SOLAR INTEG ROOFING CORP - SIRC STOCK NEWS

HENDERSON, Nev., March 09, 2023 (GLOBE NEWSWIRE) -- Solar Integrated Roofing Corp. (OTC:SIRC) announced an investor update call scheduled for March 9, 2023, at 7:00 p.m. Eastern time. The call, hosted by CEO David Massey, will provide a corporate update and include a Q&A session. Interested participants can access the call through a webcast link. The company specializes in solar power, roofing, and electric vehicle charging systems, serving both commercial and residential markets across North America.

Solar Integrated Roofing Corp. (OTC:SIRC) has announced the expansion of its Finance Division, aiming to enhance revenue and profitability through new financial offerings for contractors and customers in the alternative energy and roofing sectors. Starting in March, SIRC will provide residential solar finance solutions, commercial PPAs, and other financing options with competitive rates and low fees. The company projects over $2 million in profits within the first 12-14 months as a result of this initiative, contributing to its goal of becoming a premier alternative energy solutions provider in the U.S.

Solar Integrated Roofing Corp. (OTC:SIRC) has signed a binding Letter of Intent (LOI) to acquire AVCO Roofing, a leading roofing and solar services provider in Texas, Oklahoma, and Louisiana. Founded in 2007, AVCO generated approximately $21 million in revenue in fiscal year 2022 and has completed over 10,000 projects in the last decade. The acquisition is expected to be immediately accretive, enhancing SIRC's market position and growth prospects through cross-selling opportunities. CEO David Massey expressed confidence in the strategic benefits while AVCO CEO Heath Hicks highlighted the alignment with SIRC's goals. The closing of the acquisition is subject to final due diligence and necessary approvals.

Solar Integrated Roofing Corp. (OTC:SIRC) will host an investor update call on February 7, 2023, at 7:00 p.m. Eastern Time. The call will be led by Chairman and CEO David Massey, who aims to provide insights on recent developments and strategic initiatives. Investors can access the call via a live webcast. Massey encourages current and potential shareholders to participate for a comprehensive update on the company's growth direction and future plans. Solar Integrated Roofing specializes in solar power, roofing, and EV charging solutions across North America.

Solar Integrated Roofing Corp. (OTC:SIRC) announced a new $10 million revolving credit facility with a major national bank, enhancing its financial capacity for 2023. This facility features a one-year term with interest set at the SOFR rate plus 1.50%. Combined with an upcoming $25 million term note, the company aims to improve cash flow and profitability. CEO David Massey expressed optimism regarding the facility, highlighting its favorable terms and potential future expansions of the credit line, aiming for an internal goal of $100 million. This facility signifies a milestone in SIRC’s growth strategy.

Solar Integrated Roofing Corp. (OTC:SIRC) announced a $25 million drawdown term note with an institutional investor. The note has a principal of $25 million, an interest rate of 6%, and a 5% original issue discount, converting into common stock at $4.00 per share if no default occurs. CEO David Massey stated this funding, combined with cost control measures, aims to enhance cash flows and profitability, a key factor for future uplisting. The company, focusing on solar power, roofing, and EV charging systems, seeks to drive long-term shareholder value through operational optimization.

Solar Integrated Roofing Corp. (OTC:SIRC) announced an amendment to its settlement agreement with Brian Milholland and Milholland Family Trust LP, easing cash flow pressures. The company will fulfill its $7 million obligation through an issuance of 40 million shares of common stock and $1.6 million in payments made in installments after a significant capital raise. CEO George B. Holmes expressed gratitude for the cooperation in restructuring the payment terms. This adjustment aims to alleviate financial burdens and potentially stabilize SIRC’s cash flow for future business operations.

Solar Integrated Roofing Corp. (SIRC) announced the retirement of its outstanding Class C Preferred Stock, allowing it to retain 100% of Enerev’s net profit. The acquisition simplifies SIRC's capital structure and aligns with its strategy for a planned Nasdaq listing in 2023. Trent Crane, Enerev's founder, has been appointed as Regional VP of Sales, overseeing sales in California. This strategic move aims to optimize profitability and enhance operational synergies, leveraging the growing California solar market.

Solar Integrated Roofing Corp. (OTC:SIRC) has announced an amicable settlement with Pablo Diaz Curiel regarding a pending legal action. The settlement resolves claims related to the company's acquisition of USA Solar Networks, LLC, and includes a general release of claims between the parties. George B. Holmes, CEO of SIRC, highlighted the positive outcome for shareholders, noting that they do not anticipate any significant negative impact on sales or revenue due to this resolution. The agreement reflects a commitment to collaboration moving forward.