EL CAJON, CA - January 19, 2022 (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, roofing systems installation and EV charging company, today announced that it has signed a series of binding Letters of Intent (LOIs) as part of its planned acquisition of seven companies, adding an anticipated $78 million in incremental annual revenue.
Management plans to integrate the following seven firms into the SIRC family of companies:
"This extremely exciting series of planned acquisitions represent a significant expansion of our business, growing our revenue by an expected $78 million annually," said David Massey, Chairman and CEO of Solar Integrated Roofing Corp. "These acquisitions are a testament to our focus on identifying exciting niche industries to leverage our vast network and generate additional revenue through synergies and cross-selling. Given our planned transition to a more traditional December 31st year-end, we don't anticipate these acquisitions will have any adverse effects on our plan to uplist to the OTCQX by mid-March, following a successful near-term uplist to OTCQB.
"These all-cash, no-dilution planned acquisitions are made possible through our strong relationship with Arbiter Bank, who has served as a valued financing source - enabling our mutual growth. We anticipate that these acquisitions, given the inherent synergies from being part of the SIRC family of companies, have the potential to pay for themselves within two years. I am incredibly proud of our team's ability to find attractively priced companies, efficiently integrate them into our corporate structure and drive sale and operating synergies firm wide. This has proven instrumental to our ability to create sustainable, long-term value for all stakeholders.
"We eagerly await our Discord Q&A session with shareholders this afternoon - interested investors can learn how to join by clicking here. I will be joined by special guest Darin Pastor from Arbiter Capital at 4:00pm Pacific time today. I look forward to continued operational execution in the coming year, striving to create a clear national leader in the solar power, EV charging and roofing sectors," concluded Massey.
Pablo Diaz, CEO of USA Solar Networks and President of Solar Integrated Roofing, added: "Reflecting on my experience as the CEO of a Company acquired by SIRC, I am thrilled to welcome these seven companies - each clear thought leaders in their respective fields - to the SIRC family of companies. Our revenue increased by several fold since joining SIRC, which was made possible through the countless synergies, deep resources, technology and incredible corporate infrastructure that SIRC has to offer. Looking back, joining SIRC was the best business decision I have made in my life. I look forward to working closely with each of the acquired companies to help them spread their wings and reach their full potential, creating value for our shareholders."
Closing of any potential acquisition is subject to final due diligence, negotiation and execution of a definitive purchase agreement and all necessary approvals. The seven aforementioned planned acquisitions are being purchased for an aggregate $21.6 million in cash proceeds, with no new shares issued and no dilution taking place.
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 or join us on Twitter, Facebook or Discord.
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
MZ North America
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