Principal Solar, Inc. (PSWW) (“Principal”), 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, announced that it has entered into a Joint Venture Agreement (the “Agreement”) with Executive Logistics & Transportation (“ELT”) for the purpose of expanding ELT’s existing logistics operations into new markets beyond its current activities in Tennessee and the Southeastern United States. Per the agreement, ELT will make an investment into Principal via a strategic restricted stock purchase, the proceeds from which are expected in part to fund the expansion of ELT’s existing fleet as well as the hybrid conversion of a portion of ELT’s fleet vehicles.
“I believe this joint venture with ELT represents an exciting opportunity that leverages virtually all of Principal’s core strengths and stands to build positive forward momentum for both ELT and Principal,” said K. Bryce ‘Rick’ Toussaint, CEO and Chairman of Principal Solar. “Our primary goals for this Agreement are to generate near term revenue, expand ELT’s fleet and operations to take advantage of new market opportunities, and to gain ready access to a fleet of Class 8 trucks with the potential for future EV/Hybrid conversion with systems supplied by E Truck Transportation, one of Principal’s strategic investments. Along with our current minority investment in Double H Services LLC, we expect our venture with ELT to further expand our footprint into another region in the United States.”
Per the Agreement, Principal and ELT plan to launch business development initiatives intended to procure new logistics customers and contracts as well as to expand logistics services into new market sectors, with significant focus on the petroleum and concrete and aggregates industries. ELT currently operates a fleet of approximately 30 Class 8 trucks and trailers, and the new joint venture is expected to facilitate an increase in fleet vehicle count as well as enable future EV and hybrid vehicle conversions.
Financial terms of the Agreement are expected to be disclosed at later date; however, due to its belief in the potential success of the new joint venture, ELT has already provided an initial tranche of working capital to Principal.
