HENDERSON, Nev., June 1, 2023 (GLOBE NEWSWIRE) — Solar Integrated Roofing Corp. (OTC:SIRC) (“SIRC” or the Company”), an integrated one-stop provider of solar power, rooftop and electric vehicle charging solutions, today issued a project and business update letter to shareholders from the Company’s Chief Executive Officer, Brad Rinehart, and issued by President/COO Troy Clymer. Going forward, SIRC management plans to release monthly updates on major projects and overall business operations.
Dear shareholders,
SIRC, under the leadership of my administration, will focus on communicating in a timely and transparent manner with shareholders, stakeholders and everyone involved in the Company’s success. Communication is at the core of our focus on organic growth, efficiency and culture. Our leadership team is committed to realizing the potential of our commercial and industrial pipeline, our EV and Small Commercial divisions, and our fast-growing Professional Services, Claims and Financial Services divisions. Additionally, we expect our residential solar and rooftop business to continue to grow as we expand into new markets. We remain committed to maximizing shareholder value and providing regular updates as we continue to work hard to strengthen our balance sheet, raise strategic capital and align to opportunities that enable exponential scale. The team is focused on delivering on our goal of becoming a premier clean energy conglomerate.
Commercial project update:
The Calaway Farms project remains active in our project portfolio. SIRC has completed the design and engineering phase of the project and negotiated terms for the 8MW solar array. As with all major energy projects, the path to completion can be somewhat unpredictable. We are experiencing some delays in securing access to the property to begin the project. This is due to several factors beyond SIRC’s control. Construction of the project is now expected to begin in the third or fourth quarter of this year. Calaway and SIRC remain committed to advancing this project and will continue to work together to make progress on this new agricultural initiative.
The Lordsburg Green Hydrogen Project is currently in the development phase. We are actively working with our development and project teams, including partners, to move this project forward. We will continue to provide regular updates on important milestones.
PLEMCo recently completed the EVSE project at the Barstow Veterans Home which successfully passed final inspection last week. Next week, PLEMCo is launching the EVSE project at Olive View Hospital, which represents a $600,000 opportunity. PLEMCo has also completed four additional EVSE locations on a commission only basis for the Los Angeles County contracts.
MacKay Roofing is completing the first of three buildings under a $1.4 million commercial contract, in addition to the residential roofing projects in its pipeline.
As expected, Milholland Solar has experienced a slight slowdown due to new regulations in the state of California. However, the company has hired two additional battery installation teams to support growth in this part of its market. Solar sales are also increasingly opening up new markets outside of California. Geographic expansion remains a key focus of our residential and SME commercial division.
Balance and SIRC’s shared services division has resulted in dramatic increases in volumes, revenue and profit margins. This was in part due to synergies between our businesses and the strength and maturity of the Balance brand. Services and claims management leverage our strong relationships with contractors across the country and have benefited from the active storm season in the US so far this year. Looking ahead, we expect the Balance and SIRC services division to continue to deliver strong revenue and profitability growth this year, reflecting the recent successful launch of SIRC’s new finance division. The forthcoming launch of additional SIRC Finance and Balance Finance by SIRC product solutions in mid-June and throughout July will continue to drive growth and short-term cash flows.
SIRC’s new management team remains committed to maintaining an open and transparent dialogue with our shareholders. Looking ahead, we remain focused on improving shareholder communications, particularly with a view to providing regular updates on key issues.
sincerely,
Brad Rinehart and Troy Clymer
CEO and President
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 about 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/2023/06/01/2680346/0/en/Solar-Integrated-Roofing-Corp-Issues-Project-and-Business-Update-Letter-to-Shareholders.html
