Dave Massey, Chairman and CEO of Solar Integrated Roofing Corp. (OTC PINK: SIRC), Says The Company Is “Bursting At The Seams” And Sales In Current Quarter Will Meet $25 Million Projection; In addition To $42 Million Equity Purchase Agreement With Arbiter Capital The Bank Extends Credit Line For Acquisitions
Dave Massey, Chairman and CEO of Solar Integrated Roofing Corp. (OTC PINK: SIRC), acknowledged that SIRC is a company making a lot of news as it scales up growth. In A YouTube live Q&A last night (November 3, 2021) on the Media Tech channel with Pablo Diaz, CEO of SIRC subsidiary USA Solar Networks, Massey declared, “We are bursting at the seams.” He added the company will hit its $25 million sales projection for the current quarter. Diaz said that Arbiter Capital, the institutional bank which this week bought $42 million of SIRC’s restricted Series B Preferred Stock, has also extended a credit line to fund future SIRC acquisitions.
stockmarketpress.com features specialized coverage of related stocks in the solar, roofing, EV charging stations and battery charging energy industry such as Solar Integrated Roofing Corp. (OTC PINK: SIRC), Sunrun, Inc. (NASDAQ: RUN), Blink Charging Co. (NASDAQ: BLNK), Tesla, Inc. (NASDAQ: TSLA), GM (NYSE: GM), ChargePoint (NYSE: CHPT), EVgo (NASDAQ: EVGO), SolarEdge Technologies, Inc. (NASDAQ: SEDG), First Solar, Inc. (NASDAQ: FSLR), SunPower (NASDAQ: SPWR), Gibraltar Industries, Inc. (NASDAQ: ROCK), Spartan Acquisition Corp. II (NYSE: SPRQ). and Canadian Solar Inc. (NASDAQ: CSIQ).
Dave Massey, Chairman and CEO of Solar Integrated Roofing Corp. (OTC PINK: SIRC), Says The Company Is “Bursting At The Seams” And Sales In Current Quarter Will Meet $25 Million Projection; In addition To $42 Million Equity Purchase Agreement With Arbiter Capital The Bank Extends Credit Line For Acquisitions
Dave Massey said last night in the live streamed Q&A on YouTube that he was very confident that SIRC’s sales would “be in the ballpark” of the $25 million for the current quarter he had projected earlier. Dave Massey, Chairman and CEO of Solar Integrated Roofing Corp. (OTC PINK: SIRC), Says The Company Is “Busting At The Seams” And Sales In Current Quarter Will Meet $25 Million Projection; In addition To $42 Million Equity Purchase Agreement With Arbiter Capital The Bank Extends Credit Line For Acquisitions.
Arbiter Capital, an institutional bank, earlier this week had reached a $42 million equity purchase agreement to buy six million restricted Series B preferred stock shares of SIRC. Diaz told investors/shareholders on the Q&A last night that the bank had also extended a credit line enabling SIRC to make more acquisitions.
Diaz said the amount of the revolving credit facility line is about $25 million. Diaz went further, saying “An executive of the Bank told me we are 100% in on SIRC and 1,000% in on Dave Massey.”
Yet, Diaz understands that SIRC is having to scale as it grows. “We’re not letting ourselves get ahead of our skis,” he said.
Massey said a top priority for the Company is making a profit in the current quarter. The firm has been slimming its expenses. Massey disclosed that it has cut some $1 million in annual overhead costs, and has eliminated some payroll. “Our goal is to make a profit this quarter,” he said.
Dave Massey, Chairman and CEO of Solar Integrated Roofing Corp. (OTC PINK: SIRC), Says The Company Is “Busting At The Seams” And Sales In Current Quarter Will Meet $25 Million Projection; In addition To $42 Million Equity Purchase Agreement With Arbiter Capital The Bank Extends Credit Line For Acquisitions.
As part of the Arbiter Capital $42 million equity purchase agreement, Massey says SIRC will use some of those funds to acquire an office building to centralize its footprint. It will help the synergies between between SIRC-owned companies, now located in separate facilities.
Massey said the acquisition is also a priority of the Company and that a new building would probably happen within the next six months. He added that it would save SIRC some $300,000 annually.
Dave Massey, Chairman and CEO of Solar Integrated Roofing Corp. (OTC PINK: SIRC), Says The Company Is “Busting At The Seams” And Sales In Current Quarter Will Meet $25 Million Projection; In addition To $42 Million Equity Purchase Agreement With Arbiter Capital The Bank Extends Credit Line For Acquisitions
Learn more about SIRC at https://www.solarintegratedroofing.com/corporate-governance/leadership/.
Source: Stock Market Press
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