Principal Solar, Inc. agreed to Spin-Off E-3 Petroleum.
June 08, 2022
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The board of Principal Solar, Inc. (OTCPK:PSWW) intend to spin-off E-3 petroleum on June 9, 2022. Board of directors of Principal Solar has approved a plan to spin-off its E-3 Petroleum subsidiary (E-3) into a separate public company focused on operating the Companys oil and gas leases on June 9, 2022. The new company will be led by Anthony Lerner, who will be supported by a dedicated team of managers and advisors with deep experience in oil and gas. The transaction is subject to customary conditions including but not limited to final approval by Principal Solars board of directors, the filing and effectiveness of a registration statement with the Securities and Exchange Commission, the receipt of a tax ruling from the IRS, and the approval of applicable regulatory authorities. Additional details are expected to be announced when finalized.
Principal Solar, Inc. is a strategic investor in and acquirer of organizations and technologies that support opportunities in traditional, renewable, and clean energy sectors as well as an acquirer and operator of undervalued petroleum-producing properties. The Company conducts business through its subsidiaries, providing consulting in the energy sector, licensing, and commercializing energy related intellectual property, and engaging in a selection process and conducting due diligence for future acquisitions. Its subsidiaries include Bayou Road Investments, Inc. (Bayou Road Investments), NexTeal Energy, and E-3 Petroleum. Bayou Road Investments seeks to acquire licenses for patented technology, primarily in the green energy sector, and to subsequently monetize these technologies. NexTeal is focused on heavy electric vehicle (EV) technologies. E-3 Petroleum houses the Companyâs investments and acquisitions in oil and gas properties.
PRINCIPAL SOLAR, INC. 
