#RenewableEnergy #Stock Solar Integrated Roofing (OTC:
$SIRC) Reports LOI to Acquire Future Home Power; a
#solar, roofing and #batterystorage sales company; @SIRCStock
Deal Expected to Achieve Over $1 Million in
Incremental Weekly Sales as Early as June 2021
EL CAJON, CA - May 19, 2021 - Solar/EV stock
news from Investorideas.com
Newswire
and RenewableEnergyStocks.com
- Solar Integrated Roofing Corp. (OTC: SIRC), an
integrated, single-source solar power and roofing systems installation company,
today announced that it has signed a binding Letter of Intent (LOI) to acquire Future Home Power, a solar, roofing and battery
storage sales company.
Read this news,
featuring SIRC in full at https://www.investorideas.com/news/2021/renewable-energy/05191Solar-Integrated-Roofing-LOI.asp
Founded
in late 2020 by Jason Newby, San Diego-based Future Home Power specializes in
the sales of residential solar panels, roofing as well as battery storage –
partnering with local installers to finalize on-site installation. The Company
expects the acquisition to be immediately accretive.
Future
Home Power generated over $7 million since inception with between 10 and 15
sales representatives – since scaling to 30 with plans to reach 60 sales
representatives by the end of May. Management believes that based on historical
performance and with the new sales representative additions, Future Home Power
can rapidly scale to over $1 million per week in incremental sales with 45%+
gross margins as early as June 2021. The acquisition is expected to act as a
major growth driver for other SIRC subsidiaries who can complete the on-site
contracting work once the sale is complete, capturing the full lifecycle value
of each customer.
"Future
Home Power is a true up and comer in the solar and battery storage sales
business – with $7 million in revenue since inception and projections an order
of magnitude higher for 2021,” said David Massey, Chief Executive Officer of
Solar Integrated Roofing Corporation. “Jason and his team have quickly earned a
strong reputation for providing customers a smooth, simple process for solar
panel and battery storage consultation and installation.
“Leveraging
a strong industry background as a top producing regional manager with Vivint
Smart Home, Jason brings the lead generation skillset and industry experience
necessary to drive rapid growth across new geographies. When paired with our
robust suite of operating businesses, we believe Future Home Power can act as
our business development arm, driving a robust project-flow for our installers
working for the SIRC family of companies.
Closing
of any potential acquisition is subject to final due diligence, negotiation and
execution of a definitive purchase agreement and all necessary approvals. The
Company expects the acquisition to be immediately accretive.
About Solar
Integrated Roofing Corp.
Solar Integrated
Roofing Corp. (OTC:SIRC), is an integrated, single-source solar power and
roofing systems installation platform company specializing in commercial and
residential properties throughout the United States. The Company's broad array
of solutions include sales and installation of solar energy systems, battery
backup and electric vehicle (EV) charging stations to roofing, HVAC and related
electrical contracting work. For more information, please visit the Company's
website at www.solarintegratedroofing.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
SIRC@mzgroup.us
www.mzgroup.us
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