Principal to Receive Majority Ownership Stake, Acquire Assets and Revenue; Double-H to Purchase Heavy EV Solutions from Principal's Portfolio Investment Companies to Transition Trucking Fleet from Diesel to Hybrid and Electric
DALLAS, TEXAS, Dec. 21, 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 and operator of undervalued petroleum-producing properties, today announced that it has finalized the terms of its majority acquisition of Oklahoma-based Double-H Services, LLC ("Double-H"). Today's news builds on the Company's previously announced acquisition of a minority stake in Double-H earlier this year, bringing a controlling interest, assets, and annual revenues to Principal upon completion of the transaction.
"Working closely with Double-H over the past year has helped us understand their true growth potential – not just in their existing businesses, but how they can take advantage of the industry-wide shift to the greener, more efficient, environmentally-friendly technologies customers are demanding," said K. Bryce "Rick" Toussaint, MBA, CPA, Chairman and CEO of PSSW. "Principal's Portfolio Investment Companies are delivering the future of commercial goods transport with hybrid-electric and fully-electric heavy EV solutions, which Double-H intends to purchase to convert its existing diesel fleet. In doing so, not only will Double-H gain a major marketing advantage over traditional trucking and logistics companies, but we also anticipate that it will enjoy significantly increased margins realized through substantially lower operating and maintenance costs."
On an unaudited basis, Double-H has consistently reported seven-figure annual revenues (unaudited) each year for the past five years.
"Given our long-standing commitment to ESG (Environmental, Social, and Governance) protocols and our desire to expand our operations with environmentally-conscious solutions for our existing, diverse customer base, it makes perfect sense for Double-H to become an integral part of Principal," said Casey Minshew, Majority Shareholder of Double-H. "Our clients are asking how we can help 'green' their operations, and with a fully-electrified trucking fleet, we will be able to answer by offering highly-visible solutions with demonstrable, positive environmental impact."
The final terms of the transaction are subject to additional due diligence in the next quarter, and both parties intend to finalize the transaction in the second quarter of 2022.
About Double-H Services
Double-H is an oilfield services and trucking company located in the heart of Oklahoma's STACK (Sooner Trend Anadarko (Basin), Canadian, and Kingfisher (Counties)) oilfield territory. The company delivers dependable, high-quality services that address a complete range of operational needs by providing laydown machines, pipe racks, trucking, and forklifting. Double-H was founded in 2007 with the intention of helping oilfield companies save people, pipe, time, and money. In 2020, Double-H deployed 17 Class 8 trucks into the Mid-con region in order to increase its share of the agricultural, flatbed, and dry-van transportation markets. The Double-H team provides top-level customer service and job site excellence for several tier-one petroleum companies in the STACK, including Continental, Devon, and Alta Mesa.
For additional information regarding Double-H, please visit the company's website at .
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 .
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
