DALLAS, TEXAS, Jan. 11, 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 a letter to its shareholders from K. Bryce “Rick” Toussaint, CPA, MBA, the Company’s Chairman and CEO.
Fellow Shareholders,
Thank you for being a stakeholder in Principal Solar. I am proud to report that in the time since my last letter, Principal’s management has been diligently executing our new strategic approach with great success. We have emerged from the challenges and uncertainty of the pandemic with a singular focus, having developed new partnerships, made strategic investments in technologies, resources, companies, and relationships, commenced operations, and most importantly, having cultivated a slate of potentially profitable new opportunities in a broad array of relevant sectors. I sincerely believe 2022 will be a breakout year for the Company, and I appreciate your ongoing support as we pursue a multi-faceted, multi-revenue stream approach with the goal of producing accretive value for all stakeholders.
During the first half of 2021, we transformed and elevated our business model and the scope of the Company’s trajectory, solidifying Principal Solar as an emerging leader in the renewable energy sector. We now have five separate early-stage subsidiaries and/or strategic partnerships, several of which we believe can be scaled at an accelerated pace over the next 12 to 18 months. Read on for updates.
Acquisition of Double H Services
We recently announced the finalization of the terms for our acquisition of Double H Services (“Double H”). Upon closing, we believe the acquisition will benefit Principal as Double H possesses existing revenues, assets, and a customer base asking for environmentally friendly solutions that can meet their logistics needs, which are currently served by traditional diesel-fueled Class 8 trucks. (“Class 8” is a Department of Transportation / Federal Highway Administration designation based on a truck’s weight and utility. This type of truck is commonly referred to as an eighteen-wheeler or semi-truck.) In 2020, Double-H deployed 17 diesel-fueled Class 8 trucks into the Mid-con region to increase its share of the agricultural, flatbed, and dry-van transportation markets. These vehicles could be upgraded or replaced with hybrid or fully electric vehicles purchased by Double H from Principal’s heavy EV solutions partners, thereby potentially providing marketing advantages and cost savings to Double H as well as revenues to Principal’s other investments.
E-3 Petroleum: Environmentally Responsible Oil and Gas Endeavors
There are at least 3.2 million known abandoned oil wells in the United States, and more than half are estimated to be in Oklahoma, Texas, and Pennsylvania. We believe that our subsidiary E-3 Petroleum’s (“E-3”) strategy of acquiring, remediating, and operating abandoned wells in an environmentally responsible manner is demonstrating real potential to be a major source of scalable, high-margin income for the Company in the coming months.
Well testing during May and June revealed that our Danbury dome project in Brazoria County, Texas has the potential to produce commercial amounts of natural gas in excess of our expectations for oil production. Guided by our bullish outlook on the natural gas market and Principal’s corporate policy of environmental stewardship, we decided to temporarily shut the wells in rather than flare the gas directly into the atmosphere. Though this decision has delayed our planned production schedule, we are taking advantage of the situation as an opportunity to invest in the compression and pipeline gathering equipment needed to sell our newly discovered natural gas resource to the local pipeline.
To maximize efficiency and deliverability, we have hired a new operator and an engineering firm specializing in natural gas production. We remain positive on the Danbury Dome project’s short- and long-term prospects, particularly now that we have potentially discovered commercial quantities of natural gas, which could be an additional source of income for the Company.
Tokata Oil Recovery Systems: Low-cost, Environmentally Friendly Oil Extraction
We are saddened to share with you the news of the untimely and unexpected passing this past year of Tom Westbrook, our esteemed colleague on our TORS project. Understandably, Tom’s passing has delayed our rollout of this tertiary oil recovery technology. Our thoughts are with his family, friends, and coworkers.
In 2021, the Company licensed the territorial rights to two additional states from Tokata, and we expect to begin installing the TORS system on abandoned and orphaned wells in Oklahoma during the fiscal year 2022.
Strategic Investments in “Ready to Go” Heavy Electric Vehicle Technologies
Principal’s EV-focused Nexteal subsidiary has made two investments in heavy electric vehicle conversion technology companies. eTruck Transportation (“eTruck”) is nearing completion of two hybrid Class-6 demonstration vehicles and launched its corporate website (www.etruckus.com) in the last quarter of 2021. eTruck’s hybrid conversion systems offer the potential to significantly reduce fuel costs without the need for large charging infrastructure. A video of eTruck’s Class 8 demonstration vehicle is viewable here: https://youtu.be/tOVcmY2tdno. Principal Solar has a minority equity interest in eTruck.
Recently, the Company received both exclusive and non-exclusive rights to manufacture and distribute fully electric heavy vehicles in North American markets through a licensing agreement with InfraPrime Logistics Technologies (“IPLT”), an India-based company focused on EV technologies and infrastructure. A video introduction of IPLT’s Indian market Rhino Heavy EV is viewable here: https://youtu.be/hhY77lpNMTo. The prototype vehicle for North America is in development and is expected to be completed by the fourth quarter of 2022.
Going Forward in 2022
On a personal note, I’d like to thank you for trusting our team to be good stewards of your hard-earned investment capital and for remaining with us as we reshape and grow Principal into a thriving company with significant, long-term upside potential. The quality of our partnerships and the amazing opportunities before us are the result of hard work, transparency, and a long-term commitment to building value for all stakeholders. I also believe that our environmentally friendly approach resonates with organizations, investors, and partners seeking to make a positive impact on the world, helping to make it a better place today, tomorrow, and in the years ahead.
I look forward to the future of Principal both as a public company and a leader in responsible energy solutions. I’m glad you’re a part of our success.
Onward!
Sincerely,
K. Bryce “Rick” Toussaint, CPA, MBA
Chairman and CEO
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
kt@pswwenergy.com
214.885.0032
Investor Relations Contact
Michael Briola
invest@pswwenergy.com
