Dallas, TX — October 4, 2011 – 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.