DALLAS, TX / ACCESSWIRE / June 9, 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 a statement from the Company's Chief Executive Officer, K. Bryce "Rick" Toussaint, CPA, MBA, regarding recent action taken against the Company by the Securities and Exchange Commission.
Due to issues in a "Form type 253" filed on 08/03/2021 and compiled by our prior corporate counsel and reviewed, approved, and submitted by the Company, the SEC has recently ordered Principal Solar to pay a fine of $40,000 and has banned the Company from utilizing Regulation A Plus financing for a period of five years. Our management team understands that unintentional errors can happen, and we appreciate the well-intended efforts of our hard-working and dedicated associated professionals. Of course, we will pay the fine and abide by the SEC's orders as we move forward in executing our corporate strategy and build value for our stakeholders.
Despite our temporary preclusion from utilizing Regulation A Plus financing as a source of capital, I strongly believe that our ability to continue forward remains, as other financing mechanisms remain available to the Company. To that end, we have begun the process of preparing a Form S-1 which, when submitted and if accepted by the SEC, enables Principal to register and sell its securities. We also intend to file a waiver with the SEC in hope of shortening the duration of the Regulation A Plus ban.
The bottom line is that we respect the SEC and the important role it serves in maintaining the transparency and orderly operation of the public markets. We as a management team accept total responsibility for this mistake and will learn from this experience as we continue our efforts to build Principal Solar into a thriving organization that operates with transparency, integrity, and unwavering dedication to our partners and shareholders.
K. Bryce "Rick" Toussaint, CPA, MBA
Chief Executive Officer
Principal Solar, Inc.
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.