Solar Integrated Roofing Corp. Provides Corporate and Operational Update
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HENDERSON, Nev., Jan. 31, 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 company updates including projects, staffing, share valuation and the Tribeca Energy arrangement. “We remain committed to streamlining our efforts in 2024 and focusing on reducing costs and growing our sales channels” says CEO Brad Rinehart.
Project Updates
“The PLEMCo team has been extremely successful in bidding and winning projects in California. By differentiating ourselves as a “one stop shop” for EV Charing Infrastructure, Lighting, Solar, Electrical and Energy enhancement solutions, we have become a leader in the renewable energy sector” says Mohommad Suri, SIRC COO and Senior Electrical Engineer. “PLEMCo covers all aspects of a typical project from site visit, customer solution proposal, full construction ready design to full civil and electrical equipment supply and implementation” adds Suri.
PLEMCo has been awarded multiple bids over the past several weeks ranging from “installation only” to “design and installation” projects. In addition, the company has several commercial projects in the queue.
Olive View Hospital: Phase One of the Olive View project in Los Angeles was “design only” which was completed by PLEMCo in 2023. In Phase Two, the civil and electrical infrastructure work for 33 chargers is well underway. This project will wrap up in Q2 2024.
Beaches and Harbors Department: This is an “EVSE design and full implementation” project, which involves utility upgrades and installation of 4x100 kW DC Fast Chargers with infrastructure at two sites. This project is scheduled to be completed in Q2 2004.
Housing Community Development - Solar, Canopy and EV Chargers: This project involves design and installation of a parking lot canopy with solar system on top and EV chargers under the canopy. It involves utility upgrade and interface of the new system with the electrical grid. This project is scheduled to be completed in Q3 2004.
Department of General Services, California (DGS): PLEMCo has been awarded seven (7) projects with full electrical and civil infrastructure towards Installation of 58 EV chargers across multiple locations. These projects will wrap up between Q1 and mid-Q2 2024.
LA County - Charger Installation: In addition to the full design and implementation projects, PLEMCo has also been awarded two projects that involve installing over 400 chargers across more than 40 sites in LA County under the Southern California Edison (SCE) Charger Ready program. These 2 awards started in Q3 of 2023 and will continue into the first half of 2024.
Regency Medical Hospital: The design and installation of charging stations in Thousand Oaks is through a vendor partnership with Liberty Technologies. We are in the “site review and proposing customer solutions” stage on several projects with Liberty and anticipate many collaborations with them in the coming months. This project will start at the end of Q1 and should wrap up in Q2.
Avalon 1355: This is the second charger installation project with our vendor partner Xeal and we expect more similar projects with them in the future. Installation of these chargers will take place in mid-February and wrap up by the end of the month.
New Horizon South Bay HOA: PLEMCo was chosen by the customer under the Southern California Edison (SCE) Charge Ready program. PLEMCO is a Trade Ally Partner with the SCE Program which allows customers to select their own partner. The project has started, and we are in the design and items procurement phase. This project should be completed by Q2 2024.
Mariott Hotel, Del Mar CA: PLEMCo was awarded Phase 1 and Phase 2 of lighting upgrades through Consolidate Energy. Phase 1 was completed in 2023 and Phase 2 was completed in January 2024. Similar lighting and electrical design and upgrade projects are anticipated with this client and similar customers.
Calaway Project: We have completed all design and engineering work for this project and continue to wait for access to the property by the project owners. The cost of capital has risen drastically in the past couple of years adding to the delay. While this project would draw from an Aquafer which is not connected to or related to any major metropolitan areas and has grandfathered water rights for agricultural use with the existing wells on the property, there are continued concerns regarding access to water rights in Arizona.
Staffing Updates
Rich Hadsall is coming back on board focusing on residential solar and roofing sales. Rich had previously been one of the SIRC 1099 reps, and he will now sell exclusively for SIRC. He has a wealth of experience in the residential sector and we are thrilled he is back to help grow our combo efforts.
Other Company Updates
Share Valuation: The Reverse Split was necessary to increase the share price to facilitate the existing 3A10 process to remove debt from the balance sheet. The AS was reduced to 500 million, from multiple billions, as part of that process. With limited access to capital, we must use the resources we have available to us, i.e., shares, to continue to work down the debt load the management team inherited. We continue to use the limited capital resources we possess to support sales only – materials, payroll, insurance, construction bonds. We also continue to work down our operating expenses. I realize the Reverse Split was not ideal for shareholders, but I still believe there is a positive outcome for many in the long term. We operate in a growth market and have streamlined our efforts on profitable sales channels. We are aggressively working to take short sellers out of the SIRC share trend as well.
Tribeca Energy: We extended our arrangement with Tribeca Energy through May 2024 and continue to work towards preparing SIRC to be part of an uplist/merger should that opportunity present itself. Again, market conditions and the cost of capital are creating headwinds for any proposed transactions of this nature. We would be doing exactly what we are doing to move this company forward whether we were in an agreement with Tribeca Energy or not.
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
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