Solar Integrated Roofing Corp.’s (OTC: SIRC) David Massey, CEO, Tells Shareholders And Financial Investors On Live Webcast He Is Confident That 2023 Will Be Streamlined SIRC’s ‘Best Year’ As It Stresses 80%-20% Commercial-To-Residential Solar Focus And Plans EV Charging Station Subsidiary PlemCo’s 100% Buyout For $500,000 Cash
Solar Integrated Roofing Corp.’s (OTC: SIRC) David Massey, CEO, tells shareholders and financial investors on the Company’s second Live Webcast he is confident that 2023 will be streamlined SIRC’s ‘best year’ as it stresses 80%-20% commercial-to-residential solar focus and plans EV Charging Station subsidiary PlemCo’s 100% buyout for $500,000 cash and no stock. “We have to unlock the value of SIRC,” Massey says. “The low-hanging fruit is the commercial solar business.” He added, “Our potential to grow is unstoppable.” See the entire Webcast On Yahoo at https://www.youtube.com/watch?v=Aa4zOVhscQE.
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).
A priority for Massey is delivering for shareholders and the financial community a lean, cash flow positive company. Appearing with Troy Clymer, COO, Massey stressed that SIRC is focusing on commercial solar, a lower headcount, the profitability of its new Finance Division and a more efficient and profitable Company. “We want to spend less and sell more,” he said. Appearing from Las Vegas where he was meeting with SIRC’s bankers, Massey revealed these developments:
- In solar, Massey foresees in 2023 an 80-20% ratio of commercial-to-residential. “I am excited about the Callaway Farms project,” he said, referring to the $70 million commercial solar installation. This will be my pet project — I will have boots on the ground. I’m excited about all of them. The commercial pipeline will help us unlock the value of SIRC.”
- As the company seeks to grow its valuation via commercial solar, at the same time it is seeking to close on its new funding. Massey said the Tier One bank SIRC is working with on its $10 million line of credit wants to review the Company’s year-end audited financials. Those will not be completed until March 30-April 15. That means that facility will not be closed until the middle of April — or 45-60 days from the date of the live Webcast, Massey said.
- One of the uses of new funds is an outright purchase by SIRC of its EV Charging Station subsidiary PlemCo. Massey said the remaining 40% it currently does not own of PlemCo. would be acquired for $500,000 in an all-cash deal with no stock involved.
- To trim costs, Massey revealed SIRC has cut 50 employees — and now has a payroll of 131 W2 headcount. SIRC has also gone to a twice-per-month payroll to help achieve cost cuts.
- In its focus on on raising profitability and raising its Market Cap, SIRC has decided against trying to up list to NASDAQ at this time — although it is still looking at OTCQB or OTCQX. “We’re trading at about 10% of revenue right now,” he said.
- Massey is also prioritizing closing the AVCO Roofing acquisition, previously announced. He called it a wonderfully run company which generated $21 million in revenues in FY 2022 last year. “I’m excited about their team,” Massey said.
- Massey said SIRC is not immediately interested in another acquisition. It is focused instead on organic-driven profitability and increasing its Market Cap. He said that future funding is ‘driven’ by Market Cap levels. “If we found a jewel, we would act on it,” he stressed.
- Troy Clymer, COO, said SIRCs new Finance Division would deliver a $2 million profit this year. “It is currently in Beta testing and will ‘MVP’ launch in June, he said. He added that SIRC would be debuting its new website on April 1.
Source: Stock Market Press
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