Solar Integrated Roofing Corp. Provides Corporate and Operational Update

Rhea-AI Summary

Solar Integrated Roofing Corp. (OTC: SIRC) provides an update on various projects and financial matters. The Calaway Project's engineering and design are completed, awaiting access to the property for construction. SIRC remains committed to its letter of commitment with Tribeca Energy. Debt reduction is underway with Continuation Capital. The audit and business plan from Arbiter Capital Management are expected soon. Diaz settlement terms are publicly available.

Positive

• The completion of the Calaway Project's engineering and design is a positive development.
• SIRC's commitment to honoring the letter of commitment with Tribeca Energy demonstrates reliability.
• Debt reduction with Continuation Capital shows a proactive approach to financial management.

Negative

• The delay in accessing the property for the Calaway Project may impact the construction timeline.
• The undetermined timing of the uplist with Tribeca Energy may cause uncertainty for shareholders.
• The lack of specific details about the debt reduction tranche and its impact on the company's financials is a negative aspect.
• The delay in receiving the audit and business plan from Arbiter Capital Management may create uncertainty.

HENDERSON, Nev., Nov. 03, 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 CEO Brad Rinehart answers questions asked by shareholders based on Press Release dated October 30, 2023.

Calaway Project: Project engineering and design are completed, and the scope of materials and pricing has been completed. There are no permitting requirements for the energy plan as this project is completely off grid and self-contained. We are still awaiting access to the property which needs to be secured by the project owners to begin the construction phase of the project.

Tribeca Energy: SIRC remains committed to honoring our letter of commitment with Tribeca Energy. We have continued to provide information and materials to Tribeca Energy. The timing on the uplist is still undetermined currently. SIRC Executive management feels that our valuation will continue to improve over time and that there is no rush to consummate this arrangement prematurely. As we continue to focus on cost controls, profitable revenue growth, and debt reduction we believe that our valuation will continue to increase, making the uplist more attractive to shareholders when the valuation has improved.

Debt Reduction: We currently have court approval to start another tranche of debt reduction with Continuation Capital to settle debt with the use of proceeds from share sales which have been reserved for that purpose.

Arbiter Update: This is the most recent response from the Arbiter Capital Management Team based on an October 30^th query. Per Ben Weinger at Arbiter Capital “We are expecting a final draft of the audit by the end of October. Once it is final, I will forward it to you along with a business plan for the bank.” We are expecting this anytime.  

Diaz Settlement: Terms of court settlements are public records and available to anyone who wants to look them up.

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 Investor Relations website at www.solarintegratedroofing.com, Corporate website at https://www.sirc.com/ or join us on Twitter, LinkedIn or Facebook.

Contact:
Julie Brehm
jbrehm@sircfamily.com

FAQ

What is the status of the Calaway Project?

The engineering and design of the Calaway Project are completed, but construction is pending access to the property.

What is SIRC's commitment to Tribeca Energy?

SIRC remains committed to honoring its letter of commitment with Tribeca Energy, although the timing of the uplist is undetermined.

What is the update on debt reduction?

SIRC has court approval to start another tranche of debt reduction with Continuation Capital, utilizing proceeds from share sales.

When can we expect the audit and business plan from Arbiter Capital Management?

The audit and business plan are expected to be received soon, as per the response from Ben Weinger at Arbiter Capital Management.

Where can the terms of the Diaz settlement be found?

The terms of the Diaz settlement are public records and can be accessed by anyone interested.