Solar Integrated Roofing Corp. Expands Nationwide with Binding LOI to Acquire Cornerstone Construction, a Leading Southeast Roofing and Solar Solutions Provider

Rhea-AI Summary

Solar Integrated Roofing Corp. (OTC PINK:SIRC) has signed a binding letter of intent to acquire Cornerstone Construction, a prominent South Carolina roofing and solar installer. Cornerstone has completed over 1,000 installations in 2020, generating more than $15 million in sales. This acquisition marks a pivotal step in Solar Integrated's strategy to expand nationwide in the roofing and solar market. The integration of Cornerstone's proprietary training programs and expertise is expected to enhance operational efficiency and growth potential, benefiting shareholders significantly.

Positive

• Acquisition of Cornerstone Construction expected to enhance market presence and operational efficiency.
• Cornerstone's $15 million in sales from 2020 indicates strong revenue potential.
• Proprietary training programs from Cornerstone may lead to improved margins and predictable growth.

Negative

• None.

Company Expands Nationwide with Binding LOI to Acquire Prominent South Carolina Roofing and Solar Installer

EL CAJON, CA / ACCESSWIRE / February 18, 2021 / Solar Integrated Roofing Corp. (OTC PINK:SIRC), an integrated, single-source solar power and roofing systems installation company, today announced the Company has signed a binding letter of intent (LOI) for the acquisition of Cornerstone Construction, a leading provider of roofing and solar solutions in South Carolina.

Cornerstone Construction, a licensed roofing contractor, has served thousands of clients and gained hundreds of 5 Star Reviews throughout the southeastern United States since 2017 with quality solutions for residential and commercial roofing and solar projects. 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 shingle arrays that integrate seamlessly into new and existing roofing systems.

"This represents the first step in our company's transition into a nationwide roofing and solar solutions provider," said David Massey, Chief Executive Officer of Solar Integrated Roofing Corporation. "Throughout 2020, Cornerstone moved strategically into new markets including Charlotte, NC; Charleston, SC; Little Rock, AR; Tulsa, OK; and Foley, AL. The company completed over 1,000 installs of roofing and solar in 2020, generating over $15 million in sales with robust projected growth.

"Cornerstone is a well-known industry thought leader as its Founder, Hunter Ballew, 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. Hunter and the Cornerstone team have been featured on dozens of shows, podcasts and speaking engagements including Forbes, Entrepreneur.com, TODAY, Business Insider and many more. This is an exciting presence that we believe will help grow our acquisition pipeline nationally, helping to create value for our shareholders," concluded Massey.

Hunter Ballew, Founder and CEO of Cornerstone Construction, added, "The Cornerstone team will bring our proprietary training program, Six Figure Blueprint, to the Solar Integrated Roofing family, along with other proprietary systems to create predictable growth while scaling quickly, improving efficiency, automating processes and increasing margins. I look forward to working closely with David and his team in the months to come."

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/630433/Solar-Integrated-Roofing-Corp-Expands-Nationwide-with-Binding-LOI-to-Acquire-Cornerstone-Construction-a-Leading-Southeast-Roofing-and-Solar-Solutions-Provider

FAQ

What is the significance of Solar Integrated Roofing Corp.'s acquisition of Cornerstone Construction?

The acquisition will enhance Solar Integrated's market presence and operational efficiency in the roofing and solar sector.

How much revenue did Cornerstone Construction generate in 2020?

Cornerstone Construction generated over $15 million in sales in 2020.

What are the expected benefits for shareholders from this acquisition?

Shareholders can anticipate enhanced growth potential and operational efficiency from the integration of Cornerstone's expertise.

What services does Cornerstone Construction provide?

Cornerstone Construction offers roofing, solar installations, inspections, and other related services for residential and commercial properties.

When was the LOI for the acquisition signed?

The binding LOI for the acquisition was signed on February 18, 2021.