EL CAJON, Calif. - February 25, 2021 (Investorideas.com Newswire) Breaking Solar 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, today announced the closing of its previously announced acquisition of Cornerstone Construction, a leading provider of roofing and solar solutions in South Carolina and adjacent markets.
The U.S. Energy Department's Energy Information Administration is bullish on alternative energies, in particular wind and solar and with the Biden administration's push for the expansion of alternative energy use, with the trend anticipated to continue for years to come.
"We are pleased to announce the closing of the acquisition of Cornerstone Construction, marking an exciting turning point for Solar Integrated Roofing as we transition into a nationwide provider of roofing and solar solutions," said David Massey, Chief Executive Officer of Solar Integrated Roofing Corporation. "Cornerstone generated $15 million in sales in 2020, providing another level of scale to our operations. Cornerstone CEO Hunter Ballew is a true industry thought leader, having created a movement in the roofing and solar industry that helps tens of thousands of roofers & solar providers across the country every year through retreats, a mastermind and an annual conference, RoofCON. I strongly believe that with his network and our platform, we can build a robust pipeline of potential acquisitions nationwide.
"I would consider this to be a model acquisition and yet another example of how our roll-up model creates opportunities to deliver synergies by cross selling across our roofing and solar products. As we continue to grow our presence nationally, we will continuously seek out exciting new acquisitions such as this. I look forward to continued execution in the months ahead, helping to create long-term value for our shareholders," concluded Massey.
About Cornerstone Construction
Cornerstone Construction, a licensed roofing contractor, has served over thousands clients throughout South Carolina and neighboring states since 2017 with quality solutions for residential and commercial roofing and solar. Roofing services include expert inspection, installation, repair, and replacement services as well as gutters, windows, siding and decking. The company designs and installs traditional solar and solar shingles that integrate seamlessly into any new or existing roofing system. For more information on Cornerstone Construction please visit: https://cornerstoneconstruction.org.
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.
Investor Relations Contact:
Lucas A. Zimmerman
Senior Vice President
MZ North America
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