Solar Integrated Roofing Corp (SIRC)

[Charlie V]

HENDERSON, Nev. , June 01, 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 issued a project and business update letter to shareholders from the Company’s Chief Executive Officer, Brad Rinehart , and President/COO, Troy Clymer . Going forward, SIRC management plans to issue monthly updates on major projects and overall business operations.
Dear Shareholders,
SIRC, under my administration’s leadership, will focus on timely and transparent communications with shareholders, stakeholders and all involved with the success of the Company. Communication is core to our focus on organic growth, efficiency, and culture. Our leadership team is dedicated to unlocking the potential of our Commercial and Industrial pipeline, our EV and Small Commercial division as well as our fast-growing services, claims and financial services divisions. In addition, we expect our residential solar and roofing business to continue to grow as we expand into new markets. We remain committed to maximizing shareholder value and providing regular updates as we continue to work hard to strengthen our balance sheet, raise strategic capital, and align with opportunities that allow for exponential scale. The team is focused on delivering on our commitment to become a world class clean energy conglomerate.
Commercial Project Update:
The Calaway Farms project remains active in our project portfolio. SIRC has completed the design and engineering phase of the project and has negotiated terms for the 8 Mw solar array. As with all large-scale energy projects, the path to completion can be somewhat unpredictable. We are experiencing some delays related to securing access to the property to start the project. This is due to several factors beyond SIRC’s control. The project is now expected to begin construction in the third or fourth quarter of this year. Calaway and SIRC remain committed to moving this project forward and will continue to work together to make progress on this new agricultural initiative.
The Lordsburg Green Hydrogen project currently remains in the development phase. We are actively working with our development and project teams, including partners, to advance this project. We will continue to provide regular updates on key milestones.
PLEMCo recently completed the EVSE Project at the Barstow Veterans Home which successfully passed final inspection this past week. Next week, PLEMCo starts the EVSE project at Olive View Hospital which represents a $600,000 opportunity. PLEMCo has also completed four additional commission-only EVSE locations for the contracts with Los Angeles County .
MacKay Roofing is completing the first of three buildings on a commercial contract valued at $1.4 million in addition to the residential roofing projects in their pipeline.
Milholland Solar , as expected, has experienced a slight slowdown due to the new regulations in the state of California . That said, the firm has added two additional Battery Installation crews to support the growth in that portion of their market. Solar sales are increasingly opening new markets outside of California as well. Geographic extension remains a major focus for our residential and SME commercial division.
Balance and SIRC’s shared services division has generated dramatic increases in volumes, revenues, and profit margins. This was due in part to synergies across our businesses and the strength and maturity of the Balance brand. The services and claims administration areas leverage our strong relationships with contractors across the nation and have benefited from the active storm season thus far this year in the US. Looking ahead, we expect the Balance and SIRC services division to continue to deliver strong revenue and profitability growth this year reflecting the recently successful launch of SIRC’s new Finance Division. The pending launches of additional SIRC Finance and Balance Finance by SIRC product solutions in mid-June and throughout July will further enhance growth and near-term cash flows.
The new management team at SIRC remains committed to open and transparent dialog with our shareholders. Looking ahead, we remain focused on improving shareholder communications, particularly as it relates to providing regular updates on important topics.
Sincerely,
Brad Rinehart & Troy Clymer
Chief Executive Officer & President