Solar Integrated Roofing Corp. Announces Initiation of Share Buyback Program

Rhea-AI Summary

Solar Integrated Roofing Corp. (OTC PINK:SIRC) has initiated a share buyback program aimed at reducing dilution and enhancing shareholder value. The company plans to purchase and retire 5,000,000 shares of preferred stock, convertible to 50,000,000 shares of common stock, from outgoing President Brian Milholland, who will transition to a consulting role. This strategic move is intended to bolster confidence in the company's future viability and drive shareholder returns.

Positive

• Initiation of a share buyback program to reduce dilution and enhance shareholder value.
• Purchase and retirement of 5,000,000 shares of preferred stock, convertible to 50,000,000 common shares.
• Brian Milholland's transition to a consulting role ensures continued expert guidance.

Negative

• None.

EL CAJON, CA / ACCESSWIRE / July 27, 2021 / Solar Integrated Roofing Corp. (OTC PINK:SIRC), an integrated, single-source solar power and roofing systems installation company, today announced the company has commenced a share buyback program to reduce dilution through a series of purchases to retire shares of its common stock.

The company is purchasing and retiring 5,000,000 shares of preferred stock, which is convertible to 50,000,000 shares of common stock, from Brian Milholland, who is retiring as President from Solar Integrated Roofing Corp. but will remain involved as a consultant to the company.

"In an effort to reduce dilution and drive shareholder value, the company will be making a series of share buybacks beginning with today's announced purchase of Brian's preferred shares. It's truly been a privilege to work alongside Brian, as his impact over the last year has been immeasurable in helping us build towards the company we are today. We will certainly miss his full-time support, though we appreciate his agreement to remain with us in a consulting role, where his knowledge and expertise can continue to guide us moving forward. We wish him the very best in retirement," commented Massey.

About Solar Integrated Roofing Corp.
Solar Integrated Roofing Corp. (OTC PINK:SIRC), is an integrated, single-source solar power and roofing systems installation platform 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.

CONTACT:
Lucas A. Zimmerman
Director
MZ North America
Main: 949-259-4987
SIRC@mzgroup.us
www.mzgroup.us

SOURCE: Solar Integrated Roof Corp.

View source version on accesswire.com:
https://www.accesswire.com/657126/Solar-Integrated-Roofing-Corp-Announces-Initiation-of-Share-Buyback-Program

FAQ

What is the purpose of Solar Integrated Roofing Corp.'s share buyback program?

The share buyback program aims to reduce dilution and drive shareholder value.

How many shares is SIRC planning to buy back?

SIRC is planning to buy back and retire 5,000,000 shares of preferred stock.

What will happen to the shares being bought back from Brian Milholland?

The preferred shares being bought back are convertible to 50,000,000 shares of common stock.

What role will Brian Milholland have after retirement?

Brian Milholland will remain as a consultant to the company after his retirement.