Pineapple Energy Completes Sale of Headquarters Building
June 15 2022 - 8:15AM
Pineapple Energy Inc. (“Pineapple” or “the Company”), a leading
provider of sustainable solar energy and back-up power to
households and small businesses, today announced that it sold its
headquarters building in Minnetonka to Buhl Investors LLC (“Buhl”),
a Twin Cities real estate investment firm with a focus on providing
highly innovative investment solutions across a variety of product
types.
Buhl will convert the use of the building to multi-tenant, and
Pineapple has agreed to lease approximately 8,500 of the 100,000
square foot facility. Pineapple’s corporate operations will be
headquartered in the building along with Pineapple’s legacy IT
Solutions & Services operating segment (JDL Technologies and
Ecessa Corporation), which will continue to occupy space in the
building until they are sold.
The sale price was $6.5 million cash. Proceeds net of
commissions, fees, closing expenses, and any reserves required
under the merger agreement between Pineapple Energy LLC and
Communications Systems, Inc. will be distributed to CVR holders by
July 30, 2022.
Pineapple’s Chief Executive Officer Kyle Udseth commented,
“Closing on the sale of the legacy CSI headquarters building is one
more positive step in completing the post-merger transition to the
new Pineapple Energy and fulfills a CSI obligation to the CVR
holders. Even though the CVR transaction is not related to
go-forward Pineapple, we do benefit from locating our corporate
headquarters in a newly-renovated building on attractive lease
terms, which we believe will assist us to attract and retain
talent.”
About Pineapple Energy
Pineapple 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 (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 Statements
This 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, and future acquisitions. These
statements are based on Pineapple Energy’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, 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. Pineapple Energy does not undertake any obligation
to update or revise these forward-looking statements for any
reason, except as required by law.
Contacts: |
Pineapple EnergyMark
FandrichChief Financial Officer+1 (952)
582-6416mark.fandrich@pineappleenergy.comThe Blueshirt GroupGary
Dvorchak, CFAManaging Director+1 (323)
240-5796gary@blueshirtgroup.com |
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