HENDERSON, Nev., Jan. 11, 2024 (GLOBE NEWSWIRE) -- Solar Integrated Roofing Corp. (OTC: SIRC) ("SIRC" or "the Company"), an integrated, single-source solutions provider of solar power, roofing and EV charging systems answers Investor Questions. Brad Rinehart, CEO tackles the questions brought forward from Investors. "I have always been transparent and open with our investors and will continue to do so as we enter 2024. While there are still challenges ahead, SIRC has made significant progress and I expect the year to be a positive growth year for all companies under the SIRC umbrella."
Companies under the SIRC Umbrella
SIRC will be making the move to consolidate brands and run them as DBA's under the SIRC name. Consolidating brands not only makes accounting, banking, and insurance easier but will also reduce administrative costs. McKay and Montross brands will be consolidated as the roofing branch and will retain the McKay Roofing name. Milholland will remain the residential solar arm. PLEMCo will retain its identity as it remains strong in government contracting, EVSE, BESS, and commercial solar projects. A project is underway to remove the remaining brands from both websites.
Does SIRC have a COO?
During the October investor update podcast, Brad Rinehart announced the promotion of Mohammad Suri to COO. Since taking the reins in the COO role, Mohammad has been working closely and providing leadership to both the roofing and solar divisions in addition to managing the operations at PLEMCo. During the same update, it was announced that Julie Brehm would move to Senior Vice President, Sales and Marketing for all SIRC sales functions.
Why did SIRC sell Balance?
SIRC is a construction company in the renewable energy space while Balance Claims is an adjusting service function in the roofing industry. Given the uncertainty in the insurance industry, especially as large insurers exit the Florida, Texas, and California markets, and some stop covering roofs altogether, I felt it would be best to divest Balance and use those proceeds for the other construction divisions. Balance will be much better positioned to serve their markets under their new ownership structure and SIRC will be able to use those proceeds to support construction activities in the other operating divisions. It was a good decision for SIRC and for Balance.
Is SIRC cash flow positive?
At this time, Q4 financials have not yet been completed. Cash flow in Q4 was better than Q3 and continues to improve. On-going focus has allowed SIRC to continue to increase profitable revenue and reduce costs. The previously announced 3A10 process, along with operating cash flow, has allowed for the continuation of debt reduction. Quarterly financial statements will continue to be posted for shareholders, which is the best source of public financial information.
If I want to refer someone for roofing/solar projects, how would I do that?
All websites have contact information links to fill out and submit. When submitting, please note you are a shareholder so that can be taken into pricing consideration.
Why did you decide to stay on and become CEO when Dave Massey left?
I ask myself that every day! I am very loyal to the people that work here, our suppliers, our customers, and our shareholders. I firmly believe that we can be a viable construction business in the renewable energy space and continue to grow from there. Over the past 15 years, I made a point to find positions where I can make a difference, not only for the company, but for society in general. I spent a few years working with Sable Systems which makes advanced scientific test equipment to measure the metabolism in everything from fruit flies to blue whales. They provided advanced equipment to Big Pharma and leading Research Institutions globally. They are making a difference in scientific and medical advancements. Prior to that I was with the world's largest eyeglass lens manufacturer, helping people see. Renewable energy, done correctly, can help sustain the planet we all live on for future generations. I think that is an important and worthwhile field to be part of.
How are you doing in re-filing the Form 10?
The intent is to file an S1 or Form 10 early this year. The previous accounting firm exited the portion of the market that services PCAOB audit requirements causing a short delay. The search for a new accounting firm that can meet our needs going forward is underway. We have re-stated 2022 which will require an audit review from the new firm as well as a complete audit for 2023.
We have seen the lawsuit against Dave Massey. Why did you decide to file the lawsuit?
