Solar Integrated Roofing Corp. Enters Exchange Agreement to Extinguish $14 Million Promissory Note
Solar Integrated Roofing Corp. (OTC:SIRC) announced a pivotal agreement with Granite Global Value Investments to convert a $14 million promissory note into equity. As part of this exchange, Granite will receive 4,000,000 shares of common stock in exchange for canceling the note issued in June 2022. This move aims to strengthen the company's balance sheet and enhance financial flexibility, as stated by CEO David Massey. The company is focusing on strategic growth and operational efficiency to maximize shareholder value. SIRC is recognized as a comprehensive provider of solar power, roofing, and EV charging systems across North America.
- Extinguishment of a $14 million promissory note improves financial stability.
- Conversion of debt to equity provides flexibility for strategic growth.
- Potential for up-listing to a senior stock exchange may enhance visibility.
- CEO emphasizes focus on unlocking shareholder value.
- None.
– Conversion of Note to Equity Reflects Company’s Ongoing Focus on Strengthening the Balance Sheet –
HENDERSON, Nev., April 20, 2023 (GLOBE NEWSWIRE) -- Solar Integrated Roofing Corp. (OTC:SIRC) (“SIRC” or the Company”), an integrated, single-source solutions provider of solar power, roofing and EV charging systems, today announced that it has entered into an exchange agreement with existing noteholder Granite Global Value Investments LTD (“Granite”) to extinguish a
“Securing this exchange agreement is a key milestone in our ongoing de-leveraging initiatives, as we remain focused on SIRC’s next stage of growth,” said David Massey, Chief Executive Officer of SIRC. “We now have significantly more flexibility to pursue potential strategic transactions or up-list to a senior stock exchange. We remain focused on operational execution across our businesses, with the goal of unlocking and maximizing value for our shareholders.”
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.
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 our renegotiated settlement agreement. 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 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:
Michael Kim/Brooks Hamilton
MZ North America
+1 (949) 546-6326
SIRC@mzgroup.us
www.mzgroup.us
FAQ
What recent financial agreement did Solar Integrated Roofing Corp. announce?
How many shares did Granite receive in the exchange agreement with SIRC?
What is the significance of the recent note conversion for SIRC?
What is SIRC's focus following the exchange agreement?
