Joint Venture Seeks to Expand ELT’s Current Reach into New Markets; Expand ELT’s Existing Vehicle Fleet, Convert Fleet Vehicles Using Principal Partner’s EV/Hybrid Technologies, and Generate Near-Term Revenue
DALLAS, TEXAS, Dec. 15, 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 operator of undervalued petroleum-producing properties, today announced that it has entered into a Joint Venture Agreement (the “Agreement”) with Executive Logistics & Transportation (“ELT”) for the purpose of expanding ELT’s existing logistics operations into new markets beyond its current activities in Tennessee and the Southeastern United States. Per the agreement, ELT will make an investment into Principal via a strategic restricted stock purchase, the proceeds from which are expected in part to fund the expansion of ELT’s existing fleet as well as the hybrid conversion of a portion of ELT’s fleet vehicles.
“I believe this joint venture with ELT represents an exciting opportunity that leverages virtually all of Principal’s core strengths and stands to build positive forward momentum for both ELT and Principal,” said K. Bryce ‘Rick’ Toussaint, CEO and Chairman of Principal Solar. “Our primary goals for this Agreement are to generate near term revenue, expand ELT’s fleet and operations to take advantage of new market opportunities, and to gain ready access to a fleet of Class 8 trucks with the potential for future EV/Hybrid conversion with systems supplied by E Truck Transportation, one of Principal’s strategic investments. Along with our current minority investment in Double H Services LLC, we expect our venture with ELT to further expand our footprint into another region in the United States.”
Per the Agreement, Principal and ELT plan to launch business development initiatives intended to procure new logistics customers and contracts as well as to expand logistics services into new market sectors, with significant focus on the petroleum and concrete and aggregates industries. ELT currently operates a fleet of approximately 30 Class 8 trucks and trailers, and the new joint venture is expected to facilitate an increase in fleet vehicle count as well as enable future EV and hybrid vehicle conversions.
Financial terms of the Agreement are expected to be disclosed at later date; however, due to its belief in the potential success of the new joint venture, ELT has already provided an initial tranche of working capital to Principal.
About Executive Logistics & Transportation
Executive Logistics & Transportation, LLC (Executive L&T), was established in 2020 with the overarching goal of leaving a long-lasting, positive imprint on the nation’s transportation industry. In doing so, one of ELT’s major responsibilities - and one of its core strengths – is safely transporting heavy freight nationwide to help sustain our country’s supply chain. ELT creates jobs and provides opportunities within the communities in which it operates as well as motivates and empowers those who need a second chance by welcoming those persons with prior justice system involvement. ELT believes in doing its part to help break the vicious cycle that has plagued countless families and communities across this nation and has stepped up with real opportunities, thereby making real differences in people’s lives.
For more information about ELT, please visit its website at https://eltransport.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' 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
