Solar Integrated Roofing Corp. Announces Amicable Settlement of Legal Action Against K. Hunter Ballew and Cancellation of 45 Million Common Shares
Solar Integrated Roofing Corp. (OTC PINK:SIRC) announced a settlement in a legal dispute with K. Hunter Ballew and related entities. The resolution involves a general release of claims, the transfer of Cornerstone Construction Team, LLC back to Ballew, and the return of 45 million shares to SIRC, which will be canceled, reducing outstanding shares by 8.6%. Ballew will repay $1 million to SIRC, while retaining $3 million from the original Stock Purchase Agreement. The company anticipates no significant impact on sales or revenue from this transfer, maintaining its previous revenue guidance.
- Settlement with K. Hunter Ballew resolves legal claims amicably.
- Cancellation of 45 million shares results in an 8.6% reduction of outstanding shares.
- Ballew's repayment of $1 million secures cash flow for SIRC.
- None.
HENDERSON, NV / ACCESSWIRE / June 14, 2022 / Solar Integrated Roofing Corp. (OTC PINK:SIRC), an integrated, single-source solar power, roofing systems installation and EV charging company, today announced the amicable settlement of the pending legal action against K. Hunter Ballew, Upward Holdings Group, LLC and RoofCon, LLC as well as the associated cross-claims by Mr. Ballew against the company.
"We are pleased that both parties were able to look beyond the claims and allegations in this case to reach an amicable resolution," said David Massey, Chairman and CEO of Solar Integrated Roofing Corp. "As discussions with Mr. Ballew developed, both parties came to the conclusion that working together to achieve an equitable resolution for all involved, including SIRC shareholders, was far preferable to continued litigation in the court system."
The terms of the settlement include, among other things, a general release of all past and future claims between the parties, SIRC transferring ownership of Cornerstone Construction Team, LLC back to Mr. Ballew in exchange for the return of 45 million common shares to SIRC, and a waiver of the "Make Whole" provision of the original Stock Purchase Agreement. In addition, Mr. Ballew will repay SIRC the sum of
The company does not anticipate that the transfer of Cornerstone Construction Team, LLC back to Mr. Ballew will have any significant negative affect on sales or revenue, nor is there any change to previous revenue guidance as a result of this transaction. Additionally, upon receipt of the 45 million common shares, the company intends to cancel them, resulting in an
"I am pleased that Mr. Massey and SIRC were able to see the benefit of an early settlement, bringing this matter to a quick and mutually beneficial conclusion. I bear the company no ill will, and anticipate an ongoing successful relationship," stated K. Hunter Ballew.
"As we pivot SIRC's business model away from standard roofing and construction and wholly toward solar installation and EV charging, the closing of this unfortunate chapter in the company's history and subsequent repair of our business relationship with Mr. Ballew provide us a path to continued cooperation with Cornerstone Construction Team and RoofCon in the years to come. We look forward to our continued work with Mr. Ballew and consider our renewed relationship a valued asset to SIRC," concluded Massey.
About Solar Integrated Roofing Corp.
Solar Integrated Roofing Corp. (OTC PINK:SIRC), is an integrated, single-source solar power, roofing systems installation and EV charging company specializing in commercial and residential properties throughout the United States. The Company serves communities by delivering the best experience through constant innovation & legacy-focused leadership. 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
Director
MZ North America
Main: 949-259-4987
SIRC@mzgroup.us
www.mzgroup.us
SOURCE: Solar Integrated Roof Corp.
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