Solar Integrated Roofing Corp. Provides Corporate and Operational Update

Rhea-AI Summary

Solar Integrated Roofing Corp. (SIRC) announces the sale of residential solar and roofing assets in San Diego, freeing up resources to focus on commercial and government contracts. The company continues to expand its PLEMCo division with projects such as EV charging stations installations. Despite ongoing investor questions regarding Arbiter update, Tribeca merger status, Calaway project, Dave Massey lawsuit, stock dilution, sales and revenue, cash flow positivity, and long-term viability, SIRC remains optimistic about its commercial and government business prospects.

Positive

• SIRC sells off residential solar and roofing assets in San Diego to focus on commercial and government contracts.
• The company's PLEMCo division is expanding with multiple commercial projects underway, including EV charging stations installations.
• SIRC anticipates $4.5 million in awarded contracts and is working on $46 million in new contracts in the engineering/estimation/bid process.
• The company is cash flow positive after divesting residential solar and roofing divisions, positioning itself for long-term viability in the commercial and government sectors.

Negative

• No updates regarding the Arbiter update and the status of the Tribeca merger.
• The Calaway project is still pending a deal to gain access to the property.
• No new information available on the Dave Massey lawsuit.
• Uncertainty remains regarding the daily stock selling/dilution impacting share prices near all-time lows.

HENDERSON, Nev., April 24, 2024 (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 provides updates on operations and answers investor questions.

SIRC has sold off the remaining assets involved in the residential solar and residential roofing market in San Diego. The previous owner of Future Home Power, a residential solar marketing company aimed at selling residential solar in San Diego and the Inland Empire, purchased the McKay Roofing and Milholland Electric companies this month.

All of the employees at Milholland and McKay were offered employment during the transition. The purchase price was a combination of cash and retired debt due to the previous owner of Future Home Power.

“This gives us the opportunity to focus all of our attention and resources on our growing commercial and government contracts division (PLEMCo) supporting commercial solar, microgrids, EV Charging Infrastructure, and LED Lighting conversions. We will also continue to do commercial roofing under the Montross Industries brand,” said CEO Brad Rinehart.

PLEMCo is in full swing with three larger commercial projects including the installation of 34 EV Charging stations at Olive View, the UCLA Medical Center in Sylmar, the Lake Isabella installation of a ground mount and roof mount commercial solar array, and the Lancaster EV Charging Stations installation project for California Department of Government Services. PLEMCo also has on the horizon installation projects for Xeal and EverCharge.

SIRC continues to focus on growing profitable sales with our remaining businesses of PLEMCo and Montross Companies. Now that the residential business units are gone, this frees up even more resources to expand and increase our commercial project bandwidth. This also allows us to hire the right people in our commercial and government channels including a new Project Manager who started this week, an additional Project Manager, an Electrical Engineer, and expanding our hourly electrical technician pool.

Investor Questions

1) Is there an Arbiter Update? The process of recovering our investment continues. Arbiter Capital is moving forward in being able to get the bank operational and able to return original investment funds.

2) What is the status of the Tribeca merger and is this still a viable alternative for SIRC? There is no new information to report. We remain under a non-binding LOI through May 2024. As we have shifted away from residential solar and residential roofing, Tribeca will have to decide if this changes their interest in SIRC or not.

3) Any updates on the Calaway project? The project is still awaiting a deal to gain access to the property, which is up to the customer. We have completed all work required for the energy plan for the property.

4) Anything to report on the Dave Massey lawsuit? No updates are available at this time.

5) Is the daily stock selling/dilution that keeps the share price near all-time lows coming to an end? I don’t have visibility to who is selling shares. We are still in the process of working through the 3A10 to pay off old debt through the sale of shares, which is handled by a third party.

6) How is the business in terms of new sales and revenue? We are in a pretty good position with our commercial/government business. We have $6.5 million in awarded contracts, $4.5 million in anticipated contracts to be awarded, and we are working on $46 million in new contracts which are in the engineering/estimation/bid process with entities we have a relationship of doing business with.

7) Are you still expecting us to be cash flow positive sometime this year? We are cash flow positive now that we have divested the residential solar and roofing divisions.

8) Is the company still viable for the long term? Now that we have streamlined our business units and sold off the residential and claims divisions, we can focus our efforts on the commercial and government business. We are positioned to continue to secure contracts in EVSE, Commercial Solar, LED Lighting conversions, and Commercial Roofing repair and replacements.

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.

Press Release Contact:
Julie Brehm
jbrehm@sircfamily.com 

 

FAQ

What assets did Solar Integrated Roofing Corp. sell in San Diego?

SIRC sold off residential solar and roofing assets in San Diego.

What division is Solar Integrated Roofing Corp. focusing on after the asset sale?

SIRC is focusing on commercial and government contracts after selling off residential assets.

What projects is the PLEMCo division of Solar Integrated Roofing Corp. currently working on?

The PLEMCo division is working on projects such as EV charging stations installations.

Is Solar Integrated Roofing Corp. cash flow positive?

Yes, SIRC is now cash flow positive after divesting residential solar and roofing divisions.

What is the total value of new contracts Solar Integrated Roofing Corp. is working on?

SIRC is working on $46 million in new contracts in the engineering/estimation/bid process.

Is there any update on the Dave Massey lawsuit?

No new information is available on the Dave Massey lawsuit.

What is the current status of the Tribeca merger for Solar Integrated Roofing Corp.?

There is no new information to report on the Tribeca merger.

What is the company's position on long-term viability after recent changes?

SIRC is positioned for long-term viability after streamlining its business units and focusing on commercial and government contracts.

Are there any updates on the Arbiter update for Solar Integrated Roofing Corp.?

The process of recovering the investment is ongoing with Arbiter Capital.

Is Solar Integrated Roofing Corp. affected by daily stock selling/dilution?

The company is still working through the 3A10 to pay off old debt through the sale of shares.

How much revenue does Solar Integrated Roofing Corp. anticipate from awarded contracts?

SIRC anticipates $4.5 million in awarded contracts and $46 million in new contracts.

What type of projects is Solar Integrated Roofing Corp. focusing on after divesting residential assets?

SIRC is focusing on EVSE, commercial solar, LED lighting conversions, and commercial roofing repair and replacements.