Company Confirms Purchase Agreement for Retail Supplier Terminated

Premier Holding Corporation, which last fall entered an agreement under which it purchased a majority stake in retail supplier Lexington Power & Light (LPL), confirmed in a 10-Q that as a result of a previously reported default under the agreement, the membership purchase agreement was terminated on April 7, 2015

Premier Holding had first disclosed the default on its purchase obligations for LPL in its 10-Q for the period ended March 31, 2015, but in that earlier 10-Q did not specify whether remedies, including termination of the purchase agreement, available to LPL under the default were being exercised, or whether the parties were negotiating as a result of the default

Now, in a 10-Q for the period ending June 30, 2015, Premier Holding confirmed that the membership purchase agreement and acquisition was terminated as a result of the default.

Premier Holding continues to operate broker The Power Company USA, LLC and an energy efficiency company.

For the three months ended June 30, 2015, Premier had a loss from continuous operation of $855,000 as compared to a net loss of $996,000 for the three months ended June 30, 2014. Premier’s accumulated deficit as of June 30, 2015 was $21 million, which prompted Premier to state in the 10-Q, as it had done in prior quarters, that, "These conditions raise substantial doubt about Premier’s ability to continue as a going concern over the next twelve months."