Debt-to-Equity Note Conversion and Other Debt Payments Reduce Unpaid Principal and Interest by More Than US$400,000, Ends Ongoing Accumulation of Fees and Interest; Expected to Improve Overall Balance Sheet
Dallas, Texas--(Newsfile Corp. - April 6, 2021) - Principal Solar, Inc. (OTC Pink: PSWW) ("Principal" or "the Company"), a strategic investor in and acquirer of organizations and technologies that support next-generation opportunities in traditional, renewable, and clean energy sectors as well as an investor in and acquirer and operator of undervalued petroleum-producing properties, today announced that as of first quarter ended March 31, 2021, the Company had successfully eliminated outstanding and unpaid principal and interest of approximately US$412,000. The elimination was primarily achieved through the debt-to-equity conversion of a previously issued note to purchase the outstanding debt of a private high net worth individual lender. The debt-to-equity note conversion also terminated the ongoing accumulation of interest and fees and is expected to improve the Company's working capital, financial "quick ratios", and overall balance sheet.
"We appreciate the lenders that have been willing to work with us as we begin to execute our previously-announced corporate initiative of developing and deploying a streamlined, low leverage equity investment capital structure that minimizes expenses and company overhead," said K. Bryce "Rick" Toussaint, CPA, MBA, Chairman and CEO of PSWW. "We intend to continue to reduce outstanding debt during the second fiscal quarter and are optimistic that doing so will enhance Principal's overall performance potential and aid in the development of its future cash reserves."
About Principal Solar
Principal Solar is a strategic investor in and acquirer of organizations and technologies that support next-generation opportunities in traditional, renewable, and clean energy sectors as well as an acquirer and operator of undervalued petroleum-producing properties.
For further information, please visit the Company's website at www.pswwenergy.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
The statements contained in this news release which are not historical facts may be "forward-looking statements" that involve risks and uncertainties which could cause actual results to differ materially from those currently anticipated. For example, statements that describe PSWW' hopes, plans, objectives, goals, intentions, or expectations are forward-looking statements. The forward-looking statements made herein are only made as of the date of this news release. Numerous factors, many of which are beyond PSWWs' control, will affect actual results. PSWW undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances. This news release should be read in conjunction with PSWWs' most recent financial reports and other filings posted with the OTC Markets and/or the U. S. Securities and Exchange Commission by PSWW.
Principal Solar Contact
K. Bryce "Rick" Toussaint, CPA, MBA
Chairman and Chief Executive Officer
kbt@pswwenergy.com
214.885.0032
Investor Relations Contact
Michael Briola
invest@pswwenergy.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/79517
