HENDERSON, Nev., June 15, 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 an update on its operational initiatives and leadership transition.
Operational Initiatives "The current executive management team of SIRC is focused on three core operational initiatives," said Brad Rinehart, Chief Executive Officer of SIRC. "First, we are working to generate revenue growth across all our verticals as we move toward the next phase of our agreement with Tribeca Energy. To enhance our residential roofing and solar sales, we are reinvigorating and scaling our residential sales teams in California, Texas, and other markets throughout the U.S. Additionally, SIRC has launched a direct-to-consumer inside sales and service team targeting residential renewables origination as well as sales of SIRC's financial services products. We are also reallocating capital to move several large-scale commercial projects forward while continuing to scale our new financial services product offerings after its successful launch in May.
"Second, we are focused on improving our balance sheet by reducing our short-term debt, including the retirement of high interest debt through a court-approved share sale process as well as restructuring certain debt for more favorable terms. These actions will free up additional capital which will allow us to accelerate the key projects I mentioned. To assist with the debt refinancing, SIRC recently engaged Firebird Partners, a Los Angeles-based investment fund focused on fueling high-growth opportunities. We plan to use every means at our disposal to increase shareholder value prior to the Tribeca Energy valuation and aim to limit short-term dilution.
"Finally, we are committed to improving our level of service while lowering our operating costs. We are reviewing existing supplier relationships to improve material costs and are engaging strategic partners to provide us with high-quality outsourced work while leveraging their improved equipment costs. To improve our overall customer experiences, we also incorporated better performance KPIs for both internal and outsourced crews," said Rinehart.
Leadership TransitionOn May 15, 2023, the Company's Board of Directors announced key changes to SIRC's management team in tandem with Dave Massey's resignation from his positions as CEO and CFO, including the appointment of Brad Rinehart as CEO, Wanda Witoslawskias as CFO, and Troy Clymer as President and COO. Mr. Massey subsequently resigned from his position on the Board of Directors and retired his Preferred A shares and his common stock. He currently continues to hold Preferred B shares but has no other involvement in the Company.
"SIRC has recently undergone several transitions in leadership, including several short-term management teams," continued Rinehart. "The current Board of Directors and executive team is committed to piloting SIRC both to the Tribeca Energy transaction and to operate SIRC long-term following sound business decisions that aim to improve our revenue and operating profit profile. We believe this transition to a more traditional approach to managing this business will create stability for our employees and will have an overall positive effect on shareholder value as we focus our attention on the Tribeca Energy transaction which we anticipate closing this fall."
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