Solar Integrated Roofing Corp. Provides Update on Reorganization for Growth, Funding, and Restructuring of Existing Debt

HENDERSON, Nev., Aug. 03, 2023 (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, today provided an update on its reorganization for growth, funding, and restructuring of existing debt.

SIRC recently worked with its trusted investor RB Capital to increase the Company’s existing line of credit (“LOC”) by $1 million for a total of $3 million. The terms of the LOC remain the same, allowing SIRC to make drawdowns as needed to support the Company’s reorganization for continued growth.

“Partnering with our existing investors enables SIRC to grow and expedites our path toward becoming cash flow positive,” said Brad Rinehart, Chief Executive Officer of SIRC. “We are committed to making regular payments to manage this revolving LOC, as my administration is focused on properly investing funds in ways that support profitable growth, return cash to the company, and ultimately generate value to all our stakeholders.”

The Company recently took an initial tranche drawdown of $250,000 which it intends to use for high-growth investment in profitable business operations. The LOC is not convertible debt and no shares of SIRC’s common stock are exchanged for the funds received under the LOC. In addition, SIRC is in closing for more interim financing that will help propel the organization through its continued reorganization for growth while assisting with the restructuring of existing debt.

“Working proactively with creditors to pay off and restructure existing debts allows us to unlock cash flow to dedicate toward growing and profitable business operations,” said Troy Clymer, President & COO of SIRC. “It takes money to grow both organically and inorganically and having readily available cash allows us to prudently deploy capital in our business growth. These agreements reflect our commitment to support our strategic growth initiatives with non-dilutive funding and paying down debt builds trust with the markets. We remain focused on strengthening our balance sheet while continuing to improve our operating cash flows and profitability across our business.”