POWAY, Calif., May 15, 2018 (GLOBE NEWSWIRE) -- via OTC PR WIRE -- Solar Integrated Roofing Corp. (“Solar, or the “Company”) (OTC PINK:SIRC), an integrated solar and roofing company specializing in commercial and residential properties, today announced that it expects revenue growth to accelerate to a run-rate of between $40-60 million in the next 18 months, through both sales and acquisitions. In 2017, the Company partnered with Lowe's Home Improvement Stores, becoming a preferred provider of roofing installations in the greater San Diego area.
The fourth quarter of 2017 was a record quarter for the company. Sales were up 29% totaling $1,985,000 versus $1,538,000 for the same period a year earlier. Solar CEO Dave Massey commented, “Our efforts to expand our business in 2017 have been a success, and I’m happy to say that we are seeing it continued in the first quarter at a record pace.” “The programs we instituted in 2017 to introduce more solar products, along with our ability to offer service and maintenance, providing the customer more value, is driving our revenue growth.”
As previously announced, Solar is acquiring a four year old solar home improvement company, based in Anaheim, California. They serve an area from Orange to Fresno, California. The company, in its last fiscal year, had sales of approximately $15 million. The Company also acquired a 5 year old direct nationwide residential marketing company that specializes in the home solar market space. Based in Orange county as well, this company has over 80 full-time staff people nationwide. These companies are a perfect fit for the Company’s planned growth program. Now we can acquire any roofing company nationwide add our own expertise and marketing and we are duplicate ourselves almost instantly.
Massey continued, ”As we have stated before, we will make bolt-on acquisitions, with the goal of becoming a nationwide roofing and solar company. We expect these acquisitions to close by Summer, 2018. We are also in discussions with a roofing company based in Orange, California that is a perfect fit to merge with our Solar and energy home improvement company. It is our hope to close all 3 acquisitions before the end of the summer. We are developing a pipeline of potential targets throughout California. Our goal is to have steady and consistent growth through acquisitions. Our team continues to analyze their potential to become a SIRC Company. Our pipeline now includes companies which will dramatically add to our growth and profitability,” Massey concluded.
For more information, please visit: www.solarintegratedroofingcorp.com
About Solar Integrated Roofing Corp.
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.
Forward-Looking Statement 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.
Contact:
Solar Integrated Roofing Corporation
John Randolph
760 916 7444
sircpublic@gmail.com