Nice news: $SIRC is pleased to provide investors an update on the first acquisition planned for 2019 and announced in December. A term sheet has been agreed upon by both parties concerning the acquisition of a 35 year old, San Diego County based Roofing company. This roofing company had revenues of $4.2 million for fiscal 2017 and experienced further growth in 2018 with estimated annual revenues of $4.4 million.
I am impressed by the SIRC announcement of the company's intention to acquire an established roofing company which will immediately add $3 million in revenues here. This looks like a prefect-fit opportunity for Solar Integrated to accomplish its goals of serving more customers with its own technology and also boosting revenues to enhance shareholder value. Looking forward to more updates on this as mentioned below.
Solar Integrated Roofing Corporation Signs LOI for Well-Established, $3 Million South Orange County Roofing Company
8:43 am ET January 29, 2019 (PR Newswire)
Solar Integrated Roofing Corporation (OTCPINK: SIRC) CEO David Massey announced the company has signed a Letter of Intent to acquire a well-established South Orange County roofing company with $3 million in revenues.
"We are continuing to expand our Southern California footprint," said Massey. "This company has been in business for over 18 years and is a perfect fit for our model. They have an excellent reputation as much of their business comes from referrals. They do residential roofing as well as some commercial buildings and apartment complexes. Their client list is positioned well to add solar too."
Massey further stated two previously announced acquisitions are on track to close in January and that the company audits to become fully reporting will be completed very soon. The company has hired a new CFO and the audits are his sole focus and they will be completed on schedule. "I can't say enough about the hard work and diligence he has brought to the task," said Massey.
"With everything we do, we always place an emphasis on enhancing shareholder value," he added. "I know our shareholders are anxious to hear definitive news about our accomplishments and we are just as anxious to make those announcements. We'll be providing significant updates in the coming days."
About Solar Integrated Roofing Corporation Solar Integrated Roofing Corporation (SIRC) is an integrated solar and roofing installation company specializing in commercial and residential properties with a focus on acquisitions of like companies to build a footprint nationally. For more information, please visit: www.solarintegratedroofingcorp.com Contact:Marlena LeBrun760-566-9116 marlenalebrun@gmailcom
Forward-Looking Statements:Any statements made in this press release which are not historical facts contain certain forward-looking statements; as such term is defined in the Private Security Litigation Reform Act of 1995, concerning potential developments affecting the business, prospects, financial condition and other aspects of the company to which this release pertains. The actual results of the specific items described in this release, and the company's operations generally, may differ materially from what is projected in such forward-looking statements. Although such statements are based upon the best judgments of management of the company as of the date of this release, significant deviations in magnitude, timing and other factors may result from business risks and uncertainties including, without limitation, the company's dependence on third parties, general market and economic conditions, technical factors, the availability of outside capital, receipt of revenues and other factors, many of which are beyond the control of the company. The company disclaims any obligation to update information contained in any forward-looking statement. This press release shall not be deemed a general solicitation.
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