Solar Integrated Roofing Corp. Provides Corporate and Operational Update
- PLEMCo completed 14 EVSE Projects in LA County in 2023 year-to-date, with 4 additional projects currently under construction.
- Balance revenue increased 32.9% in Q2 2023 compared to the same prior-year quarter.
- Binding Letter of Commitment with Tribeca Energy expected to consummate a merger agreement by October 30, 2023.
- CEO highlights the scaling opportunity in EV charging and renewable energy solutions.
- None.
-- Management to Host Investor Update Podcast Today, Thursday, August 24 --
HENDERSON, Nev., Aug. 24, 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, provided a corporate and operational update.
Recent Company Highlights
- PLEMCo completed 14 EVSE Projects in LA County in 2023 year-to-date, with 4 additional projects currently under construction.
- Completed the design and engineering phase of the Calaway Farms project with construction expected to begin in the second half of 2023.
- SIRC's Shared Services, Financial Services & Supplemental Claims Services Division (“Balance”) revenue increased
32.9% in the second quarter of 2023 compared to the same prior-year quarter. Balance more than doubled the number of net new revenue-producing clients from the first quarter of 2023 and achieved a net profit margin of over26% for the first half of fiscal year 2023. - Executed a binding Letter of Commitment ("LOC") with Tribeca Energy, a holding company represented by Global Fund LLC & Neo Energy Storage Ltd., which is expected to consummate a merger agreement to list on the NYSE or Nasdaq by October 30, 2023.
Management Commentary
“We are continuing to execute across our core operational initiatives while maintaining a robust project contract pipeline,” said Brad Rinehart, Chief Executive Officer of SIRC. “The demand for EV charging stations and renewable energy solutions continues to be substantially higher than what is currently available which creates a massive scaling opportunity for SIRC. As we approach being cash flow positive, we are focused on generating revenue growth across all verticals while improving our cost overhead and reducing our short-term debt to strengthen our balance sheet.
“Our agreement with Tribeca Energy remains on track and we are working closely with the Tribeca team to prepare SIRC for a seamless integration as a core component of a vertically integrated enterprise that will focus on decarbonizing the global energy grid. We have an incredibly talented management team in place that is working diligently to advance our operating strategy and ultimately generate long-term value for our shareholders,” concluded Rinehart.
August 2023 Investor Update Podcast
SIRC will host an investor update podcast with the Company's Chief Executive Officer, Brad Rinehart on Thursday, August 24, 2023. To view the podcast, visit the official SIRC YouTube channel at https://www.youtube.com/@SIRC_Official.
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.
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
