Solar Integrated Roofing Corp. Provides Corporate and Operational Update
- Solar Integrated Roofing Corp. is focused on revenue growth across all verticals and is reinvigorating and scaling its residential sales teams. They have also launched a direct-to-consumer inside sales and service team. They are reallocating capital to move large-scale commercial projects forward and have successfully launched new financial services products. The company is engaging Firebird Partners to assist with debt refinancing and increase shareholder value. They are committed to improving service and lowering operating costs by reviewing supplier relationships and incorporating better performance KPIs for crews.
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-- Current SIRC Leadership to Focus on Revenue Generation, Balance Sheet Improvement, and Operational Efficiency --
HENDERSON, Nev., June 15, 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 an update on its operational initiatives and leadership transition.
Operational Initiatives
“The current executive management team of SIRC is focused on three core operational initiatives,” said Brad Rinehart, Chief Executive Officer of SIRC. “First, we are working to generate revenue growth across all our verticals as we move toward the next phase of our agreement with Tribeca Energy. To enhance our residential roofing and solar sales, we are reinvigorating and scaling our residential sales teams in California, Texas, and other markets throughout the U.S. Additionally, SIRC has launched a direct-to-consumer inside sales and service team targeting residential renewables origination as well as sales of SIRC’s financial services products. We are also reallocating capital to move several large-scale commercial projects forward while continuing to scale our new financial services product offerings after its successful launch in May.
“Second, we are focused on improving our balance sheet by reducing our short-term debt, including the retirement of high interest debt through a court-approved share sale process as well as restructuring certain debt for more favorable terms. These actions will free up additional capital which will allow us to accelerate the key projects I mentioned. To assist with the debt refinancing, SIRC recently engaged Firebird Partners, a Los Angeles-based investment fund focused on fueling high-growth opportunities. We plan to use every means at our disposal to increase shareholder value prior to the Tribeca Energy valuation and aim to limit short-term dilution.
“Finally, we are committed to improving our level of service while lowering our operating costs. We are reviewing existing supplier relationships to improve material costs and are engaging strategic partners to provide us with high-quality outsourced work while leveraging their improved equipment costs. To improve our overall customer experiences, we also incorporated better performance KPIs for both internal and outsourced crews,” said Rinehart.
Leadership Transition
On May 15, 2023, the Company’s Board of Directors announced key changes to SIRC’s management team in tandem with Dave Massey’s resignation from his positions as CEO and CFO, including the appointment of Brad Rinehart as CEO, Wanda Witoslawskias as CFO, and Troy Clymer as President and COO. Mr. Massey subsequently resigned from his position on the Board of Directors and retired his Preferred A shares and his common stock. He currently continues to hold Preferred B shares but has no other involvement in the Company.
“SIRC has recently undergone several transitions in leadership, including several short-term management teams,” continued Rinehart. “The current Board of Directors and executive team is committed to piloting SIRC both to the Tribeca Energy transaction and to operate SIRC long-term following sound business decisions that aim to improve our revenue and operating profit profile. We believe this transition to a more traditional approach to managing this business will create stability for our employees and will have an overall positive effect on shareholder value as we focus our attention on the Tribeca Energy transaction which we anticipate closing this fall.”
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
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