Solar Integrated Roofing Corp (SIRC)

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HENDERSON, Nev., June 13, 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 update relating to its recently announced execution of a binding Letter of Commitment (“LOC”) with Tribeca Energy, a to be formed holding company represented by Global Fund LLC & Neo Energy storage Ltd.

As previously disclosed by the Company, 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 the LOC. Following the execution of the definitive agreements, Tribeca Energy expects to execute a two-phase operational strategy focused on creating a vertically integrated energy company.

“For the initial phase of Tribeca Energy, we envision building a core portfolio consisting of approximately six companies,” said Joe HQ Luong, Partner at Tribeca Energy and NEO Energy Storage Ltd. “In addition to Solar Integrated Roofing Corp., we are targeting various companies across the alternative energy supply chain including the mining, manufacturing of key component parts for batteries, energy storage technology including Vanadium Redox Flow Battery, wind and solar companies, and companies in the distributed energy sector, to construct our primary portfolio. We anticipate these transactions will include share exchanges that are structured similar to our agreement with SIRC, as well as several cash-only acquisitions. We are looking to raise approximately $100m via a PIPE Pre-IPO. Accredited investors who are interested in participating in this PIPE investment should contact the team at MZ North America. Post IPO, each of the portfolio companies will submit their additional capital raising requirements for Tribeca Energy to do a Rights Issue.

“Additionally, Pre-IPO, our focus will be on the integration of all operating companies into one working platform. This process will include the assembly of an executive management team with C-suite experience at NYSE/Nasdaq-listed companies to oversee the broader platform. In this phase, we will also begin integrating an additional subset of companies that are currently targeted to be combined with Tribeca Energy.

“In phase two, we will seek to bolster the platform with approximately six additional companies from various regions, broadening Tribeca Energy’s global presence.

“Ultimately, our vision for Tribeca Energy is to achieve the decarbonizing of the energy grid by focusing on renewable energy, long-duration energy storage (LDES) solutions, and distributed energy supplies to transform the world economy by building a sustainable future through energy security. The U.S. Department of Energy classifies LDES at 10 hours of duration or more. The technology and batteries that Tribeca Energy will bring to market will be rated at 40 hours or more, creating a benchmark for energy storage. We are highly confident in our ability to realize this vision with our agreement with SIRC creating a solid base for Tribeca Energy. We are working diligently to execute our multi-pronged approach alongside Brad Rinehart, Troy Clymer, and the rest of the SIRC team to build a new vertically integrated energy company,” concluded Luong.