Solar Integrated Roofing Corp. Provides Update on Reorganization for Growth, Funding, and Restructuring of Existing Debt

Rhea-AI Summary

Solar Integrated Roofing Corp. (OTC:SIRC) has announced an update on its reorganization for growth, funding, and debt restructuring. The company has increased its line of credit by $1 million for a total of $3 million, allowing it to make drawdowns as needed. SIRC has also taken an initial tranche drawdown of $250,000 for high-growth investments. The company is in the process of closing more interim financing to support its reorganization and debt restructuring efforts.

HENDERSON, Nev., Aug. 03, 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, today provided an update on its reorganization for growth, funding, and restructuring of existing debt.

SIRC recently worked with its trusted investor RB Capital to increase the Company’s existing line of credit (“LOC”) by $1 million for a total of $3 million. The terms of the LOC remain the same, allowing SIRC to make drawdowns as needed to support the Company’s reorganization for continued growth.

“Partnering with our existing investors enables SIRC to grow and expedites our path toward becoming cash flow positive,” said Brad Rinehart, Chief Executive Officer of SIRC. “We are committed to making regular payments to manage this revolving LOC, as my administration is focused on properly investing funds in ways that support profitable growth, return cash to the company, and ultimately generate value to all our stakeholders.”

The Company recently took an initial tranche drawdown of $250,000 which it intends to use for high-growth investment in profitable business operations. The LOC is not convertible debt and no shares of SIRC’s common stock are exchanged for the funds received under the LOC. In addition, SIRC is in closing for more interim financing that will help propel the organization through its continued reorganization for growth while assisting with the restructuring of existing debt.

“Working proactively with creditors to pay off and restructure existing debts allows us to unlock cash flow to dedicate toward growing and profitable business operations,” said Troy Clymer, President & COO of SIRC. “It takes money to grow both organically and inorganically and having readily available cash allows us to prudently deploy capital in our business growth. These agreements reflect our commitment to support our strategic growth initiatives with non-dilutive funding and paying down debt builds trust with the markets. We remain focused on strengthening our balance sheet while continuing to improve our operating cash flows and profitability across our business.”

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 YouTube, 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

FAQ

What is the company name mentioned in the press release?

The company mentioned in the press release is Solar Integrated Roofing Corp. (SIRC).

What is the update provided by SIRC?

SIRC has provided an update on its reorganization for growth, funding, and restructuring of existing debt.

How much has SIRC increased its line of credit by?

SIRC has increased its line of credit by $1 million for a total of $3 million.

What can SIRC use the initial tranche drawdown of $250,000 for?

SIRC intends to use the initial tranche drawdown of $250,000 for high-growth investment in profitable business operations.

Is the line of credit convertible debt?

No, the line of credit is not convertible debt and no shares of SIRC's common stock are exchanged for the funds received.

What is SIRC's focus in terms of investing funds?

SIRC's administration is focused on properly investing funds in ways that support profitable growth, return cash to the company, and ultimately generate value to all stakeholders.

What is SIRC's strategy regarding debt restructuring?

SIRC is working proactively with creditors to pay off and restructure existing debts, allowing the company to unlock cash flow for growing and profitable business operations.

What is SIRC's goal in terms of its balance sheet and operating cash flows?

SIRC aims to strengthen its balance sheet while improving its operating cash flows and profitability across its business.