Communications Systems to be Renamed as Pineapple Holdings Post Merger

Communications Systems, Inc. highlighted steps to enhance the composition of its board of directors following the closing of the proposed merger with Pineapple Energy LLC.

Following the completion of the proposed merger with Pineapple, CSI will be renamed Pineapple Holdings, Inc., will trade under the new Nasdaq ticker symbol PEGY, and will be focused on the growing home solar industry, primarily operating through its Hawaii Energy Connection and E-Gear subsidiary businesses.

The CSI post-merger board of directors will be comprised of seven members, four of whom will be independent directors. To enhance the post-merger board, Pineapple and CSI have agreed on the addition of Marilyn Adler and Tom Holland to the board concurrently with the closing of the merger.

Roger Lacey, CSI’s Executive Chair and Interim CEO stated, “Ms. Adler and Mr. Holland bring more than 60 years of combined experience in finance and the residential solar industry. We are excited to be adding their talents to the post-closing board and we look forward to leveraging their deep business, management and industry experience. The identification of Ms. Adler and Mr. Holland for the post-closing board is just one of the steps CSI and Pineapple have taken to position the post-closing company for success. The post-closing board and management team will implement Pineapple’s strategy to capitalize on the growing demand for consumer energy solutions by providing homeowners with an end-to-end portfolio of product offerings spanning energy secure solar, battery storage, electric vehicle connections, and managed grid services via organic growth and strategic acquisitions.”

Kyle Udseth, Co-Founder and CEO of Pineapple noted, “As we prepare to ‘hit the ground running’ after the proposed merger closes, the highly experienced management team and diverse board of directors post-closing will help us pursue our objective of transforming Pineapple Holdings into one of the largest rooftop solar and storage companies in the U.S.”