$PSWW Principal Solar Begins Planned Elimination o
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Posted On: 04/06/2021 8:30:19 AM
$PSWW Principal Solar Begins Planned Elimination of High-Interest "Legacy" Corporate Debt
https://finance.yahoo.com/news/principal-sola...00701.html
Debt-to-Equity Note Conversion and Other Debt Payments Reduce Unpaid Principal and Interest by More Than US$400,000, Ends Ongoing Accumulation of Fees and Interest; Expected to Improve Overall Balance Sheet
Dallas, Texas--(Newsfile Corp. - April 6, 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 as of first quarter ended March 31, 2021, the Company had successfully eliminated outstanding and unpaid principal and interest of approximately US$412,000. The elimination was primarily achieved through the debt-to-equity conversion of a previously issued note to purchase the outstanding debt of a private high net worth individual lender. The debt-to-equity note conversion also terminated the ongoing accumulation of interest and fees and is expected to improve the Company's working capital, financial "quick ratios", and overall balance sheet.
"We appreciate the lenders that have been willing to work with us as we begin to execute our previously-announced corporate initiative of developing and deploying a streamlined, low leverage equity investment capital structure that minimizes expenses and company overhead," said K. Bryce "Rick" Toussaint, CPA, MBA, Chairman and CEO of PSWW. "We intend to continue to reduce outstanding debt during the second fiscal quarter and are optimistic that doing so will enhance Principal's overall performance potential and aid in the development of its future cash reserves."
https://finance.yahoo.com/news/principal-sola...00701.html
Debt-to-Equity Note Conversion and Other Debt Payments Reduce Unpaid Principal and Interest by More Than US$400,000, Ends Ongoing Accumulation of Fees and Interest; Expected to Improve Overall Balance Sheet
Dallas, Texas--(Newsfile Corp. - April 6, 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 as of first quarter ended March 31, 2021, the Company had successfully eliminated outstanding and unpaid principal and interest of approximately US$412,000. The elimination was primarily achieved through the debt-to-equity conversion of a previously issued note to purchase the outstanding debt of a private high net worth individual lender. The debt-to-equity note conversion also terminated the ongoing accumulation of interest and fees and is expected to improve the Company's working capital, financial "quick ratios", and overall balance sheet. "We appreciate the lenders that have been willing to work with us as we begin to execute our previously-announced corporate initiative of developing and deploying a streamlined, low leverage equity investment capital structure that minimizes expenses and company overhead," said K. Bryce "Rick" Toussaint, CPA, MBA, Chairman and CEO of PSWW. "We intend to continue to reduce outstanding debt during the second fiscal quarter and are optimistic that doing so will enhance Principal's overall performance potential and aid in the development of its future cash reserves."
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