Solar Integrated Roofing Corp. Provides Discord Investor Q&A

HENDERSON, Nev., Nov. 20, 2023 (GLOBE NEWSWIRE) -- Brad Rinehart CEO of Solar Integrated Roofing Corp. (OTC: SIRC) (“SIRC” or the Company”), an integrated, single-source solutions provider of solar power, roofing and EV charging systems answers questions for investors.

1. What's the status of the merger with Tribeca? Is the valuation complete, any insights? What remains to be completed?



Tribeca is still in the process of raising the funds for the uplist and identifying companies to include in the uplist. Tribeca and SIRC do not have a firm date as the agreement includes a six-month extension beyond the October 30^th target date. SIRC valuation increases each day, so we have not completed or agreed to a valuation to date.

2. Is access to the land the last remaining hurdle for the Calaway project? Why is it taking so long?

Everything is ready to go for construction on the Calaway project. SIRC is not engaged in securing access to the land. What I do know is that we do not currently have access to the property which is owned by an elderly gentleman in poor health. The owner has a variety of investments/investment properties and that may be impacting the timing of access to the property.

3. What's the status of the "Lordsburg" project and the remaining $370M "pipeline" projects for 2024 completion?



Lordsburg is still an active project with much of the design work done. There is an ongoing effort to secure proposed offtake agreements for the Green Hydrogen this plant will produce. SIRC is still designated as the co-developer in this project and is in the process of providing development funding for this project on a limited basis. This “large project” pipeline is expensive with a very slow return on capital timeline: 24-36 months in many cases once you get to NTP. Development costs to get to NTP are extremely high so we are being more selective in what we can afford to participate in based on upfront costs and the length of time to recover investment capital prior to the NTP. More lucrative opportunities exist in our pipeline in residential, government, and mid-range commercial projects.

4. How close is SIRC to being cash flow positive? How much further dilution do you anticipate and why? Did the Pablo settlement involve shares?

We will be publishing Q3 financials next week and investors will see the positive trend has continued. I anticipate being cash flow positive in Q4 and starting to generate effective operating profit in Q1 2024. The current 3A10 and the Pablo settlement will have a dilutive effect on the share price. We are working with the resources we have at our disposal unfortunately. I do not see the need for significant additional dilution and expect share pricing to start to recover early next year. The best way I can impact share price is to shore up the Balance Sheet by retiring debt and by focusing on profitable revenue growth.