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Company signs binding Letters of Intent for seven acquisitions for aggregate cash proceeds of $21.6 million. Management said it expects to realize over $78 million in incremental revenue.
January 24, 2022
2 Min Read
Alamy
Solar Integrated Roofing Corp.
Solar Integrated Roofing Corp., an integrated, single-source solar power, roofing systems installation and EV charging company, announced that it has signed a series of binding Letters of Intent as part of its planned acquisition of seven companies, adding an anticipated $78 million in incremental annual revenue.
Management plans to integrate the following seven firms into the SIRC family of companies:
Storm Ventures Group, a respected industry contractor consulting firm.
Standard Eco, a licensed engineering, procurement and construction (EPC) solar provider with a presence spanning five states and over 4,000 solar installations.
Eco Management, a licensed EPC solar provider with a presence spanning four states and over 2,000 solar installations.
BVI Solar, a California licensed roofer and solar contractor which has been party to over 1,000 solar installations. Founded by an early pioneer of the solar roof concept, which later became the CertainTeed Apollo II Solar Shingle.
Bel Aire Construction and Development, an established property development firm to drive the development of green housing developments, driving notable synergies across the SIRC family of companies
Music City Roofing, a very highly-rated roofer in Tennessee, with over 5,000 roofs replaced and over 3,400 roofs repaired since inception, while furthering a charitable mission centered on giving back to the local community
Heartland Constructors, a licensed EPC and a premier west Texas solar provider which has served as a lucrative referral source for SIRC, referring a nationwide EV charging station contract spanning over 200 apartment complexes as well as several high-value solar projects
"This extremely exciting series of planned acquisitions represent a significant expansion of our business, growing our revenue by an expected $78 million annually," said David Massey, chairman and CEO of Solar Integrated Roofing Corp. "These acquisitions are a testament to our focus on identifying exciting niche industries to leverage our vast network and generate additional revenue through synergies and cross-selling. Given our planned transition to a more traditional Dec. 31 year-end, we don't anticipate these acquisitions will have any adverse effects on our plan to uplist to the OTCQX by mid-March, following a successful near-term uplist to OTCQB."
The seven aforementioned planned acquisitions are being purchased for an aggregate $21.6 million in cash proceeds.
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