Principal Solar Releases Shareholder Update Fellow Shareholders,
Oil and natural gas prices remain near their highest levels in 14 years. According to sources such as The Goldman Sachs Group, Standard & Poor's, and the Energy Information Administration, the market outlook is expected to remain strong through 2023 and beyond.
Consequently, we believe now is the perfect time to spin off our oil and gas operations into a new, stand-alone, publicly-traded company hyper-focused on the execution of our high-growth strategic plan to employ cutting-edge, green, and low-impact technology to extract more oil and gas from abandoned and orphaned fields. To that end, Principal’s board of directors has approved a plan to begin structuring the Company’s E-3 Petroleum subsidiary (“E-3”) into a separate entity, which will consist of Principal’s oil and gas investments in Texas and Oklahoma as well as its licensed environmentally friendly extraction technologies. The new company will be led by Principal’s current COO, Anthony Lerner, who will be supported by a dedicated team of managers and advisors with deep experience in oil and gas.
Information regarding Principal’s E-3 Petroleum subsidiary may be viewed here: https://pswwenergy.com/e-3/
We believe there are myriad benefits to be realized through this activity. Both companies will be free to focus on their respective core businesses; Principal will be better able to quickly react to changes in the renewable energy sector, and E-3 will be better able to capitalize on increases in oil and gas commodity prices. As separate entities, there may be the potential to offset dilution from past convertible notes that could have negatively impacted PSWW’s share performance. And last, but certainly not least, we hope to reward Principal’s loyal shareholders for staying the course with us as we navigate today’s challenging public markets.
Though specifics have yet to be determined, at least initially, we expect that E-3 will be 100% owned by Principal’s shareholders, and our plan is to fund the new company through an S-1 registration statement. PSWW’s recent qualification of its second Reg A+ offering stands to accelerate both companies’ expansion plans over the next twelve months.
I feel strongly that burgeoning energy prices fueling a focused, independent E-3 Petroleum offers the greatest potential to deliver superior returns to our shareholders.
Additionally, I am scheduled to be interviewed this week by Mr. Everett Jolly, the founder and CEO of Stock Day Media. During this interview, I will be discussing the E-3 spin-off in further detail, as well as each company’s current market opportunities. The interview will be aired next week.
https://www.globenewswire.com/news-release/2022/06/16/2463881/0/en/Principal-Solar-Releases-Shareholder-Update.html