Solar Integrated Roofing Provides Corporate Update
Poway, California--(Newsfile Corp. - October 27, 2020) - Solar Integrated Roofing Corporation (OTC Pink: SIRC), a leading Southwest-based Solar Company, is pleased to provide a Corporate Update announcing Q2 as the best quarter in the Company's history, with record breaking revenues surpassing $5 Million USD. This growth has led to record-setting August and September months, with approximately $2 Million USD in sales each month. Solar Integrated Roofing Corp. management would like to take this opportunity to highlight the year to date progress for 2020, as well as inform shareholders about significant events that are nearing completion.
The Company would like to start with confirming that the financial audit is very close to completion and the corporate attorney is working diligently to finalize the Form-10. Simultaneously, SIRC is working on the documents required to trade on the OTCQB tier. Trading on the OTCQB will significantly improve corporate visibility and transparency, leading to increased shareholder value. The Company would also like to address key highlights from the year including:
- The corporate website is undergoing a gradual transformation which is nearing its full-version launch.
- In January, the company closed the acquisition of Milholland Electric Inc. The Company is now on a +$25 Million USD run-rate in revenues.
- The Company has recently brought in a new CFO, Jennifer Bees, to complete the audit. Ms. Bees has a background in mergers and acquisitions, auditing, corporate finance, and account management. She will play a crucial role for the Company's compliance, filings, and corporate growth.
- In September, the company announced the retirement of 20 Million shares of Common Stock to the Treasury. The current market value of this retirement is over $1 Million USD, and accounts for approximately 15% of the current Outstanding Shares.
- In September, a Letter of Intent to acquire an established $5 Million California-based Solar Sales and Marketing Company was signed. The Company has a robust customer base throughout California and is exploring opportunities in the Phoenix Metropolitan area. The acquisition target carries a 50% gross profit margin, with revenue expected to increase to more than $2 Million per month over the next 12 months, which The Company intends to further duplicate region by region.
- In order to sustain amid the pandemic, The Company has switched primarily to a virtual sales model, allowing potential customers to meet with salespeople online.
- The Company continues to grow at a rapid pace in the southwestern U.S. Our expansion into the highly lucrative market of Albuquerque is complete. The sales team continues to acquire new customers and strengthen its core business, attracting $100,000 in new business for the month of October.
Dave Massey, CEO of Solar Integrated Roofing Corp, stated, "With a tumultuous 2020 three quarters of the way behind us, and many unexpected twists, we are proud that we have broken several corporate records for revenues. As we continue to move forward with our expansion plans into several highly lucrative markets, we feel confident as a leader in the Solar industry, that accounts for nearly 250,000 jobs and generates $18.7 billion of investment in the American economy. The team, from upper management all the way down to the team members doing the groundwork, has been phenomenal. The continued faith and trust our shareholders have shown has been really impressive. We thank you all for your continued belief in what we are building at SIRC; we look forward to updating shareholders, on completion of corporate milestones."
About Solar Integrated Roofing Corporation:
Solar Integrated Roofing Corporation is an integrated solar and roofing installation company specializing in commercial and residential properties with a focus on acquisitions of like companies to build a footprint nationally. The Company is focused on becoming a nationwide leader in green energy by employing an effective strategy for solar and roofing needs by making it cost-effective and energy efficient. For more information please visit: www.solarintegratedroofingcorp.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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