Power REIT Announces Extension of Time for Investors to Participate in its Previously Announced Rights Offering

Old Bethpage, New York, Jan. 21, 2021 (GLOBE NEWSWIRE) -- Power REIT (NYSE-AMEX: PW and PW.PRA) (“Power REIT” or the “Trust”) today announced that it has extended the date for the expiration of the closing on the previously announced Rights Offering to January 29, 2021.

David Lesser, Power REIT’s Chairman and CEO, commented, “Power REIT has received significant positive feedback regarding the investor friendly nature of the Rights Offering. In addition, we have received numerous communications expressing concerns about investors not yet receiving the Rights Offering package in the mail or having received it very late. It seems that the mail in the United States may currently be unusually slow whether due to COVID19 or other reasons. Accordingly, we have concluded to push back to January 29, 2021 the date of the closing on the Rights Offering to give investors additional time to participate.”

STATEMENT ON SUSTAINABILITY

Power REIT owns real estate related to infrastructure assets including properties for Controlled Environment Agriculture (CEA Facilities), Renewable Energy and Transportation. CEA Facilities, such as greenhouses, provide an extremely environmentally friendly solution, which consume approximately 70% less energy than indoor growing operations that do not benefit from “free” sunlight. CEA facilities use 90% less water than field grown plants, and all of Power REIT’s greenhouse properties operate without the use of pesticides and avoid agricultural runoff of fertilizers and pesticides. These facilities cultivate medical Cannabis, which has been recommended to help manage a myriad of medical symptoms, including seizures and spasms, multiple sclerosis, post-traumatic stress disorder, migraines, arthritis, Parkinson’s disease, and Alzheimer’s. Renewable Energy assets are comprised of land and infrastructure associated with utility scale solar farms. These projects produce power without the use of fossil fuels thereby lowering carbon emissions. The solar farms produce approximately 50,000,000 kWh of electricity annually which is enough to power approximately 4,600 home on a carbon free basis. Transportation assets are comprised of land associated with a railroad, an environmentally friendly mode of bulk transportation.