Powell Max Limited (NASDAQ:PMAX) ("Powell Max" or the "Company"), a financial communications services provider, has signed a non-binding Letter of Intent, subject to certain customary provisions (the "LOI") to acquire The Boston Solar Company ("Boston Solar"), a vertically-integrated regional EPC solar installer, focused in Massachusetts and the broader New England area.

Pursuant to the LOI, the transaction is valued at $9.0 million, including the assumption of up to $7.0 million debt. Subject to satisfactory completion of due diligence, the parties expect to execute a definitive agreement no later than May 16, 2026. Following closing, Powell Max expects to provide to Boston Solar up to $20 million in working capital funding subject to the finalization of the definitive agreement and the Company's ability to secure capital.

Boston Solar is vertically integrated to ensure the customer gets the most complete solar system for their needs. From financing to design and installation, Boston Solar does it all with in-house installers, which are licensed and certified, so that all solar meets the applicable standards.

According to Boston Solar, it increased its revenue in 2025 by 22% to $24 million annual revenue, resulting in $2 million adjusted net income based on unaudited management accounts of Boston Solar, which are subject to audit and may be subject to change. The business was comprised of 65% residential and 35% commercial.