Pineapple Energy Reports Sale of Substantially All of the Assets of Legacy Subsidiaries JDL Technologies, Incorporated and Ecessa Corporation
07 Julio 2023 - 6:00AM
Pineapple Energy Inc. (NASDAQ: PEGY), a leading provider of
sustainable solar energy and back-up power to households and small
businesses, today announced the sale of substantially all the
assets of legacy non-core subsidiaries JDL Technologies,
Incorporated (“JDL”) and Ecessa Corporation (“Ecessa”) to
TheIPGuys.net LLC doing business as OneNet Global (the
“Transaction”). The Transaction closed on June 30, 2023.
Pineapple Chief Executive Officer Kyle Udseth commented: “We are
excited to have found a great home for the assets of legacy
subsidiaries JDL and Ecessa, and we wish the OneNet Global team
success. We are energized to move forward with renewed focus to
acquire, integrate, and grow leading solar, storage, and energy
services companies.”
Contingent Value Rights HoldersSale proceeds from the
Transaction, net of commissions, fees, closing expenses, escrows
and any reserves required under the Agreement and Plan of Merger,
dated as of March 1, 2021, by and among Pineapple Energy LLC,
Communications Systems, Inc. and the other parties thereto (as
amended, the “Merger Agreement”) will be distributed to the
contingent value rights holders in accordance with the Merger
Agreement and the Contingent Value Rights Agreement entered into in
connection therewith.
About Pineapple EnergyPineapple is focused on
growing leading local and regional solar, storage, and energy
services companies nationwide. Our vision is to power the energy
transition through grass-roots growth of solar electricity paired
with battery storage. Our portfolio of brands (SUNation, Hawaii
Energy Connection, E-Gear, Sungevity, and Horizon Solar Power)
provide homeowners and small businesses with an end-to-end product
offering spanning solar, battery storage, and grid services.
Forward Looking StatementsThis press release
includes certain forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995, including
statements regarding future financial performance, future growth or
growth opportunities, future opportunities, future flexibility to
pursue acquisitions, future cash flows and future earnings. These
statements are based on the Company’s current expectations or
beliefs and are subject to uncertainty and changes in
circumstances. Actual results may vary materially from those
expressed or implied by the statements here due to changes in
economic, business, competitive or regulatory factors, and other
risks and uncertainties, including those set forth in the Company’s
filings with the Securities and Exchange Commission. The
forward-looking statements in this press release speak only as of
the date of this press release. The Company does not undertake any
obligation to update or revise these forward-looking statements for
any reason, except as required by law.
Contacts: |
Kyle UdsethChief Executive
Officer+1 (952) 996-1674Kyle.Udseth@pineappleenergy.comEric
IngvaldsonChief Financial Officer+1 (952)
996-1674Eric.Ingvaldson@pineappleenergy.com |
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