New Entity Created Specifically for Electric Vehicle Investments and Opportunities; Principal Completes Initial $1m Investment into Subsidiary Partnership with eTruck Transportation
Dallas, Texas,--(Newsfile Corp. - May 10, 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 the formation of its new operating subsidiary corporation, NexTeal Energy, Inc. ("NexTeal"). The new entity was created specifically to focus on the Company's electric vehicle investments, including its subsidiary partnership with eTruck Transportation ("eTruck"), as well as to potentially capitalize on funding opportunities and development incentives in the electric vehicle technology sector.
"The NexTeal concept represents an intentional transition from today's largely non-renewable vehicle technologies to a fully renewable future for the transportation sector," said K. Bryce "Rick" Toussaint, CPA, MBA, Chairman and CEO of PSWW. "The creation of the new operating company is the latest example of our strategic focus on building accretive growth through investments in next-generation opportunities in innovative markets with maximum value potential."
The Company today also announced that it had achieved its first major electric vehicle investment milestone, delivering a US$1.1 million tranche of funds into its subsidiary partnership with eTruck Transportation, thereby fulfilling its initial financial obligations under the terms of the partnership agreement. eTruck expects to begin taking customer deposits for its Class 8 heavy electric vehicle conversions in Q4 of 2021.
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
kt@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/83430
