#CleanEnergy #Stock News- Solar Integrated Roofing (OTC: $SIRC) Reports
LOI to Acquire #HVAC Solutions Provider @SIRCStock
EL CAJON,
Calif., November 10, 2020 -- Breaking
renewable energy stock news from Invesstorideas.com Newswire and RenewableEnergyStocks.com
- Solar
Integrated Roofing Corp. (OTC: SIRC), an
integrated, single-source solar power and roofing systems installation company,
announced today that it has signed a non-binding Letter of Intent (LOI) to
acquire a California-based provider of Heating, Ventilation, and Air
Conditioning (HVAC) solutions to residential and commercial properties.
Read this news
featuring SIRC in full at https://www.investorideas.com/news/2020/renewable-energy/11111Solar-Integrated-Roofing-HVAC.asp
The
target company is a leader in HVAC installation in California with over 15
years of experience. The company has an extensive new product line including an
Ultraviolet (UV) lighting system that can be installed within heating and
cooling systems, sanitizing air as it passes through the filter system. The
system is expected to kill certain airborne pathogens that transmit illnesses,
such as COVID-19.
“This
company is an example of the type of strategic, accretive acquisitions we will
continue to pursue – leveraging our expertise and infrastructure to achieve
profit growth through our integrated platform,” said David Massey, Chief
Executive Officer of Solar Integrated Roofing Corporation. “We view this
potential acquisition as an effective way to increase penetration in our
existing markets – as most of our solar clients purchase air-conditioning systems
at the same time as solar and roofing – making this is a natural fit and is
highly complementary to our existing business. The Company generated over $3
million in revenue in FY2019 and cross-selling opportunities presented by this
potential acquisition alone could potentially increase our revenue run-rate by
25%.
“We are
particularly excited by the target’s product mix, including a timely and
effective UV lighting system to purify air in homes and businesses – an
important consideration in the age of COVID-19. I look forward to working with
the target company to close the acquisition in the near-term,” concluded
Massey.
Closing
of the acquisition is subject to final due diligence, negotiation and execution
of a definitive purchase agreement and all necessary approvals.
About Solar
Integrated Roofing Corp.
Solar Integrated Roofing Corporation
(OTC: SIRC), is an
integrated, single-source solar power and roofing systems installation company
specializing in commercial and residential properties in the Southern
California market. For more information, please visit the Company’s website at www.solarintegratedroofingcorp.com.
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 the
information contained in any forward-looking statement. This press release
shall not be deemed a general solicitation.
Investor
Relations Contact:
Lucas A. Zimmerman
Senior Vice President
MZ North
America
Main:
949-259-4987
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