Solar Integrated Roofing Corp.
HENDERSON, Nev., June 30, 2023 (GLOBE NEWSWIRE) — Solar Integrated Roofing Corp. (OTC:SIRC) (“SIRC” or the “Company”), an integrated one-stop solution provider for solar power, rooftops and EV charging systems, has issued a comprehensive mid-year corporate update letter to shareholders from the Company’s CEO, Brad Rinehart, and the President and COO, Troy Clymer.
Dear shareholders,
SIRC has seen significant development in the first half of 2023, with significant positive changes occurring in the second quarter as we position the business for future scaling. The second quarter ended June 30, 2023 saw leadership changes, including upgrading our leadership team, reshuffling our Board of Directors and the positive departure of our Founder and former CEO and Chairman from the organization. These changes coincided with the signing of a binding letter of commitment (“LOC”) with Tribeca Energy, a new holding company represented by Global Fund LLC and Neo Energy Storage Ltd. As we previously announced, Tribeca Energy will enter into a merger agreement listing on the NYSE or Nasdaq by October 30, 2023, pending completion of all relevant and required documents and no later than 12 months from the date of signing of the LOC.
Our vision for Tribeca Energy is to achieve decarbonization of the energy grid by focusing on renewable energy, long term energy storage (LDES) solutions and distributed energy supply to ultimately transform the world economy through energy security. We are very confident in our ability to achieve this vision as the agreement between Tribeca and SIRC lays a solid foundation for long-term growth. We have also reinvested in corporate culture while making significant progress in cleaning up our balance sheet and achieving positive cash flow.
To highlight some operational updates related to our EV division and PLEMCo, we would like to highlight some of PLEMCo’s current projects. PLEMCo has completed EVSE projects at the following LA County locations in the past few months:
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Acton, 10 Powerflex EV chargers
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Rosemead, 26 Powerflex EV Chargers
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El Monte, 9 Powerflex EV chargers
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La Canada, 12 Powerflex EV chargers
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Long Beach, 8 Powerflex EV chargers
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High Desert Lancaster, 19 Powerflex EV Chargers
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Santa Clarita, 10 Powerflex EV chargers
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Pomona, 20 Powerflex EV Chargers
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Altadena 10 Powerflex EV Chargers
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Whittier, 12 Powerflex EV chargers
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East LA, 24 Powerflex EV Chargers
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City terrace, 8 Powerflex EV chargers
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K6 Lancaster, 40 Powerflex EV chargers
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EVSE project at Barstow Veterans Home commissioned by California DGS to install 12 electric vehicle charging stations
Four other notable projects currently under construction by PLEMCo include:
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Installation of 33 Powerflex electric vehicle chargers at Olive View UCLA Medical Center Silmar in various parking options on the property
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Installation of 18 Powerflex electric vehicle chargers at the Richard Donavan Correctional Facility in San Diego
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Installation of 400 LED High Bay lights at the Volcom warehouse as part of their ongoing agreement with the Irvine Company for lighting projects at their facilities
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Began phase two of a lighting project at the Marriott property on Coronado Island in San Diego
Taken together, these projects will generate more revenue than was realized in all of 2022. Once these key projects are complete, we will also immediately begin the multi-million dollar Beaches and Harbors project. Our PLEMCo sales and business development team is actively involved in securing additional large EVSE deals as we manage our rapidly growing business pipeline.
We also see no impact on our current operations from other OEMs agreeing to use Tesla fast charging technology. We are able to install any charging technology. LA County, California DGS, and federal and state governments do not rely heavily on Tesla vehicles to require this charging technology in their current fleets.
In addition, SIRC’s Shared Services, Financial Services & Supplemental Claims Services Division (Balance) exceeded forecast targets for the second quarter and full fiscal year 2023. In the second quarter, Balance exceeded the upper portion of its quarterly revenue targets by 112%. Compared to the same quarter in 2022, Balance reported a 32.9% increase in revenue. From a sales perspective, Balance has more than doubled the number of net adds that generate revenue since the first quarter, and as of mid-year is over 115% of its top guidance for the year to date. Additionally, Balance delivered a net profit margin of over 26% in the first half of fiscal 2023.
In every month of 2023, our services division has achieved at least 105% of that month’s high-side forecast, culminating in June with a performance of over 131% of our monthly high-side forecast. The growth of our SIRC Services division and the Balance brand has been fueled by the recent successful launch of our SIRC Finance Services and Balance Finance sub-division, as well as tailwinds from an active storm year in the United States and the resulting increase in residential real estate. construction work We expect this trend to continue as the year progresses and for the remainder of 2023 we expect very strong results for our growing Services division across all product and service lines.
As we move forward in the second half of 2023, we remain committed to providing timely updates and transparency to our shareholders and all stakeholders of SIRC. Starting in July, we’re launching a monthly mid-month podcast on our new YouTube channel @SIRC_Official. We’re planning the third week of July for the first podcast with both of us – CEO Brad Rinehart and President & COO Troy Clymer. Stay tuned for the specific date and more details coming soon. The new YouTube channel will be branded and set up by our internal marketing team and our IR/PR team to align with our new SIRC branding launched earlier this year. It is part of our strategy to further develop the SIRC brand and to regularly provide transparent, timely and cumulative news to investors, customers, partners and all stakeholders.
We are excited about our reinvigorated vision, operational roadmap and the commitment of our shareholders, employees, associated team members and mission-critical strategic alliance partners. Wishing everyone in the United States a safe and happy Independence Day and a prosperous mid-year to our constituents around the world.
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 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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