I don't want to spend too much time dwelling on the past and cannot comment on ongoing litigation to a great degree. The more I learned about past practices and decisions, the more I felt compelled to do what we can to protect and retrieve shareholder assets where we can. As an employee of the company, I am entrusted with protecting and using those resources to the best of my ability on behalf of shareholders. Dave Massey was in the same role, and in my opinion he did not always use resources for the benefit of the company and shareholders. When that trust has been violated, one avenue to recover assets is through litigation.
How does SIRC market and secure roofing and solar work? The SoCal market is crowded and depressed and I see almost zero marketing effort on behalf of SIRC. Help us understand how SIRC goes to market in the residential roofing and solar market.
Our roofing brands, McKay and Montross, have long established relationships in the southern California market. These relationships provide continuous referrals for both commercial and residential roofing work. The sales representatives in the roofing sector have also established themselves in the market and they do an excellent job in securing organic and referral work. It helps that our teams are very efficient and cost competitive and demand continues to outpace supply in the roofing market.
Residential solar has been redirected into two main areas. One, combination jobs (roof replacement and solar installation) where we can do both under one contract and one financing arrangement. Two, SunPower by Milholland is a powerful residential solar brand where we can offer a top-tier solar product at fair margins. We are seeing more emphasis placed on solar and battery storage combination projects which is additional revenue for SIRC and gives the homeowner more energy independence. Fair and profitable residential sales will continue to grow under these two initiatives. For the first time ever, a marketing budget and outreach plan has been established and will begin towards the middle/end of Q1 which will also help drive these channels.
At this point where SIRC truly turns the corner, is there any reason why our CEO would not consider investing his own cash in the business to make some handsome returns for himself? For me, this is the defining moment when I consider buying more shares.
There are rules for insiders in buying and selling shares of a company. My compensation is heavily share based, so I accumulate shares as part of my compensation. My base compensation is 60% of what the previous CEO's were paying themselves. I have no intention of selling any shares while I am CEO of SIRC, and I do not plan on going anywhere in the foreseeable future. I plan to see this through, get the company turned around and growing, get it fully reporting on the OTC, and eventually uplisted to a different exchange. At that point, I might buy or sell some shares, and I might not.
What excites you about 2024?
PLEMCo was recently awarded a new Commercial Solar and EVSE project for LA County for $900,000. This is one of many combination projects including commercial solar and EVSE that PLEMCo is uniquely qualified to perform. PLEMCo is currently in the process of reviewing and bidding for a multitude of projects similar in size and scope for a variety of government entities.
There is a large increase in commercial solar projects in California and SIRC is actively bidding on over 20 sites. Many of these projects include either EVSE or at least the stub down work for EVSE in the near future. We are also seeing a large increase in EVSE projects out for bid. Our focus on commercial roofing and residential roofing/solar jobs are also a very strong growth market for us.
In the federal government sector, the addition of a dedicated person has already proven to be the right move. We anticipate seeing a significant amount of EV charging equipment sales as one of our vendor partners appears to be passing FEDRamp in Q1 which clears the path for BPA sales. Growing the right revenue streams while aggressively reducing costs has put us on an exciting path for the future.
Which will happen first? The Chicago Bears win 10 games in a season or SIRC does $100 million in profitable revenue?
Wow. If SIRC had the number 1 and number 9 picks in the upcoming NFL draft. Both are possible in 2024 and very achievable in 2025.
About Solar Integrated Roofing Corp.
Solar Integrated Roofing Corp. (OTC: SIRC) is an integrated, single-source solutions provider of solar power, roofing and EV charging systems, specializing in commercial and residential properties throughout North America. The Company serves communities by delivering the best experience through constant innovation & legacy-focused leadership. For more information, please visit the Company's Investor Relations website at , Corporate website at or join us on Twitter, LinkedIn or Facebook.
