EL CAJON, CA - May 19, 2021 (Investorideas.com Newswire) 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, today announced that it has signed a binding Letter of Intent (LOI) to acquire Future Home Power, a solar, roofing and battery storage sales company.
Future Home Power generated over $7 million since inception with between 10 and 15 sales representatives - since scaling to 30 with plans to reach 60 sales representatives by the end of May. Management believes that based on historical performance and with the new sales representative additions, Future Home Power can rapidly scale to over $1 million per week in incremental sales with 45%+ gross margins as early as June 2021. The acquisition is expected to act as a major growth driver for other SIRC subsidiaries who can complete the on-site contracting work once the sale is complete, capturing the full lifecycle value of each customer.
"Future Home Power is a true up and comer in the solar and battery storage sales business - with $7 million in revenue since inception and projections an order of magnitude higher for 2021," said David Massey, Chief Executive Officer of Solar Integrated Roofing Corporation. "Jason and his team have quickly earned a strong reputation for providing customers a smooth, simple process for solar panel and battery storage consultation and installation.
"Leveraging a strong industry background as a top producing regional manager with Vivint Smart Home, Jason brings the lead generation skillset and industry experience necessary to drive rapid growth across new geographies. When paired with our robust suite of operating businesses, we believe Future Home Power can act as our business development arm, driving a robust project-flow for our installers working for the SIRC family of companies.
Closing of any potential acquisition is subject to final due diligence, negotiation and execution of a definitive purchase agreement and all necessary approvals. The Company expects the acquisition to be immediately accretive.
About Solar Integrated Roofing Corp.
Solar Integrated Roofing Corp. (OTC:SIRC), is an integrated, single-source solar power and roofing systems installation platform company specializing in commercial and residential properties throughout the United States. 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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