Solar Integrated Roofing Corp. Provides Corporate and Operational Update

-- Management to Host Investor Update Podcast Today, Thursday, August 24 --

HENDERSON, Nev., Aug. 24, 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, provided a corporate and operational update.

Recent Company Highlights

• PLEMCo completed 14 EVSE Projects in LA County in 2023 year-to-date, with 4 additional projects currently under construction.
• Completed the design and engineering phase of the Calaway Farms project with construction expected to begin in the second half of 2023.
• SIRC's Shared Services, Financial Services & Supplemental Claims Services Division (“Balance”) revenue increased 32.9% in the second quarter of 2023 compared to the same prior-year quarter. Balance more than doubled the number of net new revenue-producing clients from the first quarter of 2023 and achieved a net profit margin of over 26% for the first half of fiscal year 2023.
• Executed a binding Letter of Commitment ("LOC") with Tribeca Energy, a holding company represented by Global Fund LLC & Neo Energy Storage Ltd., which is expected to consummate a merger agreement to list on the NYSE or Nasdaq by October 30, 2023.
  
  

Management Commentary

“We are continuing to execute across our core operational initiatives while maintaining a robust project contract pipeline,” said Brad Rinehart, Chief Executive Officer of SIRC. “The demand for EV charging stations and renewable energy solutions continues to be substantially higher than what is currently available which creates a massive scaling opportunity for SIRC. As we approach being cash flow positive, we are focused on generating revenue growth across all verticals while improving our cost overhead and reducing our short-term debt to strengthen our balance sheet.

“Our agreement with Tribeca Energy remains on track and we are working closely with the Tribeca team to prepare SIRC for a seamless integration as a core component of a vertically integrated enterprise that will focus on decarbonizing the global energy grid. We have an incredibly talented management team in place that is working diligently to advance our operating strategy and ultimately generate long-term value for our shareholders,” concluded Rinehart.