SOURCE: Solar Integrated Roofing Company Corp.

June 23, 2016 05:00 ET

Solar Integrated Roofing Corp. Completes Acquisition of Jure Roofing and Solar Revenue Expectations for Jure in 2016 Tops $2 Million, Growth to Exceed 100%

SAN MARCOS, CA--(Marketwired - Jun 23, 2016) - Solar Integrated Roofing Corporation (OTC PINK: SIRC) ("SIRC" or "the Company"), an integrated solar and roofing installation company specializing in commercial and residential properties, has finalized the acquisition of Jure Roofing and Solar ("Jure") that was announced in April 2016. Jure is now a wholly owned subsidiary of the Company.

David Massey, CEO of SIRC, stated, "SIRC intends to grow both organically and by aggressive but prudent acquisitions. The Jure acquisition is a model of the latter, and we hope to replicate it repeatedly. Jure has all the characteristics we look for when we are looking at potential acquisitions: solid revenues, profitability or potential to achieve profitability quickly, an established reputation, and a track record of stability. In fact, we believe that Jure is on target to exceed fiscal year 2015 revenues of roughly $1 million, with growth expectations over 100%, towards a target of $2 million in revenues for 2016."

Jure, a well-recognized name in the Inland Empire for 75 years, was founded by Elmer John (E.J.) Jure in 1941. Jure has always had a reputation for providing customers with quality workmanship, along with excellent service at a fair price. E.J. believed, not only in doing things right, but in doing the right thing. SIRC is committed to protecting that legacy and to building on the foundations the Jure family has established.

Eric Enriquez, Business Development Manager for SIRC, noted, "We will be celebrating Jure Roofing & Solar's 75th Anniversary of serving the San Bernardino and Riverside communities next month. Rather than see the anniversary as an ending, our acquisition marks a new chapter in Jure's operations. We believe there are many happy anniversaries ahead for Jure and SIRC together." He went on to note that a formal celebration of Jure's anniversary will be held on Friday, July 29th 2016, from 4-7pm at Jure's offices, located at 390 E. 6th Street in San Bernardino, CA.

Massey commented, "We believe that growth at Jure, as well as our other operations is almost inevitable in the long run because of the value proposition underlying solar roofing. Over time, roofs need repair and replacement, and we offer the integration of solar power into a property's new roof, in addition to the usual ancillary services such as gutter cleaning. When our customers take into account the tax breaks available for installing solar panels and add in the reduction to their electricity bill as customers generate their own power, as well as the favorable financing terms we can arrange, it is possible to address nearly all roofing problems, both residential and commercial, at virtually no cost in the long term. Once the roofing job is paid off, the electric company can wind up paying our customers for the excess power they generate. The technology is proven, and we can install it all in roughly 72 hours. With that kind of value proposition, it is no wonder that nearly 50,000 homes in California have solar panels. What is surprising to me is that there aren't millions with them."

He continued, "The roofing industry in California is fragmented, and the average roofing company is a sole proprietor or family business, much like Jure. These are good, solid businesses that have been built up over the years, and have an intrinsic value. Unlocking that value, however, is not easy because there is no obvious exit for the founder or the family. When it can be passed on to the next generation, the operation continues but that's about it.

"What we can offer, and the reason the Jure family accepted our purchase of their family business, is a way to realize the monetary rewards that their sweat equity deserves while maintaining a tie to what E.J built. Jure will continue as a unit under the SIRC umbrella, and as shareholders, they will continue to have a say over how the business is run. There are hundreds of contractors in California that are in the same position, and we can help them realize the full monetary value of their businesses while we grow ours by acquiring them and accelerating their growth."

Massey concluded, "We are very pleased to have Jure join the SIRC family, just as we were when we added Secure Roofing and Solar back in February. We anticipate revenues increasing for SIRC at a rate of $1 million per quarter, meaning a 2016 annual revenue of $14 million."

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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