HENDERSON, Nev., May 19, 2023 (GLOBE NEWSWIRE) — Solar Integrated Roofing Corp. (OTC:SIRC) (“SIRC” or the Company”), an integrated one-stop solution provider for solar power, rooftops and electric vehicle charging systems, today issued the following statement from its newly appointed CEO, Brad Rinehart.
Dear shareholders,
We have made a significant change in our leadership team. Dave Massey is taking a leave of absence due to illness and has resigned as CEO and CFO of SIRC effective Monday, May 15, 2023. Concurrent with his resignation, our board has appointed me as CEO, Wanda Witoslawski as CFO and Troy Clymer as President and COO of SIRC. All three of us were also appointed to the board of directors, of which Dave remains a member. The changes will allow our C-suite to offload improved operational costs to other areas of the business and allow us to focus our limited cash resources on internal sales and operational improvements.
As CEO, I will not be holding question-and-answer sessions for the next 90 days unless there is a material change that needs to be addressed. External communications are well controlled through our official SIRC media and our investor relations firm MZ Group. My efforts and those of the team will be focused on running the company and increasing shareholder value through good old-fashioned hard work.
I’m sure our shareholders were just as disappointed with our financial results for the first quarter as the management team here at SIRC. We experienced several headwinds during the quarter. The weather, which is usually reliable in SoCal, was much wetter than normal, impacting our roofing and solar departments. According to our forecast, NEM 3.0 also had a short-term negative impact on the sale of solar systems in private homes. We had supply chain issues on one of our main brand solar panels and had other supply issues. We have also reversed some canceled residential solar sales and are working to rebuild the culture following the consolidation and restructuring of SG&A expenses. All of these factors negatively impacted our operating performance in the first quarter.
The uncertainty in the capital markets has resulted in a lagging effect on our commercial projects as higher interest rates change the economics of many projects and the banking industry reacts to recent bank failures. All previously announced projects are still active and we are working diligently to push them forward. Short-term debt service and litigation costs also had a dramatic negative impact on our cash flow, limiting our ability to allocate capital to the commercial development projects that we have in the pipeline. Rest assured that Troy, Wanda, myself and our leadership are working hard to overcome these challenges.
Taking a closer look at its first-quarter financials, the ability to manage operating expenses is really a bright spot in the overall disappointing results.
SIRC will continue to evolve under the leadership of my administration with a focus on operational organic growth, efficiency and culture. I am committed to realizing the potential of our commercial and industrial pipeline, our EV and Small Commercial division, as well as our rapidly growing Professional Services, Claims and Financial Services divisions under our Balance brand. Our residential solar and rooftop business will continue to grow as we expand into new markets. We are working hard to strengthen our balance sheet, raise strategic capital and align to opportunities that enable exponential scale and generate shareholder value. This will take time and focus as we strive to be ready for SIRC to fulfill its potential and ultimately deliver on our goal of becoming a leading global renewable energy conglomerate.
sincerely,
Brad Rinehart
Managing Director
About Solar Integrated Roofing Corp.
Solar Integrated Roofing Corp. (OTC: SIRC) is an integrated full-service provider of solar power, rooftop and charging systems for electric vehicles 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 Investor Relations website at www.solarintegratedroofing.com, the Company’s website at https://www.sirc.com/ or follow 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 are identifiable by words such as “anticipate,” “intend,” “plan,” “aim,” “aim,” “believe”, “project”, “estimate”, “expect”, “strategy”, “future”, “likely”, “could”, “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 not historical facts or promises of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our company, future plans and strategies, forecasts, anticipated events and trends, the economy and other future conditions. Because forward-looking statements address 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 projected 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 discussed 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 receipt of revenue; legislative developments; changes in our spending and other uses of cash; our ability to find, recruit and retain sufficient personnel to support our growth; our ability to manage growth; and general market, economic and business conditions. For additional factors that could cause actual results to differ materially from those anticipated in our forward-looking statements, please refer to the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our most recent registration statement 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 solely on information currently available to us and speak only as of the date on which they are made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, which may be made from time to time 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.globenewswire.com/news-release/2023/05/19/2672550/0/en/Solar-Integrated-Roofing-Corp-Issues-Letter-to-Shareholders-from-Newly-Appointed-CEO-Brad-Rinehart.html
