SOURCE: Solar Integrated Roofing Company Corp

May 11, 2016 09:00 ET

Solar Integrated Roofing Corp. Announces Secure Roofing Unit Generates $2 Million in Revenues for First Quarter 2016

SAN MARCOS, CA--(Marketwired - May 11, 2016) - Solar Integrated Roofing Corp. (OTC PINK: SIRC), an integrated solar and roofing installation company specializing in commercial and residential properties, today announced that its Secure Roofing and Solar subsidiary generated first quarter revenues topping $2 million.

SIRC's CEO David Massey said, "We are very happy with first quarter revenues of more than $2 million from Secure Roofing and Solar, especially since the first quarter of the year is a slow one in the roofing business. Homeowners and owner of commercial property are less inclined to spend on solar installation and roofing projects between Christmas and Tax Day because finances are seasonally difficult.

"As the summer approaches, we believe that our revenues will increase not only due to the seasonal changes but also because we are actively pursuing organic growth and growth by acquisition."

Massey stated, "It is our belief that we can comfortably increase our revenues by $1 million each quarter through 2016. That is, we anticipate revenues of $3 million in the second quarter, $4 million in the third quarter and $5 million for the final quarter of the year. If we reach these levels, our revenue for the entire year should reach the $14 million mark."

SIRC recently agreed to acquire Jure Roofing, a well-recognized name in the Inland Empire for over 70 years with a database of over 20,000 customers. This acquisition will be a share exchange making Jure Roofing a subsidiary of Solar Integrated Roofing Corp. Massey suggested that this transaction is a prototype for the kind of acquisitions SIRC seeks.

"Craig Jure was the second generation owner of E.J. Jure Roofing Company at the time he passed away in 2010. Craig's father, Elmer John (E.J.) Jure started the company in 1941. SIRC offered the Jure family an exit strategy that took into account the sweat equity of two generations and allowed, through stock ownership, the third generation to keep a hand in the business. A great many family roofing businesses are looking for a similar resolution, and SIRC is poised to help."

SIRC's business model allows for roofing clients to upgrade to solar panels as well as a new roof, and taking advantage of the tax credits and electricity generated, to do so at virtually no additional cost over the length of the project's financing. In addition, the firm offers more traditional roof-related services, such as gutter cleaning, so growth from cross-selling opportunities form a significant part of its organic growth prospects.

Massey concluded, "When you consider that nearly 50,000 homes in California already have solar panels, you realize that the technology really has matured but also that there is immense opportunity for further installations. There are literally millions of buildings in California that could use solar panels, and every one of them will need a new roof in the next decade or two. If you could replace your old roof with a new one that cuts your electricity bills, you would. And with SIRC you can."

About Solar Integrated Roofing Corp.
Solar Integrated Roofing Corporation (SIRC) is an integrated solar and roofing installation company specializing in commercial and residential properties with a focus on acquisitions of like companies to build a footprint nationally.

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 information contained in any forward-looking statement. This press release shall not be deemed a general solicitation.

Contact Information

  • Contact:
    Solar Integrated Roofing Corporation
    (760) 916-7444
    Investor Relations
    Michael J. Porter
    Porter, LeVay & Rose, Inc.
    (212) 564-4700