PSWW Announces Letter of Intent to Acquire Equity Stake in Double-H Services, LLC
Equity Acquisition Expected to Bring Oilfield Manpower, Equipment, Knowledge, Experience, and Revenue to PSWW
Dallas, Texas--(Newsfile Corp. - February 19, 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 it has executed a Letter of Intent to acquire up to 21% of Double-H Services, LLC, an Oklahoma-based company which has contracted oilfield services to 16 companies, including Devon, Chesapeake, and XTO.
"With over 15 years of local expertise, our potential equity stake in Double-H brings to PSWW the know-how and equipment needed to quickly and effectively support our entry into the oil and gas industry in Oklahoma, particularly as we roll out our TORS recovery solution across marginal well properties," said K. Bryce "Rick" Toussaint, MBA, CPA, Chairman and CEO of PSSW.
The investment is to be comprised of a combination of cash, and assumption of debt. Additional terms were not disclosed but are expected to be forthcoming as the transaction is formalized and completed.
"We've worked hard to build our reputation and client base here in Oklahoma, and PSWW's investment translates to ready access to the people, service equipment, and knowledge they will need to operate effectively in Oklahoma's oil patch," said Casey Minshew, Majority Shareholder of Double-H. "In addition, PSWW's investment will enable us to execute our expansion plans, which we believe will lead to greater business opportunities, additional areas of operations, and the potential for significantly increased revenues."
About Double-H Services
Recently relocated to Enid, which is north west of Oklahoma City, Double-H Services is a family-run oilfield company providing major services necessary to drill, complete, and maintain new wells. Double H is a leading provider of laydown services in the STACK (Sooner Trend Anadarko, Canadian and Kingfisher) oilfield territory and plans to expand its services offerings into the SCOOP (South Central Oklahoma Oil Province).
For additional information regarding Double-H, please visit the company's website at https://doublehservices.us.
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 (currently under construction) 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
Investor Relations Contact
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/74854