Principal to Divest Certain Holdings; Anticipates Reallocation of Resources into Its Natural Gas and Heavy Electric Vehicle Projects
DALLAS, TEXAS, Dec. 28, 2021 (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 undervalued petroleum-producing properties, today announced that it has reached an agreement with IntelliMedia/Apollo Green (“IntelliMedia”) to convert its investment into a note with a return of capital and interest payable. The anticipated influx of capital resulting from this divestiture is expected to be utilized to further the Company’s mission of acquiring logistics assets and to advance its existing development agreement with heavy electric vehicle partner IPLTech Electric (“IPLT”).
“After careful consideration, in keeping with our stated goal of leveraging environmentally responsible opportunities while maximizing stakeholder value, we have made the strategic decision to convert our investment in IntelliMedia,” said K. Bryce “Rick” Toussaint, CPA, MBA, Principal’s Chairman and CEO. “We believe that this move is in the best interests of all parties involved and stands to enhance Principal’s overall success potential.”
In other news, Mr. Toussaint disclosed that Principal is evaluating the feasibility of partnering with cryptocurrency mining specialists in well-side mining projects that would be powered by exceptionally low-cost electricity generated onsite from the Company’s natural gas holdings.
“Traditional crypto mining companies pay for grid-delivered electricity to power their servers, the expense of which can comprise up to 75% of a mining company’s operating overhead,” said Mr. Toussaint. “By utilizing natural gas from the wells, we already own to generate the energy needed to power onsite mining operations, it may be possible to mine cryptocurrencies such as Bitcoin and Ethereum at a fraction of the typical cost.”
Additional details regarding the Company’s transaction IntelliMedia are expected to be announced when finalized.
About Principal Solar
Principal Solar is a strategic investor in 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
kt@pswwenergy.com
214.885.0032
Investor Relations Contact
Michael Briola
invest@pswwenergy.com
