DECEMBER 1, 2020
POWER 1 ENERGY COMPANY
Power 1 Energy Company continues to make steady and deliberate progress towards our goal of a large private placement or public listing in 2021. Most recently we have begun the process of raising capital in a final round pre-IPO financing to support our growth plan on the path to such an endeavor. It is our purpose to show the marketplace a company that is running with solid speed as well as mature financial controls and operating standards. We feel that this presentation will help the investment community look at us favorably not just in the short term but as a solid investment for the long term as well.
November marked the first month of utilizing our projected financial model against our actual production and I am pleased to report that we are tracking very close to the predictions we made several months ago. While some expenses are up slightly more than we anticipated, we have been successful in keeping other costs down and thus balancing our performance quite nicely. As this financial model has not been widely operated in the past, we are pioneers in bringing the two entities together which continues to show significant opportunities.
After a thorough review, numerous interviews, and Board review, we have selected a CPA/Audit firm that will facilitate our S-1 filing audit and assist us in securing our financial data in a manner compliant with an SEC approved registered public offering or large private placement.
This morning, an agreement was reached with Casaey Kinchen, the CEO and founding partner of M & K CPAS PLLC home based in Houston, Texas, and Power 1 Energy Company. M & K comes highly recommended as a solid CPA partner to companies seeking their S-1 filing and is currently engaged with several firms who are at a similar stage in development. M & K has also worked on other transactions with our corporate counsel, Arthur Marcus, of Sichenzia Ross and Ference and came highly referenced.
The agreement between all parties will be executed this week with the hopes of beginning the audit process as early as the 15th of December. This meets the timing commitment management of P1EC made to our Board of Directors in September with the issuance of proforma goals for our PPM.
To the Executive Staff of P1EC; this means the heavy lifting begins now! I have set a goal with Mr. Kinchen that I would like the audit complete by the last day of January 2021. This will only happen with complete support and transparency in the timely provision of requested documentation, specific answers to questions asked, and a clear pathway to the information requested. We have been preparing mentally for this exercise for the past several months and now the time has come to engage. I trust that you will all support this effort as we continue toward our goal of achieving a large private placement investment or a public offering as soon as possible in 2021.
Thanks to the many folks who participated in this process without whom we would not be where we are. This effort exemplified the spirit and letter of the word “Teamwork”.
As I mentioned in my last communique, we would have an announcement forthcoming concerning our Board of Directors and I am pleased to announce the appointment of Jason Garrett to our Board. Mr. Garrett comes with a rich and successful history in the deregulated energy business having served as a C-Suite Executive in several large and one publicly held de-reg company. His vast knowledge of the industry has already proven to be a welcome addition to our Board and our Executive Staff.
Currently, we are continuing our fund-raising efforts internally while we seek a large last round Investor on the road to our registered public offering or large private placement. . We are most fortunate to have investors who believe in where we are going as well as enjoying an internal offer that is difficult to pass up! If you would like to participate in our current internal round, please feel free to reach out to me directly and I will be happy to discuss it with you.
2020 has certainly been a difficult and challenging year in a number of different ways. As I explain to our team every day, ignore the “noise” around you and no matter what, outperform the challenges we face. Thus far, we have had a year that we will not forget; not because of politics or viruses, but because of the progress this great team has made in becoming a force in the deregulated energy sector.
From the entire team here at P1EC, we wish you the happiest of Holidays and hope that the New Year brings you all joy, good health, and prosperity.
Ed Jenks, CEO