Solar Integrated Roofing Corp. Completes Enerev Acquisition, Promotes Trent Crane to Regional VP of Sales
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.
- SIRC retains 100% of Enerev's net profit, enhancing revenue potential.
- Simplification of capital structure ahead of planned Nasdaq listing.
- Appointment of Trent Crane as Regional VP of Sales to boost California operations.
- None.
SIRC Now Entitled to Retain
HENDERSON, Nev., Jan. 05, 2023 (GLOBE NEWSWIRE) -- Solar Integrated Roofing Corp. (OTC:SIRC), an integrated, single-source solutions provider of solar power, roofing and EV charging systems, today announced the acquisition and retirement of its outstanding Class C Preferred Stock associated with the 2021 Enerev acquisition.
Concurrent with the completion of this transaction, Enerev Founder Trent Crane has been promoted to Regional VP of Sales. In this role, Trent will oversee all sales activities for SIRC in California, including SIRC’s direct and indirect sales and customer service teams.
“This transaction not only helps to simplify and clean up our capital structure ahead of a planned 2023 Nasdaq listing of our common stock, it will allow us to unlock the full profit potential of our 2021 acquisition of Enerev,” said George B. Holmes, Chairman and Chief Executive Officer of Solar Integrated Roofing Corp. “As we seek to more fully realize operational synergies across our family of companies, Trent’s leadership of our California presence will prove to be an invaluable asset as we expand our operations and optimize profitability.”
Trent Crane, Regional VP of Sales, added: “The California solar market represents an incredible opportunity that necessitated the combination of our resources in the region. I believe that with the unrivaled sales, customer service and installation capabilities we bring to California, we are positioned for significant growth in the years ahead.”
The Class C Preferred shares were issued to the sole owner of Enerev when SIRC acquired the company in 2021 and entitled its holder to an annual dividend of
About Solar Integrated Roofing Corp.
Solar Integrated Roofing Corp. (OTC: SIRC) is an integrated, single-source solutions provider of solar power, roofing and EV charging systems, specializing in commercial and residential properties throughout North America. The Company serves communities by delivering the best experience through constant innovation & legacy-focused leadership. For more information, please visit the Company's website at www.solarintegratedroofing.com or join us on Twitter or LinkedIn.
Safe Harbor / Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will” and similar references to future periods. Examples of forward-looking statements in this press include, among others, statements about growth, profitability and a Nasdaq listing. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: our ability to satisfy Nasdaq’s requirements for listing our securities on the exchange; our limited operating history; our dependence on third parties for many aspects of our business; general market and economic conditions; technical factors; the availability of outside capital; our receipt of revenues; legislative developments; changes in our expenditures and other uses of cash; our ability to find, recruit and retain personnel in sufficient numbers to support our growth; our ability to manage growth; and general market, economic and business conditions. Additional factors that could cause actual results to differ materially from those anticipated by our forward-looking statements are under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our most recent Registration Statement on Form 10 or Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission. Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
Investor Relations Contact:
Lucas A. Zimmerman
Director
MZ North America
Main: 949-259-4987
SIRC@mzgroup.us
www.mzgroup.us
FAQ
What impact does the retirement of Class C Preferred Stock have on SIRC's profit?
Who is Trent Crane and what is his role at SIRC?
How does SIRC plan to utilize its operations in California?
What are SIRC's future plans regarding Nasdaq listing?
