EL CAJON, CA - September 8, 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, announced today that it has launched a strategic corporate streamlining program to decrease costs and further realize cost synergies across its family of companies, which when combined with its record sales growth, is expected to achieve profitability as early as the quarter ended August 31, 2021.
The program's focus to reduce labor expenditures and duplicative overhead will enable a more competitive, streamlined operating model - better positioning the company to achieve profitability from its current base of business. The leaner organizational structure is also expected to improve communication flow and cross-functional collaboration, leveraging more efficient business processes. The Company is targeting over $1 million in annual cost savings to be realized by December 31, 2021.
"After our most recent acquisition, we turned our attention to organic growth and accelerating the path to profitability," said David Massey, Chairman and Chief Executive Officer of Solar Integrated Roofing Corp. "Our corporate synergy program's chief goal will be to implement operating best practices and remove redundancies across our family of companies. These moves will help to simplify operations, improve execution and enable a more competitive cost structure.
"The program is expediting our road to profitability, supplemented by our robust sales growth in recent months. With our sustained sales momentum, record setting sales in July and the busy fall season ahead, we now expect to be cash flow positive and profitable in the quarter ended August 31st. Combined with our recently announced share buyback program, I believe we better positioned to create sustainable value for our shareholders than any other time in our history as a public company," concluded Massey.
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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