The move represents a powerful step by the Company as it aggressively pursues a dominant position as a provider of tailored energy solutions targeting the $492 million market comprised of energy demand from cannabis and CBD producers.
"In our conversations with cannabis and CBD producers, the most important factor on these guys' minds is how to compress energy costs," commented J. Scott Sitra, Tiger Reef's President and CEO. "According to our research, no one else out there is pursuing a pure-play strategy targeting tailored solutions to that rapidly growing problem. We have that solution and we are scaling up to make a run at dominating the niche."
Management notes that Atlas Solar currently owns and operates a total of 34 state-of-the-art industrial solar installations producing over 420,000 KWh of solar electricity annually. As a result of this production level, Atlas Solar earns over 420 solar renewable energy credits (SRECs) per year. In addition, Atlas is producing positive net cash flow of approximately $120,000 annually from operations directly related to solar power generation.
The LOI provides for a ninety-day period of negotiation and good faith formalization of the terms of a transaction through which Tiger Reef seeks to purchase all of the assets and operations of Atlas Solar, with this 90-day period beginning upon the declaration of an "effective" date of Tiger Reef's previously announced Regulation A offering documents by the Securities and Exchange Commission (SEC), unless both parties agree to extend these terms.
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