– Debenture conversion into equity reflects the company’s continued focus on strengthening the balance sheet –
HENDERSON, Nev., April 20, 2023 (GLOBE NEWSWIRE) — Solar Integrated Roofing Corp. (OTC:SIRC) (“SIRC” or the Company”), an integrated one-stop solution provider for solar power, roofing and electric vehicle charging systems, today announced that it has entered into a deal with existing noteholder Granite Global Value Investments LTD (“Granite ) has entered into an exchange agreement to redeem a $14 million promissory note. Pursuant to the exchange agreement, Granite agreed to cancel the $14 million note issued by the company in June 2022 in exchange for 4,000,000 common shares.
“The completion of this swap agreement is an important milestone in our ongoing debt reduction initiatives as we continue to focus on SIRC’s next phase of growth,” said David Massey, Chief Executive Officer of SIRC. “We now have significantly more flexibility to pursue potential strategic deals or move up to a leading exchange. We remain focused on operational execution across our businesses with the goal of unlocking and maximizing value for our shareholders.”
About Solar Integrated Roofing Corp.
Solar Integrated Roofing Corp. (OTC: SIRC) is an integrated one-stop provider of solar power, roofing and electric vehicle charging solutions specializing in commercial and residential properties throughout North America. The company serves communities by providing the best experience through constant innovation and heritage-focused leadership. For more information, please visit the company’s website at www.solarintegratedroofing.com or follow us on Twitter or LinkedIn.
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 are identified by words such as “anticipate”, “intend”, “plan”, “target”, ” aim”, “believe”, “project”, “estimate”, “expect”, “strategy”, “future”, “likely”, “may”, “should”, “will” and similar references to future periods. Examples of forward-looking statements in this press release include, but are not limited to, statements regarding 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, forecasts, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they involve inherent uncertainties, risks and changes in circumstances that are difficult to predict, many of which are beyond our control. Our actual results and financial condition could differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on 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 in many aspects of our business; general market and economic conditions; technical factors; the availability of debt capital; our income input; legislative developments; changes in our spending and other uses of cash; our ability to find, hire and retain sufficient employees 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 in our forward-looking statements are included under the headings “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 statements we make in this press release are based only on information currently available to us and speak only as of the date of this release. We undertake no obligation to publicly update any forward-looking statements, whether written or oral, 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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https://www.marketscreener.com/quote/stock/SOLAR-INTEGRATED-ROOFING-120792435/news/Solar-Integrated-Roofing-Corp-Enters-Exchange-Agreement-to-Extinguish-14-Million-Promissory-Note-43558149/
