Letter Discusses the Company's Latest Heavy EV and Petroleum Sector Activities; Renewed and Refined Strategic Focus; More
DALLAS, TX / ACCESSWIRE / March 23, 2023 / 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 letter to its shareholders from K. Bryce "Rick" Toussaint, CPA, MBA, the Company's Chairman and CEO.
I believe 2023 is shaping up to be an exciting year for Principal with a number of major milestones on the horizon, both for the Company and its Portfolio Investments. With strategic agility, market potential, and stakeholder value as its driving priorities, our leadership team has recently taken a close look at our existing partnerships, investments, and joint ventures in order to refine Principal's corporate focus and streamline its activities - and ultimately increase the likelihood of the Company's overall success and profitability.
As a result, we are in the process of divesting Principal of business activities, investments, and relationships that we feel are not in line with our renewed and sharpened corporate focus.
Fortunately, we're already seeing the benefits of this streamlining process in the quality and effectiveness of our new business relationships. Through our recently announced joint venture with Executive Logistics & Transportation ("ELT"), we've been able to focus our efforts on acquiring controlling working interest and assets in the Minerva-Rockdale Oil Field. A major potential win for Principal, this acquisition brings an immediate revenue stream realized from the current production of 200 barrels of oil per day* and huge upside potential with proven reserves of over 4.1 million barrels*, valued at approximately $116,000,000 in today's market.* We plan to immediately begin working to increase daily production to 500 barrels within the first six months of executing our definitive agreement. The Minerva-Rockdale Oil Field is huge - 11,000 gross acres - and in our view, ripe for expansion with mineral rights into two deeper areas with additional oil and natural gas reserves. For further information regarding this project, read our recent press release, here: https://pswwenergy.com/2023/03/15/principal-solar-to-acquire-minerva-rockdale-leases-wells-and-assets/
On the other side of the energy spectrum, our ELT joint venture is bringing opportunities for eTruck Transportation ("eTruck") in the logistics market. Principal is working closely with eTruck to deliver production-ready Class 6 heavy EV trucks for customer evaluation. Class 6 vehicles are mainstays in fleets, used primarily for city, urban, and local ranged deliveries. eTruck, one of Principal's Portfolio Investments, is developing a range of Class 6 and Class 8 heavy electric vehicle conversion solutions in both hybrid and fully electric configurations. eTruck recently released a video update (viewable here: https://pswwenergy.com/etruck-update/) showcasing its new facility as well as its vehicle conversion prototypes. For additional details, visit Principal's eTruck Portfolio Investment page, here: https://pswwenergy.com/etruck-transportation/.
On the business front, we've recently retained a PCOAB auditor and attorney for a possible future S-1 filing, and we're negotiating with an existing PSWW investor for an S-1 equity line in order to provide near-term funding. We've also recently engaged Institutional Advisors, Inc. to provide analyst coverage of PSWW, thereby helping to ensure our current and future investors are up to speed on our progress and fully aware of our market opportunities and value potential. Be sure to visit Principal's newsroom (https://pswwenergy.com/newsroom/) for all of our latest announcements.
With today's strong petroleum markets and the significant and growing customer and consumer demand for cost-effective, heavy electric vehicles, I'm bullish on our prospects for 2023, as I feel we're ideally positioned to deliver maximum stakeholder value on both fronts. I'm glad to have you as a fellow stockholder and look forward to delivering further updates in the coming months.
K. Bryce "Rick" Toussaint, CPA, MBA
Chairman and CEO
Principal Solar, Inc.
*Approximate. As due diligence is ongoing, the final figures are subject to change without notice prior to the closing of the transaction.
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, 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
Investor Relations Contact
SOURCE: Principal Solar, Inc.