HENDERSON, Nev., April 24, 2024 (GLOBE NEWSWIRE) -- Solar Integrated Roofing Corp. (OTC: SIRC) ("SIRC" or "the Company"), an integrated, single-source solutions provider of solar power, roofing and EV charging systems provides updates on operations and answers investor questions.
SIRC has sold off the remaining assets involved in the residential solar and residential roofing market in San Diego. The previous owner of Future Home Power, a residential solar marketing company aimed at selling residential solar in San Diego and the Inland Empire, purchased the McKay Roofing and Milholland Electric companies this month.
All of the employees at Milholland and McKay were offered employment during the transition. The purchase price was a combination of cash and retired debt due to the previous owner of Future Home Power.
"This gives us the opportunity to focus all of our attention and resources on our growing commercial and government contracts division (PLEMCo) supporting commercial solar, microgrids, EV Charging Infrastructure, and LED Lighting conversions. We will also continue to do commercial roofing under the Montross Industries brand," said CEO Brad Rinehart.
PLEMCo is in full swing with three larger commercial projects including the installation of 34 EV Charging stations at Olive View, the UCLA Medical Center in Sylmar, the Lake Isabella installation of a ground mount and roof mount commercial solar array, and the Lancaster EV Charging Stations installation project for California Department of Government Services. PLEMCo also has on the horizon installation projects for Xeal and EverCharge.
SIRC continues to focus on growing profitable sales with our remaining businesses of PLEMCo and Montross Companies. Now that the residential business units are gone, this frees up even more resources to expand and increase our commercial project bandwidth. This also allows us to hire the right people in our commercial and government channels including a new Project Manager who started this week, an additional Project Manager, an Electrical Engineer, and expanding our hourly electrical technician pool.
Investor Questions
1) Is there an Arbiter Update? The process of recovering our investment continues. Arbiter Capital is moving forward in being able to get the bank operational and able to return original investment funds.
2) What is the status of the Tribeca merger and is this still a viable alternative for SIRC? There is no new information to report. We remain under a non-binding LOI through May 2024. As we have shifted away from residential solar and residential roofing, Tribeca will have to decide if this changes their interest in SIRC or not.
3) Any updates on the Calaway project? The project is still awaiting a deal to gain access to the property, which is up to the customer. We have completed all work required for the energy plan for the property.
4) Anything to report on the Dave Massey lawsuit? No updates are available at this time.
5) Is the daily stock selling/dilution that keeps the share price near all-time lows coming to an end? I don't have visibility to who is selling shares. We are still in the process of working through the 3A10 to pay off old debt through the sale of shares, which is handled by a third party.
6) How is the business in terms of new sales and revenue? We are in a pretty good position with our commercial/government business. We have $6.5 million in awarded contracts, $4.5 million in anticipated contracts to be awarded, and we are working on $46 million in new contracts which are in the engineering/estimation/bid process with entities we have a relationship of doing business with.
7) Are you still expecting us to be cash flow positive sometime this year? We are cash flow positive now that we have divested the residential solar and roofing divisions.
8) Is the company still viable for the long term? Now that we have streamlined our business units and sold off the residential and claims divisions, we can focus our efforts on the commercial and government business. We are positioned to continue to secure contracts in EVSE, Commercial Solar, LED Lighting conversions, and Commercial Roofing repair and replacements.
About Solar Integrated Roofing Corp.
Solar Integrated Roofing Corp. (OTC: SIRC) is an integrated, single-source solutions provider of solar power, roofing and EV charging systems, specializing in commercial and residential properties throughout North America. The Company serves communities by delivering the best experience through constant innovation & legacy-focused leadership. For more information, please visit the Company's Investor Relations website at www.solarintegratedroofing.com, Corporate website at https://www.sirc.com or join us on Twitter, LinkedIn or Facebook.
Press Release Contact:
Julie Brehm
jbrehm@sircfamily.com
