Business
Principal Solar Releases Shareholder Update
Principal Solar Releases Shareholder Update.
About this update from Principal Solar, Inc.
[{"type":"text","content":"\n 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...