Solar Integrated Roofing Corp. Executes Binding Letter of Commitment with Tribeca Energy

HENDERSON, Nev., May 25, 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, specializing in commercial and residential properties throughout North America, today announced that it has executed a binding Letter of Commitment (“LOC”) with Tribeca Energy, a holding company represented by Global Fund LLC & Neo Energy Storage Ltd.

The LOC sets out irrevocable terms and conditions under which SIRC commits to the sale of certain shares in return for investment by Tribeca Energy. The share exchange agreement will give Tribeca Energy 100% ownership of the Company’s shares as well as a majority of its board seats.

Letter of Commitment Terms

• Tribeca Energy shall consummate a merger agreement to list on the NYSE/Nasdaq by October 30, 2023, pending completion of all relevant/necessary documents, and no later than 12 months from the time of this LOC.
• SIRC shall not engage with any third party in a way that may result in the change in the capital structure of the Company until October 30, 2023, without a prior written consent of the Tribeca Energy.
• Following the execution of the definitive agreements, the majority of the board of the Company shall be comprised of new members appointed by Tribeca Energy; Each new director is to resign should the contemplated merger not be consummated in 12 months with an option to extend for another 6 months.
  

“Our objective is to be the premier all-inclusive alternative energy solution in the market and this definitive agreement is another step in that direction,” said Brad Rinehart, Chief Executive Officer of SIRC. “The agreement will enable us to achieve our goals and we anticipate that it will yield results to SIRC’s bottom line, benefiting all our shareholders and constituents. We look forward to working with the entire teams at Tribeca Energy, Global Fund LLC and Neo Energy Storage Ltd which are dedicated to our shared success.”

Joe HQ Luong, Partner at Tribeca Energy and NEO Energy Storage Ltd, added: “Neo Energy Storage Ltd and Global Fund LLC have joined forces to form Tribeca Energy. Tribeca Energy is a vertically integrated holding company that is merging a group of outstanding companies in the renewable and long duration energy storage sector to go public in Q4 2023. We are thrilled to work with the team at Solar Integrated Roofing Corp to consolidate their already extensive solar proposition outreach and combine it with long duration energy storage to achieve our vision to decarbonize the world’s electricity grid systems by 2050 and transform the economy by building a sustainable future through energy security.”