Update Includes Details Regarding E-3 Petroleum Spinoff; Commentary on Current State of the Oil and Gas Markets
DALLAS, TEXAS, June 16, 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 and acquirer and operator of undervalued petroleum-producing properties, today released an update to its shareholders from K. Bryce “Rick” Toussaint, CPA, MBA, the Company’s Chairman and CEO.
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.
Onward!
Sincerely,
K. Bryce “Rick” Toussaint, CPA, MBA
Chairman and CEO
Principal Solar, Inc.
Please note that this transaction is subject to customary conditions including but not limited to the ability to obtain financing to spin off E-3 on beneficial terms, 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.
About Stock Day Media
Stock Day Media’s mission is to provide transparency to publicly traded companies and inform the investors directly. Stock Day gears its services to those Micro-Cap and Nano companies that trade on OTC, NYSE, NASDAQ, and TSX Markets.
Founder and CEO Everett Jolly has over 25 years of experience in the financial sector. With this background comes a wealth of knowledge and desire to teach investors about the Micro-Cap market. Mr. Jolly is recognized for showing his dedication and leadership, having been inducted into “Worldwide Who’s Who” for excellence in marketing. For further information, please visit the Company’s website at www.stockdaymedia.com.
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's 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 PSWW’s control, such as the ability to obtain sufficient financing for the spin-off of E-3, 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 PSWW's 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
