DALLAS, TEXAS, June 09, 2022 (GLOBE NEWSWIRE) -- Principal Solar, Inc. (OTC Pink: PSWW) (“Principal” or “the Company”), a strategic investor in organizations and technologies that support next-generation opportunities in traditional, renewable, and clean energy sectors as well as an investor in undervalued petroleum-producing properties, today announced that its board of directors has approved a plan to spin-off its E-3 Petroleum subsidiary (“E-3”) into a separate public company focused on operating the Company’s oil and gas leases.
“In a move consistent with our strategic focus on logistics and EV technologies, Principal intends to spin-off our oil and gas activities into a new, separate company,” said K. Bryce “Rick” Toussaint, CPA, MBA, Principal’s Chairman and CEO. “We feel that this transaction will increase stakeholder value while enabling each organization to exclusively focus on its core capabilities.”
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.
“With its unique, eco-friendly approach to refurbishing and operating orphaned wells driven by burgeoning market demand for petroleum products, E-3 has the potential to deliver significant value while mitigating environmental damage,” said Mr. Lerner. “It’s a great story and a potentially lucrative business model we believe will thrive as a stand-alone company.”
The transaction is subject to customary conditions including but not limited to final approval by Principal Solar’s board of directors, the filing and effectiveness of a registration statement with the Securities and Exchange Commission, the receipt of a tax ruling from the IRS, and the approval of applicable regulatory authorities. Additional details are expected to be announced when finalized.
Information regarding Principal’s E-3 Petroleum subsidiary may be viewed here: https://pswwenergy.com/e-3/
Mr. Lerner’s professional background is viewable here: https://pswwenergy.com/management-team/
https://www.globenewswire.com/news-release/2022/06/09/2459652/0/en/Principal-Solar-Announces-Plan-to-Separate-Its-Oil-and-Gas-Subsidiary.html