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PW > SEC Filings for PW > Form 8-K on 21-Jan-2014All Recent SEC Filings

Show all filings for POWER REIT

Form 8-K for POWER REIT


Other Events, Change in Directors or Principal Officers, Financial Statements and Exhi

Item 8.01 Other Events.

On January 21, 2014, Power REIT issued a press release announcing that it has executed a term sheet with a large developer of renewable energy projects, pursuant to which Power REIT would acquire the real property on which a substantial solar power generation project is under development. If the project goes forward, Power REIT's investment is anticipated to be approximately $9.5 million. A copy of the press release is attached hereto as Exhibit 99.1.

The project is scheduled to break ground in the first quarter of 2014 and has a target to achieve commercial operation by the end of 2014. There can be no assurances that this schedule will be achieved.

The term sheet provides that the developer and Power REIT will work together exclusively to negotiate definitive, binding agreements. The execution of such agreements is subject to a number of conditions, including the completion by Power REIT of its due diligence review and the achievement of certain late-stage development milestones.

Item 5.02 Departure of Directors or Certain Officers

Power REIT also announces that Arun Mittal has resigned from his positions as Executive Vice President, Secretary and Treasurer. David Lesser, Power REIT's Chairman and CEO, will assume the titles and duties of Secretary and Treasurer.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Ex. No. Description
99.1 Press Release: Power REIT Signs Term Sheet for Potential Acquisition

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