Solar Integrated Roofing Corp.’s (OTC: SIRC) David Massey, CEO, Tells Fi-nancial Community On Live ‘Webcast Update’ He Is Optimistic About 2023 Performance, Praises New SIRC Financing And Sees Possible SPAC Support As Way To NASDAQ Up List
Solar Integrated Roofing Corp.’s (OTC: SIRC) David Massey, CEO, tells the financial community on a live ‘Webcast Update’ he Is optimistic about a revamped and financially re-energized SIRC’s 2023 performance. He also praised the Company’s announced new $25 million and $10 million financing and said he believes possible SPAC support can be a way to achieve a NASDAQ up listing that is a ‘win-win’ for for everyone, from investors to management team members. Hear the complete Webcast at live: https://www.youtube.com/@sircnews/featured
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).
Massey said on the Webcast, “I’m excited about the prospects for SIRC as we enter 2023 — we have the right team to make 2023 very successful.”
Massey said the focus of SIRC now is to focus on being cash flow positive, running a profitable and more efficient Company and eliminating excessive costs. The new financing — $25 million in a new drawdown term note and $10 million in a new revolving credit facility — should help reignite SIRC’s ability to restart several key solar projects. SIRC recently announced both the new $10 million revolving credit agreement facility and securing of the $25 million drawdown term note.
He said that SIRC has significantly cut costs, reducing its head count by more than 75, as it reduces overhead to make itself more profitable. “The result I see is that SIRC is in the best position it has been to succeed,” he explained. He revealed that members of the management team — including himself – -took pay cuts to help make SIRC more cash flow positive.
With its renewed focus on cash flow positivity from a more efficient SIRC, he declared: “We want to turn this thing into a cash register.”
He made clear a primary focus of SIRC would be to reignite its commercial pipeline projects. “Moving that commercial pipeline is our highest priority,” Massey said. He cited three commercial projects, such as a $65 million project in the commercial pipeline forefront with hotels in South America, another for $280 million and a third $36 million project.”
He said SIRC’s new financing would enable it to get these projects out of the ground.
He explained, “The terms of the new facility are favorable to SIRC and enhances our borrowing capacity at attractive rates, reflecting our strong base of business and cost control efforts to reduce redundant expenses.”
The commercial projects can begin, he said, in as early as 45-60 days and contribute to SIRC’s performance in the late part of the first quarter — and early part of the second quarter — in the new year. “We can only bite off so much at a time,” he added. He said that securing the new financing would give SIRC the cash to begin the projects.
Massey said on the live Webcast that SIRC ‘clearing’ its balance sheet was vital to securing the new financing from banks. As a result, he now foresees the possible acquisition of two more companies with the new funding now in place.
“We are now pretty quick and strong with the two very nice lines of credit,” he said. “We have taken the recent line of credit to accrete to top line and bottom line growth. We had been stagnant. Now we have cash flow going and again are proceeding with acquisitions.”
Massey revealed that SIRC is planning its “first drawdown this week” on its new financing. It has also raised ‘our authorized shares’ as the ‘only way we can raise money.’ The goal is to fund SIRC’s growth and create value for its shareholders. ”The gossip and rumors have been out there. We raised our authorized shares. Yes, we did, for financing our growth.”
To hit head-on against the gossip and rumors in the financial community, he said, will result in one new SIRC strategy going forward. SIRC will regularly host monthly update calls online with investors and potential investors. “Over the next three months, we plan to do a plan update every 30 days. We want to keep everyone informed. We’re very excited about our story, especially over the first quarter of the new year. In the next few months, we plan to update every 30 days. I like to tell our story,” Massey said. “A monthly call would be best.”
Another way to talk more directly to the financial community is via an Annual Meeting in San Diego in 45 days.” This would place it in the middle part of April. Massey said he is considering executing SIRC new plan over the next 45 days. The timing would be perfect.
Long-term, SIRC has been telling investors about a planned up list to NASDAQ. Now Massey told of a new potential strategy to make this a reality:
“There are 227 SPACS right now looking for targets — I know for a fact that SIRC is high on that list. A SPAC might be best way for us to get to NASDAQ. If we can make that happen, it will be a win-win for everybody.”
Massey said he plans to remain as CEO of SIRC “as long as I can be effective. The reason I resigned last time was after I gave timelines that weren’t met. I’ve learned my lesson. No more timelines.”
Source: Stock Market Press
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