Solar Integrated Roofing Corporation (OTC Pink: SIRC) is engage as an integrated solar and roofing installation company, which tailors its services to residential and commercial buildings. Shares of the roofing and solar company are rallying 18.42%, through early trading on Friday, October 27, 2017. Over the past month, Solar Integrated Roofing Corporation has seen average daily volume of 129,497 shares. However, volume of 45,506 shares or dollar volume of $20,477, has already exchanged hands on the day.
Shares of Solar Integrated Roofing Corporation are gaining today, after the company announced that it has signed a Letter of Intent (LOI) to acquire a 12-year old company with a client base of more than 6,500 and annual revenues between $3.5 million to $4 million. The company is said to have previously been one of the largest solar installers in California. Here is the full press release detailing of the LOI:
Solar Integrated Roofing Corporation Press Release:
POWAY, CA–(Marketwired – Oct 27, 2017) – Solar Integrated Roofing Corporation (OTC PINK: SIRC) announced they have signed a Letter of Intent for a major acquisition.
“We’re extremely excited about this,” said CEO Dave Massey. “It’s a 12-year old company, focused on residential and commercial solar and HVAC. They have a client database of more than 6,500. Their annual revenues over the last three years have averaged $3.5 to $4 million. They expect revenues to approach or exceed $10 million in 2018.”
Management of the company being acquired brings a wealth of experience and accomplishment, having previously been with one of the largest solar installers in California as Director of Sales; being instrumental in driving that company’s annual revenues from $25 million to $60 million. They plan to help Solar Integrated Roofing Corporation expand their HVAC and electrical divisions to further boost sales opportunities.
About Solar Integrated Roofing Corporation:
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. For more information, please visit: www.solarintegratedroofingcorp.com
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.