Pioneer Power terminates exclusive distribution deal with CleanSpark; assumes $1.1M collection role

PIONEER POWER SOLUTIONS, INC.

Open purchase orders total $1,338,810; Pioneer releases CleanSpark from $565,609 future amounts and $253,059 accounts payable.
Pioneer assumes billing and collection of $1,108,971 from mutual client Enchanted Rock Electric.
Pioneer to return $248,896 in deposits to CleanSpark by Aug 31, 2022 or 35 days after shipping.
CleanSpark transfers UL files and service contracts for switchgear to Pioneer; Pioneer assumes warranty liability.
Mutual release executed; CleanSpark no longer exclusive distributor of Pioneer's switchgear products.

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