corporate

Convertible Note Paid and Satisfied; Texas-based Accounting Firm Whitley Penn Engaged to Perform Audit as Part of Principal’s Anticipated Path to Fully Reporting Status

DALLAS, TEXAS, Aug. 24, 2021 (GLOBE NEWSWIRE) — 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 investor in and acquirer and operator of undervalued petroleum-producing properties, today announced that it has satisfied the terms of and paid in full a convertible note of approximately $377,000. The Company also announced that it has engaged PCOAB-qualified accounting firm Whitley Penn to perform an audit of its accounting and financial information.

“Principal Solar is committed to the highest levels of transparency, integrity, solvency, and accountability in all aspects of our operations,” said K. Bryce “Rick” Toussaint, MBA, CPA, Chairman and CEO of Principal Solar. “We’ve brought Whitley Penn on board to ensure the accuracy and compliance of our financials as we continue towards achieving fully reporting status with the Securities and Exchange Commission. I’m also happy to report that we’ve retired another convertible note, thereby eliminating more of Principal’s outstanding obligations and further shoring up our balance sheet.”

Based in Texas, Whitley Penn brings decades of expertise and integrity to its review and certification of Principal’s accounting practices.

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
kt@pswwenergy.com
346-396-4210

Investor Relations Contact
Michael Briola
invest@pswwenergy.com

Debt-to-Equity Note Conversion and Other Debt Payments Reduce Unpaid Principal and Interest by More Than US$400,000, Ends Ongoing Accumulation of Fees and Interest; Expected to Improve Overall Balance Sheet

Dallas, Texas–(Newsfile Corp. – April 6, 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 investor in and acquirer and operator of undervalued petroleum-producing properties, today announced that as of first quarter ended March 31, 2021, the Company had successfully eliminated outstanding and unpaid principal and interest of approximately US$412,000. The elimination was primarily achieved through the debt-to-equity conversion of a previously issued note to purchase the outstanding debt of a private high net worth individual lender. The debt-to-equity note conversion also terminated the ongoing accumulation of interest and fees and is expected to improve the Company’s working capital, financial “quick ratios”, and overall balance sheet.

“We appreciate the lenders that have been willing to work with us as we begin to execute our previously-announced corporate initiative of developing and deploying a streamlined, low leverage equity investment capital structure that minimizes expenses and company overhead,” said K. Bryce “Rick” Toussaint, CPA, MBA, Chairman and CEO of PSWW. “We intend to continue to reduce outstanding debt during the second fiscal quarter and are optimistic that doing so will enhance Principal’s overall performance potential and aid in the development of its future cash reserves.”

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
kt@pswwenergy.com
346-396-4210

Investor Relations Contact
Michael Briola
invest@pswwenergy.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/79517

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
kt@pswwenergy.com
346-396-4210

Investor Relations Contact
Michael Briola
invest@pswwenergy.com