$PSWW announced that it has entered into a Joint V

$PSWW 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.”