Solar Integrated Roofing Corp. Provides Corporate and Operational Update

Rhea-AI Summary

Solar Integrated Roofing Corp. (SIRC) announces updates on the FINRA reverse stock split, sales strategies, and Arbiter Capital. The reverse split of 150 to 1 for SIRC shares was approved, and the Ticker will be SIRCD for the next 20 days. The company is finalizing the list of short sellers to report to the SEC and considering civil charges against them. Sales initiatives and changes are being implemented, including hiring dedicated salespersons for residential and commercial roofing, and EV market. Positive news regarding Arbiter Capital's new management and potential recovery of investments is also highlighted.

HENDERSON, Nev., Jan. 23, 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 the FINRA reverse stock split, sales strategies and Arbiter Capital.

SIRC filed for a reverse split the first week of September 2023 and received final approval January 22, 2024. FINRA made the announcement to the market at the same time with the reverse stock split of 150 to 1 for SIRC shares. The Ticker will be SIRCD for the next 20 days. Due to Rule 10b-5 of the Securities and Exchange Act of 1934, nothing could be released until the reverse split was approved and announced by FINRA.

The SIRC third-party consultant will be finalizing the list of short sellers to report to the SEC. “We believe that the SEC is starting to take short selling seriously and holding not only individuals, but brokers accountable as well. SIRC will be reviewing our rights to file civil charges against identified short sellers and brokers to recover damages associated with their illegal behavior” says CEO Brad Rinehart.

During Q4, SIRC Leadership met to strategize sales initiatives and changes. Several of these initiatives are being implemented in Q1. On the residential and roofing front, selling resources is a revenue stream that has been brought back into the mix. Hiring a dedicated W2 solar and roofing salesperson is also on the list. Given the solar changes in California, many 1099 reps are no longer in business and a dedicated roofing and solar salesperson will bring a unique advantage to the market. McKay has always had a strong foothold in the commercial roofing channel and with a few adjustments to our marketing outreach this channel should see increased growth. PLEMCo remains a strong contender in the EV market both at the Federal and State level. A dedicated EV sales specialist has been hired for the SoCal market. This person will target both commercial EV and Solar and will begin in early February. “By focusing on our profitable channels and strategically addressing sales and marketing initiatives, we should see a strong return early in the year” says Julie Brehm, SVP Sales & Marketing.

Other positive news is regarding Arbiter. The company is under new management, and they have breathed some life back into this investment. There is a good possibility that the money invested in Arbiter Capital could be recovered in early Q2. In addition, Arbiter may be able to provide a limited lending instrument sometime around Q3. “We are closely monitoring the situation and I will have an update on this timeline the first week of March” adds Rinehart.

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 is the update on the FINRA reverse stock split for Solar Integrated Roofing Corp. (SIRC)?

SIRC filed for a reverse split in September 2023 and received final approval on January 22, 2024. The reverse stock split of 150 to 1 for SIRC shares was announced by FINRA, and the Ticker will be SIRCD for the next 20 days.

What actions is SIRC taking against short sellers?

SIRC is finalizing the list of short sellers to report to the SEC and considering filing civil charges against them to recover damages associated with their illegal behavior.

What sales initiatives and changes are being implemented by SIRC?

SIRC is hiring dedicated salespersons for residential and commercial roofing, as well as the EV market. They are also strategizing sales initiatives and changes, focusing on profitable channels and addressing marketing strategies.

What positive news is highlighted regarding Arbiter Capital?

Arbiter Capital is under new management, and there is a good possibility that the money invested in Arbiter could be recovered in early Q2. Additionally, Arbiter may be able to provide a limited lending instrument sometime around Q3.