Solar Integrated Roofing Corp. Completes Transition to National Brand, Announces Closing of Previously Announced Acquisition of Cornerstone Construction

Rhea-AI Summary

Solar Integrated Roofing Corp. (SIRC) announced the acquisition of Cornerstone Construction, a key player in roofing and solar solutions in South Carolina, which generated $15 million in sales for 2020. This acquisition is part of SIRC's strategy to expand its national footprint and enhance its service offerings. CEO David Massey expressed optimism about leveraging Cornerstone’s industry connections to drive future acquisitions and synergies. The move aligns with the increasing focus on alternative energy, bolstered by supportive government policies.

Positive

• Acquisition of Cornerstone Construction strengthens SIRC's market position and service capabilities.
• Cornerstone generated $15 million in sales in 2020, adding significant revenue potential.
• Expansion into new markets expected to enhance growth opportunities.
• CEO emphasizes potential for future acquisitions and increased operational scale.

Negative

• None.

Cornerstone Generated $15 Million in Sales in 2020; Company's Strong Industry Presence Expected to Drive Robust Pipeline of Potential Acquisitions Nationwide

EL CAJON, CA / ACCESSWIRE / February 25, 2021 / Solar Integrated Roofing Corp. (OTC PINK:SIRC), an integrated, single-source solar power and roofing systems installation company, today announced the closing of its previously announced acquisition of Cornerstone Construction, a leading provider of roofing and solar solutions in South Carolina and adjacent markets.

The U.S. Energy Department's Energy Information Administration is bullish on alternative energies, in particular wind and solar and with the Biden administration's push for the expansion of alternative energy use, with the trend anticipated to continue for years to come.

"We are pleased to announce the closing of the acquisition of Cornerstone Construction, marking an exciting turning point for Solar Integrated Roofing as we transition into a nationwide provider of roofing and solar solutions," said David Massey, Chief Executive Officer of Solar Integrated Roofing Corporation. "Cornerstone generated $15 million in sales in 2020, providing another level of scale to our operations. Cornerstone CEO Hunter Ballew is a true industry thought leader, having created a movement in the roofing and solar industry that helps tens of thousands of roofers & solar providers across the country every year through retreats, a mastermind and an annual conference, RoofCON. I strongly believe that with his network and our platform, we can build a robust pipeline of potential acquisitions nationwide.

"I would consider this to be a model acquisition and yet another example of how our roll-up model creates opportunities to deliver synergies by cross selling across our roofing and solar products. As we continue to grow our presence nationally, we will continuously seek out exciting new acquisitions such as this. I look forward to continued execution in the months ahead, helping to create long-term value for our shareholders," concluded Massey.

About Cornerstone Construction
Cornerstone Construction, a licensed roofing contractor, has served over thousands clients throughout South Carolina and neighboring states since 2017 with quality solutions for residential and commercial roofing and solar. Roofing services include expert inspection, installation, repair, and replacement services as well as gutters, windows, siding and decking. The company designs and installs traditional solar and solar shingles that integrate seamlessly into any new or existing roofing system. For more information on Cornerstone Construction please visit: https://cornerstoneconstruction.org.

About Solar Integrated Roofing Corp.
Solar Integrated Roofing Corporation (OTC PINK: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
SIRC@mzgroup.us
www.mzgroup.us

SOURCE: Solar Integrated Roof Corp.

View source version on accesswire.com:
https://www.accesswire.com/631745/Solar-Integrated-Roofing-Corp-Completes-Transition-to-National-Brand-Announces-Closing-of-Previously-Announced-Acquisition-of-Cornerstone-Construction

FAQ

What is Solar Integrated Roofing Corp.'s recent acquisition announcement?

Solar Integrated Roofing Corp. announced the acquisition of Cornerstone Construction, a leading roofing and solar solutions provider.

How much revenue did Cornerstone Construction generate in 2020?

Cornerstone Construction generated $15 million in sales in 2020.

What is the significance of the acquisition for Solar Integrated Roofing Corp.?

The acquisition is expected to enhance SIRC's service offerings and expand its national presence in the roofing and solar markets.

What are the future growth prospects after the acquisition?

SIRC aims to leverage Cornerstone’s industry connections to drive additional acquisitions and capitalize on synergies.

How does the acquisition align with market trends?

The acquisition aligns with the growing focus on alternative energy solutions, supported by government policies promoting solar and wind energy.