Principal Solar, Inc. (PSWW) Announces Follow-on Acquisition from Talmage Solar -- Appoints Energy Leader Hunter L. Hunt to ...
October 04 2011 - 2:25PM
Business Wire
Accelerating its business strategy, Principal Solar, Inc (PSI;
OTC Pink: PSWW), a publicly traded renewable energy holding company
rapidly advancing the worldwide utilization of solar power through
a unique roll-up strategy, today announced the acquisition of a
second solar installation from Talmage Solar Engineering/Solar
Market – the SunGen Mill 77 solar facility -- as well as the
appointment of Hunter L. Hunt, President and CEO of Hunt
Consolidated Energy, Inc. and President of Hunt Power, both
subsidiaries of Hunt Consolidated, Inc., of Dallas, to its Board of
Directors.
“This news exemplifies our aggressive market position,” says
Michael Gorton, chief executive officer and chairman of PSI. “Our
business model creates long-term associations that continually
build value, and the professional negotiations with Talmage Solar
are a great example of how business transactions can be conducted,
providing a model for us going forward. We have also attracted the
attention of distinguished industry leaders, most notably Hunter
Hunt. His continued support of solar power and research for
renewable energy aligns directly with our bottom-line initiatives,
and we will rely upon his strategies and guidance in building PSI
into a dominant force in the solar energy marketplace.”
The SunGen Mill 77 acquisition marks the second time that
Talmage Solar Engineering Inc./Solar Market and Principal Solar
have partnered on a solar system acquisition.
The 63 kW roof-mounted facility is located in Arundel, ME. Terms
of the transaction were not disclosed.
Kale Inoue, partner, Talmage Solar, explains, “The ease of our
first transaction with Principal Solar -- the acquisition of SunGen
Step Guys -- led to our decision to move forward with the SunGen
Mill 77deal. Principal Solar and its mission of acquiring
best-in-class solar assets and companies, is paving the way for a
clean, sustainable energy economy that complements and off sets
traditional sources of energy created by fossil fuels. Partners
like us, recognize the value of their model.”
Welcoming Hunt to the Board of Directors, Gorton adds, “Hunter
is a recognized innovator in the energy sector and brings to
Principal Solar extensive experience in multiple industries,
including oil and natural gas, petroleum refining, liquefied
natural gas, and electric utility and energy infrastructure. We are
fortunate to have this level of expertise.”
According to Hunt, “Solar power continues to rapidly gain
traction as a major electricity generation source in the energy
marketplace, and I look forward to contributing to the growth of
Principal Solar as it builds a leadership position. The coexistence
and integration of renewable energy and traditional sources of
energy is in its infancy, and Principal Solar has the right
strategy to quickly bring solar into the mainstream. The company is
already off to a great start with its initial acquisitions, the
launch of its Definitive Solar Library, and the formation of a
strong management team and advisory board. I am honored to join
their efforts as a board director.”
Hunter L. Hunt
Hunter Hunt is president and CEO of Hunt Consolidated Energy,
the holding company for Hunt Oil, Hunt Power and the other energy
activities of the Ray L. Hunt family of Dallas, Texas. Hunt Oil
Company, founded in 1934 by H.L. Hunt, is one of the largest
privately-owned energy companies in the world, engaging in
exploration and production, LNG, refining, and development of
traditional and renewable energy technologies.
Hunt Power and Sharyland Utilities were established by Hunter
Hunt in 1998 to seek opportunities in the electric utility
industry. Sharyland is a transmission and distribution electric
utility located in South Texas and is the first new regulated
electric utility created in the U.S. in over 40 years. Currently,
Sharyland Utilities is developing a 300-mile electric transmission
project to bring wind power from the Panhandle region of Texas into
the major metropolitan areas. Sharyland Utilities also acquired Cap
Rock Energy, an electric utility headquartered in Midland, Texas,
in July 2010. Cap Rock (whose name was changed to Sharyland
Utilities) serves customers in 29 counties in Texas. Hunt serves as
president of Sharyland Utilities.
Hunt graduated from Southern Methodist University summa cum
laude, earning Bachelor of Science degrees with honors in both
economics and political science and minors in mathematics and
business. He serves on several boards, including the SMU
Engineering School's Executive Board, the Dallas County Community
College District Foundation, KERA (North Texas’ public broadcasting
company), the Circle Ten Council of the Boy Scouts of America, and
the All Stars Program, a national community outreach charity
headquartered in New York City.
About Principal Solar
Principal Solar, Inc. (PSI; OTC Pink: PSWW), is a publicly
traded renewable energy holding company which concentrates its
resources on the acquisition, finance, development and
management of solar power companies to rapidly advance the
inevitable utilization of solar power. The company is
building the world’s first online library dedicated
exclusively to the field of solar energy – a 24-hour gateway to
current information, perspectives and
thought-leadership: www.definitivesolarlibrary.com. Visit
www.PrincipalSolar.com.
Cautionary Statement Regarding Forward-Looking
Statements
Statements in this release regarding future plans, expectations,
projections, events or conditions are forward-looking statements.
Actual results including business plans and results, integration
benefits and demand growth could differ materially as a result of a
variety of factors including our ability to achieve the value
creation goals of the reverse merger; promptly and effectively
integrate businesses; alter management time on integration-related
issues; make changes in longer-term solar energy prices or other
market or economic conditions affecting the solar energy industry;
control political or regulatory developments; foresee technical or
operating difficulties; predict political events or disturbances;
manage the outcome of commercial negotiations; avoid wars and acts
of terrorism or sabotage. We cannot guarantee that any of the
events anticipated by this forward-looking statement will not occur
and, if any of them do occur, we cannot control the subsequent
potential impact they might have on our operations or financial
condition. We assume no duty to update these statements in the
future. References to resources in this release include quantities
that are not yet classified, as “proved reserves” under SEC
definitions, but that we believe will ultimately be produced.
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