of incorporation in March 2011.
The corporation is investor owned with about 400+ shareholders all of whom have equal equity ownership. Existing shareholders obtained stock by contacting an officer of the corporation and are required to have had residence within the eight Western counties of New York at the time they acquired stock. Stock cannot be sold without the approval of the corporation to limit investors from outside Western New York. An approved “Confidential Private Placement Memorandum“ of stock offerings was provided all shareholders.
The company founder, Kean W. Stimm, maintains voting control in the company. His voting control would terminate upon his demise with the shareholders then in control. He is a graduate scientist/engineer of Purdue University and has owned and operated six manufacturing firms during his long career.
Kean is the patent holder but has transferred 50% ownership of the patent to the Kean Wind Turbine corporation thus providing the shareholders as an entity with equal ownership for their protection. It is believed that the patent, filed in 52 nations, with most issued, will be eventually recognized as very valuable. The patent was filed in June of 2012.
The corporation has a strict policy of using no tax payer funds including grants, subsidies, tax abatements, or even sales tax and property tax reductions as this is considered a burden on the community. The corporation has no debt, borrows no money, and has earned a modest net worth even as a “start up” company. The company has also gained a substantial carry forward tax credit against future income taxes.
The ongoing business plan envisions all sales direct to electric utilities by established manufacturing licensees in major communities across the USA and then across the world. The only charge for the licensee is a typical royalty payable monthly based on product value sales. The licensee prepays a small percent of future royalties upon signing an agreement which is returned as royalties begin.