EL CAJON, CA - July 13, 2021 (Investorideas.com Newswire) 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 that it has signed a purchase agreement to acquire USA Solar Network LLC ("USA Solar Network"), a solar energy and EV charging infrastructure developer.
Founded and led by CEO Pablo Diaz, recipient of the 2020 Top 20 Dynamic CEO Award, USA Solar Network helps customers to install the best available solar energy or EV charging system by comparing hundreds of local installers and financing options. Pablo's leadership has generated over $40 million in revenue since 2018, and quickly scaled into over 37 states including key markets such as Florida, Texas, Illinois, Arizona, Missouri and New Mexico.
Solar Integrated Roofing believes the synergy with USA Solar Network will allow it to scale rapidly and achieve 50-100% growth in incremental residential and commercial sales with 16%+ gross margins in 2022. The acquisition is expected to act as a notable growth driver for solar and EV charger installers within the SIRC family of companies who can complete the on-site contracting work once the sale is complete through USA Solar Network, capturing the full lifecycle value of each customer.
"USA Solar Network has a footprint in exciting new markets that will continue to broaden our national reach - the missing piece to the puzzle, allowing us to expand to new markets nationally with minimal cost using their existing network spanning solar and EV installation," said David Massey, Chief Executive Officer of Solar Integrated Roofing Corporation. "Pablo and his team have built strong regional partnerships with key industry players in the solar and EV charger space, with over 7,000 solar projects completed to-date. We believe the timing of this acquisition is perfect as well given the strong demand growth we are seeing for EV charging installations nationally.
"Given the Company's ability to service both residential and commercial markets, we believe we can efficiently integrate USA Solar Network into the SIRC family of companies and further improve its growth trajectory, while concurrently addressing exciting EV charging network opportunities with various levels of government, leveraging their contractor network to expand without additional costs.
"We believe that this may be our last acquisition in the foreseeable future before focusing inwards on organic growth and reaching cash flow breakeven - a monumental step for the company and its shareholders which we believe will significantly reduce any dilution and grow the company to profitability," concluded Massey.
About USA Solar Network
USA Solar Network is a solar energy developer, helping customers to install the best available solar energy system for any building residential or commercial. Its multiple divisions focus on the following fields in the solar industry: residential solar, commercial solar, finance in the commercial solar space, and solar licensed installations. The Company's vast network of sales companies, dealers and installation partners amount to an over 100+ strong network, covering a marketplace of over 37 states. To learn more, please visit http://usasolarnetworks.com/.
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 serves communities by delivering the best experience through constant innovation & legacy-focused leadership. 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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