DALLAS, TX, August 11, 2020 – — Principal Solar, Inc. (OTC PINK: PSWW), currently in the business of executing a rollup of solar developments that have existing Power Purchase Agreements, today announced the release of its first Letter to Shareholders from CEO K. Bryce Toussaint. The letter provides updates on current business activities as well as insight into Management’s objectives and expectations for the remainder of 2020.
I am happy to report that since the start of my interim engagement with Principal Solar in 2018, we have made significant progress in assessing the current state of the Company as well as its obligations, challenges, and opportunities. It is my intention that this letter provides updates, answers to common questions, and our take on the Company’s potential for future growth.
Our current management team has invested significant time, energy, and effort in order to bring the Company’s basic operations and financial information current, assess its present status, gauge its potential future viability, and ultimately, develop and deploy a strategy that will turn the company around. In 2019 we attempted a merger transaction with an E&P company operating in the Permian basin; unfortunately, due to insurmountable challenges encountered in meeting certain contractual contingencies, the contemplated transaction failed to close.
Despite significant remaining, ongoing challenges in today’s business environment complicated by COVID-19, I’m happy to report that the Company now possesses the rights to a unique, cost-effective oil extraction technology licensed from Oklahoma-based Tokata Oil Recovery, Inc. The licensed technology, known as TORS™, facilitates the recovery of commercial quantities of oil from waterlogged shallow and marginal wells. The simple-yet-effective TORS system deploys quickly to recover oil from wells with high water cuts while bringing only negligible amounts of formation water to the surface. The TORS system’s inherent design advantages dramatically lower burdensome extraction costs including oil and water separation and on-site water remediation. The licensing arrangement was facilitated by the Company’s acquisition of a private concern owned by the Company’s CEO in December of 2019.
On the Company’s financial front (including fundraising and liabilities), we have been communicating with its creditors (primarily note holders and vendors) in an effort to renegotiate debts, extend deadlines, and mitigate possible legal action in order to give us the breathing room necessary to restart the company. As part of this process, we filed a Regulation A+ with the Securities and Exchange Commission on June 29, 2020, with the belief that subsequent to an approved offering the company will become more attractive to investors.
We are actively evaluating the market landscape, identifying potential opportunities and partners, and sketching out a solid business model in the “Green Energy” sector. This work, along with the invaluable feedback and insight of industry experts, is getting us closer to being able to present a clear, viable, and achievable work-out plan for Principal Solar. I look forward to sharing our vision with you in the coming weeks. Lastly, we are in the process of finalizing and submitting all remaining outstanding filings in the very near future, which we expect will bring the Company current with OTC markets reporting requirements.
On a personal note, I am committed to this being the first of many timely, informative news releases, and expect to issue our next update shortly after we are current on the OTC Markets Reporting Service.
About Principal Solar, Inc.:
Principal Solar is executing a rollup of solar developments that have existing Power Purchase Agreements. Preferred assets are pre-construction so the Company can bring in the financing.
This press release contains forward-looking statements that involve a number of risks and uncertainties, including statements regarding the outlook of the Company’s business and results of operations. By nature, these risks and uncertainties could cause actual results to differ materially from those indicated. Generally speaking, any statements using terms such as “will,” “expect,” “anticipate,” or “may,” or which otherwise predict or address future results or events, are likely to contain forward-looking statements. It is important to note that actual results may differ materially from what is indicated in any forward-looking statement. Readers should consider any forward-looking statements in light of factors that could cause actual results to vary. These factors are described in the Company’s filings with the SEC, and readers should refer to those filings, including Risk Factors described in those filings, in connection with any forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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