EL CAJON, Calif. - February 12, 2021 (Investorideas.com Newswire) Breaking Solar / EV stock news from Investorideas.com Newswire and RenewableEnergyStocks.com - Solar Integrated Roofing Corp. (OTC: SIRC), an integrated, single-source solar power and roofing systems installation company, announced today that it has signed a binding Letter of Intent (LOI) with Pacific Lighting Management, Inc. ("Pacific Lighting"), a GAAP audited, diversified energy services and electric vehicle charging station solutions provider to large commercial and government customers.
Since 2003, Pacific Lighting has specialized in the design and implementation of solar photovoltaic systems, energy efficiency measures and electric vehicle (EV) charging stations for both commercial and government facilities throughout the southwest. Past Pacific Lighting customers include federal, state and local governments, school districts, hospitals and large commercial clients.
Pacific Lighting has several long-term (IDIQ-type) contracts with the Federal General Services Administration (GSA & GSA Fleet). Pacific Lighting is also qualified by the U.S. Department of Energy as an ESCo (Energy Services Company).
"Our growth over the past 18 years has been phenomenal. Between our resources and existing client base, along with Solar Integrated Roofings resources and solar experience, we feel the combination is going to take both companies to new heights. The entire team at Pacific Lighting is excited to be working so closely with Mr. Massey," said Ted Hatamian, Chief Executive Officer of Pacific Lightning.
"Pacific Lighting is a highly respected brand and will be a transformative partnership for our company, expanding our opportunities in the significant government contract market," said David Massey, Chief Executive Officer of Solar Integrated Roofing Corporation. "Their Energy Services Company ESCo qualification is difficult to obtain and is held by just a few dozen large construction companies and a fraction of small businesses, authorizing them to enter into the often large-scale "performance contracts" with federal and local governments. Their strong relationships with government agencies, forged over 18 years of business, represent a unique, valuable opportunity for our growing portfolio of operating companies.
"This cash-flow positive acquisition complements our existing product line with Pacific Lighting's diverse revenue streams in the energy services market, in particular addressing our recently announcing EV charging station initiative. Additionally, with our full complement of products and services, we can offer their nationwide customers opportunities across solar, battery backup installation, roofing and related HVAC/electrical contracting work. We look forward to adding Pacific Lighting's services, customers and highly skilled team to our company," concluded Massey.
Closing of any potential acquisition is subject to final due diligence, negotiation and execution of a definitive purchase agreement and all necessary approvals. Target closing is by our fiscal year end, Feb, 2021.
About Pacific Lighting Management
Founded in 2003, Pacific Lighting & Energy Mgmt. Co. has over a decade of experience in the sales, design and installation of energy generation and energy & water efficiency measures, serving mainly government and large commercial clients. Pacific Lighting is a qualified US-DoE ESCO. We have been performance rated by Dunn & Bradstreet's OpenRatings. We hold GSA Contracts under Sch. 56 (GS-07F-0167X) offering over 2000 energy efficiency products, and Sch. 84 (GS-07F-0467Y) for FEMP-Enable projects. We hold a BPA (GS-30F-GA083) for the sales of EV Charging equipment to the Federal government, in addition to two similar BPAs (1-14-61-13B & 1-14-61-14D) with the California State. We are a S. Cal. Edison Charge-Ready approved vendor. For more information visit www.pacltg.com.
About Solar Integrated Roofing Corp.
Solar Integrated Roofing Corporation (OTC:SIRC), is an integrated, single-source solar power and roofing systems installation company specializing in commercial and residential properties in the Southern California market. The Company's broad array of solutions include sales and installation of solar energy systems, battery backup and electric vehicle (EV) charging stations to roofing, HVAC and related electrical contracting work. For more information, please visit the Company's website at www.solarintegratedroofing.com.
Any statements made in this press release which are not historical facts contain certain forward-looking statements; as such term is defined in the Private Security Litigation Reform Act of 1995, concerning potential developments affecting the business, prospects, financial condition and other aspects of the company to which this release pertains. The actual results of the specific items described in this release, and the company's operations generally, may differ materially from what is projected in such forward-looking statements. Although such statements are based upon the best judgments of management of the company as of the date of this release, significant deviations in magnitude, timing and other factors may result from business risks and uncertainties including, without limitation, the company's dependence on third parties, general market and economic conditions, technical factors, the availability of outside capital, receipt of revenues and other factors, many of which are beyond the control of the company. The company disclaims any obligation to update the information contained in any forward-looking statement. This press release shall not be deemed a general solicitation.
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