Solar Integrated Roofing Announces Joint Venture
With Planned Acquisition Target Enerev
Company Further Grows Market Share within the California
Residential Solar Market; Expects to Exceed $40 Million in Fiscal
2022 Revenues
EL CAJON, CA -- November 12,
2020 -- InvestorsHub NewsWire -- Solar Integrated Roofing Corp. (OTC
PINK: SIRC), an integrated, single-source
solar power and roofing systems installation
company,
announced today that it has signed a thirty day joint venture
agreement with Enerev, LLC ("Enerev Solar"), a solar
energy solutions provider to residential and commercial properties
in California.
Enerev
has operated as a
highly respected solar energy solutions provider in the California
market, having completed over 9,000 solar energy system
installations across both residential and commercial properties in
recent years. Enerev has a robust customer base
throughout California and is exploring new opportunities in the
Phoenix metropolitan area.
In
September 2020, Solar Integrated
Roofing signed a Letter of Intent
(LOI)
to acquire
Enerev. In anticipation of the
acquisition, the two companies initiated the one-month joint
venture partnership to strategically
align
the
marketing, sales and operations of the
businesses to ensure a correct fit and successful
combination.
"Enerev is a market leader with
best-in-class business development and solar energy systems
installers, with over 30 years of
combined experience in the solar industry, and a wide residential
and commercial customer base," said David Massey, Chief
Executive Officer of Solar Integrated Roofing Corporation.
"The company is
expected to generate revenues of
more than
$2 million per month over the
next 12 months. This initial joint venture is an excellent
opportunity for both teams to work together as we pursue the
intended acquisition.
"We believe
acquiring Enerev can significantly expand our
customer base and improve labor efficiencies company-wide.
With offices in Chula Vista, a
short drive to the greater San Diego area, as well as a growing presence
in the Phoenix, Arizona market, Enerev will open exciting new growth
opportunities for our team. With our full complement of
products and services, we can offer Enerev's customers opportunities
across solar, battery backup installation, roofing and related
HVAC/electrical contracting work.
"We are pleased to be
executing on our robust acquisition strategy, forecasting $20 million in
revenue in fiscal 2021, ended February 28, 2021, and at least $40
million in revenue in fiscal 2022, ended February 28, 2022.
I look
forward to further augmenting our growth
initiatives by adding Enerev's customers and highly skilled
team to our fast-growing company after this
initial joint venture is successfully concluded," concluded
Massey.
Closing of any
potential acquisition is subject to final due diligence,
negotiation and execution of a definitive purchase agreement and
all necessary approvals.
About Enerev
Solar:
Enerev
makes solar
simple. With over 30 years of combined experience and
over 9,000 solar installs, the Company provides solar
energy solutions for residential and commercial properties
including tailored planning, financing assistance, permitting and
installation. Enerev provide its customers with
first class service, the highest quality of materials and an
experience that is second to none. For more
information, please visit www.enerevsolar.com.
About Solar Integrated Roofing
Corp.:
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
