#Cleantech News: #Solar
Integrated Roofing (OTC: $SIRC) Provides Corporate Update on Near-Term
Milestone Achievements; @SIRCStock
EL CAJON, Calif., March 26, 2021 - Breaking Solar stock news from Investorideas.com
Newswire and RenewableEnergyStocks.com
- Solar Integrated
Roofing Corp. (OTC: SIRC), an integrated, single-source solar power and roofing
systems installation company, today provided a corporate update on near-term
operational and capital markets milestone achievements.
Read this news,
featuring SIRC in full at https://www.investorideas.com/news/2021/renewable-energy/03261SIRC-Corporate-Update.asp
“As
we transition into a national brand with various portfolio companies across the
country, we will seek to uplist to the OTCQB in the near-term with a goal of
uplisting to Nasdaq thereafter,” said David Massey, Chief Executive Officer of
Solar Integrated Roofing Corp. “This marks a new era for our shareholders as we
continue to mature and improve our prestige within the capital markets
community.
“We
continue to expand the breadth and depth of our partnerships with key industry
players, including most recently with Sunrun, the nation’s leading home solar,
battery storage and energy services company, to become a roofing installation
partner. I believe this exciting partnership could scale to 30 installations a
month over time and look forward to further building our relationship in the
months to come.
“As
we continue to integrate acquisitions and realize synergies across our
portfolio companies, we are seeking to build out normalized systems and operating
procedures to reduce duplicative expenses and increase firm-level
profitability. To this end, we are working on approvals with both Sunrun and
Vivint to utilize their sales platforms to see Power Purchase Agreements (PPAs)
in several key states nationwide,” continued Massey.
“Given our primary focus is on becoming a
cohesive, nationwide platform company for roofing and solar installers, these
strategic partnerships will support operational stability as we continue to
grow by acquisition into key markets nationwide. We are currently operating at
an approximate $50-60 million annual revenue run rate, which we plan to further
grow to $100 million in the near-term through continued acquisitions. After
reaching this point, we will slow the pace of acquisitions to focus on
consolidation, realizing synergies and maximizing near-term profitability.
“We
expect that our robust balance sheet – which stood at over $11 million in cash
as of February 28th, 2021 – will be sufficient to meet any near-term
needs. That being said, to further fortify our cash position and expand our
growth initiatives into the EV charging space, we recently applied for a U.S.
Department of Energy grant, which could provide between $20-40 million in
funding to help support the build-out of dedicated electric vehicle (EV)
charging solutions nationwide through our various operating brands.
“Looking
ahead, with these accretive new partnerships, accelerating momentum, and our
planned uplisting, I believe we are better positioned to deliver value to our
shareholders than at any prior time in our history as a public company. I look
forward to announcing further milestone achievements in the months to come as
we continue our rapid pace of operational execution,” concluded Massey.
About Solar
Integrated Roofing Corp.
Solar Integrated Roofing Corporation (OTC:SIRC), is an
integrated, single-source solar power and roofing systems installation company
specializing in commercial and residential properties in the Southern
California market. The Company's broad array of solutions include sales and
installation of solar energy systems, battery backup and electric vehicle (EV)
charging stations to roofing, HVAC and related electrical contracting work. For
more information, please visit the Company's website at www.solarintegratedroofing.com.
Forward-Looking Statements
Any statements made in this press release
which are not historical facts contain certain forward-looking statements; as
such term is defined in the Private Security Litigation Reform Act of 1995,
concerning potential developments affecting the business, prospects, financial
condition and other aspects of the company to which this release pertains. The
actual results of the specific items described in this release, and the
company’s operations generally, may differ materially from what is projected in
such forward-looking statements. Although such statements are based upon the
best judgments of management of the company as of the date of this release,
significant deviations in magnitude, timing and other factors may result from
business risks and uncertainties including, without limitation, the company’s
dependence on third parties, general market and economic conditions, technical
factors, the availability of outside capital, receipt of revenues and other
factors, many of which are beyond the control of the company. The company
disclaims any obligation to update the information contained in any
forward-looking statement. This press release shall not be deemed a general
solicitation.
Investor Relations Contact:
Lucas A.
Zimmerman
Senior Vice
President
MZ North
America
Main:
949-259-4987
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