Power REIT Announces Extension of Time for Investors to Participate in its Previously Announced Rights Offering
January 28 2021 - 5:20PM
Power REIT (NYSE-AMEX: PW and PW.PRA) (“Power REIT” or the “Trust”)
today announced that it has extended the date for the expiration of
the closing on the previously announced Rights Offering to February
5, 2021.
David Lesser, Power REIT’s Chairman and CEO,
commented, “We are pleased with the general reaction to Power
REIT’s Rights Offering which will allow us to pursue additional
accretive acquisitions. As previously disclosed, we have received
many indications of delayed receipt of the Rights Offering
documents in the mail. We have also received requests for an
extension of time for shareholders to participate and believe it is
prudent to grant one additional extension. Accordingly, we have
concluded to push back to February 5, 2021 the date of the closing
on the Rights Offering to give investors additional time to
participate.”
STATEMENT ON SUSTAINABILITY
Power REIT owns real estate related to
infrastructure assets including properties for Controlled
Environment Agriculture (CEA Facilities), Renewable Energy and
Transportation. CEA Facilities, such as greenhouses, provide an
extremely environmentally friendly solution, which consume
approximately 70% less energy than indoor growing operations that
do not benefit from “free” sunlight. CEA facilities use 90% less
water than field grown plants, and all of Power REIT’s greenhouse
properties operate without the use of pesticides and avoid
agricultural runoff of fertilizers and pesticides. These facilities
cultivate medical Cannabis, which has been recommended to help
manage a myriad of medical symptoms, including seizures and spasms,
multiple sclerosis, post-traumatic stress disorder, migraines,
arthritis, Parkinson’s disease, and Alzheimer’s. Renewable Energy
assets are comprised of land and infrastructure associated with
utility scale solar farms. These projects produce power without the
use of fossil fuels thereby lowering carbon emissions. The solar
farms produce approximately 50,000,000 kWh of electricity annually
which is enough to power approximately 4,600 home on a carbon free
basis. Transportation assets are comprised of land associated with
a railroad, an environmentally friendly mode of bulk
transportation.
ABOUT POWER REIT
Power REIT is a real estate investment trust
(REIT) that owns real estate related to infrastructure assets
including properties for Controlled Environment Agriculture,
Renewable Energy and Transportation. Power REIT is actively seeking
to expand its real estate portfolio related to Controlled
Environment Agriculture. Additional information about Power REIT
can be found on its website: www.pwreit.com
CAUTIONARY STATEMENT ABOUT
FORWARD-LOOKING STATEMENTS
This document includes forward-looking
statements within the meaning of the U.S. securities laws.
Forward-looking statements are those that predict or describe
future events or trends and that do not relate solely to historical
matters. You can generally identify forward-looking statements as
statements containing the words “believe,” “expect,” “will,”
“anticipate,” “intend,” “estimate,” “project,” “plan,” “assume”,
“seek” or other similar expressions, or negatives of those
expressions, although not all forward-looking statements contain
these identifying words. All statements contained in this document
regarding our future strategy, future operations, future prospects,
the future of our industries and results that might be obtained by
pursuing management’s current or future plans and objectives are
forward-looking statements. You should not place undue reliance on
any forward-looking statements because the matters they describe
are subject to known and unknown risks, uncertainties and other
unpredictable factors, many of which are beyond our control. Our
forward-looking statements are based on the information currently
available to us and speak only as of the date of the filing of this
document. Over time, our actual results, performance, financial
condition or achievements may differ from the anticipated results,
performance, financial condition or achievements that are expressed
or implied by our forward-looking statements, and such differences
may be significant and materially adverse to our security
holders.
CONACT:
David H. Lesser, Chairman & CEO |
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Mary Jensen, Investor Relations |
dlesser@pwreit.com |
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mary@irrealized.com |
212-750-0371 |
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310-526-1707 |
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301 Winding RoadOld Bethpage, NY
11804 |
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www.pwreit.com |
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