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EL CAJON, Calif., November 10, 2020 — OTC PR WIRESolar Integrated Roofing Corp. (OTC PINK: 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.

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  experience  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 Corporation:

Solar Integrated Roofing Corporation (OTC PINK: 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

SIRC@mzgroup.us

www.mzgroup.us

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