New Structure Includes the Creation of Specific Divisions to Capitalize Both on Hydrocarbon Extraction Opportunities and Renewable Energy Technology Licensing Opportunities
Dallas, Texas--(Newsfile Corp. - March 9, 2021) - Principal Solar, Inc. (OTC Pink: PSWW) ("Principal" or "the Company"), 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 of undervalued petroleum-producing properties, today announced the formalization of its recent Board approved restructuring, into two divisions under the leadership of its newly-expanded management team.
"Our new structure provides the agility and clarity of purpose needed to capitalize on two important areas of potential for Principal: the licensing of renewable energy technologies, and the acquisition of potentially high-value oil-producing properties," said K. Bryce "Rick" Toussaint, MBA, CPA, Chairman and CEO of PSSW. "Through our Bayou Road Investments subsidiary, the Company holds a license to the Tokata Oil Recovery System ('TORS'), an innovative and cost-effective new 'green' tertiary oil recovery technology. In the coming weeks, though our second Board Approved subsidiary, we also plan to announce the first of what we believe will be many acquisitions of undervalued oil and gas producing properties."
Principal intends that its Board Approved second subsidiary (specific details TBD) will be co-managed with Lazy Jacks Petroleum, LLC ("Lazy Jacks"). Principal Solar and Lazy Jacks recently announced that the two companies had executed a Letter of Intent to acquire, redevelop, and operate orphaned, abandoned, and stripper oil and gas wells in the State of Texas.
Strategically, PSWW's go-forward plans include several objectives:
- Development and execution of its five-year strategy to acquire "stripper", orphaned, marginalized, and similarly undervalued wells via its newly-approved second subsidiary
- Commercialization and deployment of its innovative TORS oil recovery solution, initially onto its second subsidiary's acquired and/or operated properties
- Structuring its business and second subsidiary in such a way that could potentially facilitate opportunistic "spinning off" (via public listing, sale, or other, potentially similarly advantageous mechanism), while ensuring that Principal Solar continues its core business of investing in "green" and renewable energy technologies
- Monetizing proven oil reservoirs in Oklahoma, Texas, and Louisiana
- Development and deployment of an equity investment capital structure with low leverage
- Streamlining operations to minimize expenses and company overhead
The Company also announced two additions to its executive management team: advisor Chris Scully, an independent oil producer and land man with over 42 years of hands-on oil and gas experience; and Anthony Lerner, PSWW's Chief Operating Officer. A veteran of the petroleum industry, Mr. Lerner is a graduate of Dartmouth College with degrees in Geology and Physics.
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
Investor Relations Contact
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