EL CAJON, CA - November 3, 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 entered into a $42.0 million equity purchase agreement with Arbiter Capital LLC, a Delaware investment firm.
Upon entering into the agreement, Arbiter Capital purchased $42.0 million of Solar Integrated Roofing Corp. restricted Series B Preferred Stock, or 6,000,000 preferred shares at $7.00 per share. The proceeds will be used for share buybacks, acquisitions and to invest in continued organic growth.
"The Arbiter Capital commitment gives us the flexibility to invest in our current business, buy back shares and pursue strategies that prioritize growth and other key marketing initiatives," said David Massey, Chief Executive Officer of Solar Integrated Roofing Corp. "The terms of the Agreement provide a low-cost option with no restrictive covenants or warrants. In addition, we have gained an institutional investor that has made a commitment in support of our Company, as evidenced by their investment at a premium to market, as we continue to make progress in the business and build long-term shareholder value.
"In addition, this capital will allow us to procure an office building to consolidate our locations into a more efficient, centralized footprint - which we believe could save us about $300,000 annually. I look forward to continued execution in the months ahead as we strive to create sustainable value for our shareholders," 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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