EL CAJON, CA / ACCESSWIRE / January 21, 2021 / Solar Integrated Roofing Corp. (OTC PINK:SIRC), an integrated, single-source solar power and roofing systems installation company, announced today that following its successful and satisfactory completion of the previously announced joint venture, it has signed a binding term sheet to acquire Enerev, LLC ("Enerev"), a solar energy solutions provider to residential and commercial properties in Southern California with over 5 years of successful installations.
Solar Integrated Roofing will acquire Enerev for a combination of cash and stock. The transaction, combined with anticipated synergies and growth opportunities, is expected to add up to $2 million per month to Solar Integrating Roofing's revenue run rate by late calendar year 2021.
"Enerev is a market leader with best-in-class business development and solar energy system installers, a business which we believe can significantly expand our customer base and improve labor efficiencies company-wide," said David Massey, Chief Executive Officer of Solar Integrated Roofing Corporation. "We will expand and accelerate those achievements by transitioning their team to offer our highly sophisticated and efficient system designs, tailored to each client's specific needs including start to finish oversight of the entire project with a single point of contact throughout the life of the solar system. 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, this transaction opens up exciting new growth opportunities to our team.
"Enerev's business, built on a long legacy of good business practices, provides an exciting cross-selling opportunity for our full complement of products and services across solar, battery backup installation, roofing and related HVAC/electrical contracting work. We look forward to adding the Enerev team to the Solar Integrated Roofing family as their no-cost, direct door to door marketing is a perfect fit for Solar Integrated Roofing," concluded Massey.
About Enerev Solar
Enerev makes solar simple. With over 20 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. The Company's broad array of solutions include sales and installation of solar energy systems, battery backup and electric vehicle (EV) charging stations to roofing, HVAC and related electrical contracting work. For more information, please visit the Company's website at www.solarintegratedroofing.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
[email protected]
www.mzgroup.us
SOURCE: Solar Integrated Roof Corp.