Press Release Contact:
Julie Brehm
jbrehm@sircfamily.com
內華達州亨德森,2024 年 1 月 11 日(GLOBE NEWSWIRE)— 太陽能綜合屋面公司 場外交易代碼:SIRC)(“SIRC” 或 “公司”)是一家太陽能、屋頂和電動汽車充電系統的綜合單一來源解決方案提供商,回答了投資者的問題。首席執行官布拉德·裏內哈特回答了投資者提出的問題。“我一直對我們的投資者保持透明和開放,並將在我們進入2024年之際繼續這樣做。儘管未來仍存在挑戰,但SIRC已經取得了重大進展,我預計SIRC旗下的所有公司今年都將是正增長的一年。”
SIRC旗下的公司
SIRC將採取措施整合品牌,並以SIRC的名義將其作爲DBA經營。整合品牌不僅可以簡化會計、銀行業務和保險,還可以降低管理成本。麥凱和蒙特羅斯品牌將合併爲屋面分支機構,並將保留麥凱屋頂的名稱。米爾霍蘭將繼續擔任住宅太陽能部門。PlemCo將保持其地位,因爲它在政府合同、EVSE、BESS和商業太陽能項目中仍然表現強勁。一個項目正在進行中,旨在從這兩個網站上刪除剩餘的品牌。
SIRC 有首席運營官嗎?
在10月份的投資者更新播客中,布拉德·裏內哈特宣佈將穆罕默德·蘇里晉升爲首席運營官。自從擔任首席運營官以來,穆罕默德一直密切合作,領導屋面和太陽能部門,此外還管理PlemCo的運營。在同一次更新中,宣佈朱莉·佈雷姆將調任銷售和營銷高級副總裁,負責SIRC的所有銷售職能。
SIRC爲什麼要出售餘額?
SIRC是一家可再生能源領域的建築公司,而Balance Claims是屋面行業的調整服務職能。鑑於保險業的不確定性,尤其是大型保險公司退出佛羅里達州、德克薩斯州和加利福尼亞市場,有些保險公司完全停止爲屋頂提供保險,我認爲最好剝離Balance並將這些收益用於其他建築部門。在新的所有權結構下,Balance將更有能力爲其市場提供服務,而SIRC將能夠將這些收益用於支持其他運營部門的建築活動。對於 SIRC 和 Balance 來說,這是一個不錯的決定。
SIRC的現金流是正的嗎?
目前,第四季度的財務狀況尚未完成。第四季度的現金流好於第三季度,並且繼續改善。持續的關注使SIRC能夠繼續增加盈利收入並降低成本。先前宣佈的3A10流程以及運營現金流使債務減免得以繼續。將繼續爲股東發佈季度財務報表,這是公共財務信息的最佳來源。
如果我想推薦某人做屋頂/太陽能項目,我該怎麼做?
所有網站都有聯繫信息鏈接可供填寫和提交。提交時,請注意您是股東,因此可以將其考慮在定價中。
戴夫·梅西離職時你爲什麼決定留任併成爲首席執行官?
我每天都這樣問自己!我非常忠於在這裏工作的人、我們的供應商、我們的客戶和我們的股東。我堅信,我們可以成爲可再生能源領域可行的建築企業,並以此爲基礎繼續發展。在過去的15年中,我特別想找到可以爲公司乃至整個社會帶來改變的職位。我在Sable Systems工作了幾年,該公司生產先進的科學測試設備,可以測量從果蠅到藍鯨的所有事物的新陳代謝。他們爲全球大型製藥公司和領先的研究機構提供了先進的設備。它們正在科學和醫學進步方面有所作爲。在此之前,我曾在世界上最大的眼鏡鏡片製造商工作,幫助人們看清視力。如果使用得當,可再生能源可以幫助我們爲子孫後代維持我們賴以生存的地球。我認爲這是一個重要且值得參與的領域。
你在重新提交表格 10 方面表現如何?
目的是在今年年初提交S1或10號表格。之前的會計師事務所退出了爲PCAOB審計要求提供服務的市場部分,導致了短暫的延遲。正在尋找一家能夠滿足我們未來需求的新會計師事務所。我們已經重述了2022年,這將需要新公司進行審計審查,並對2023年進行全面審計。
我們已經看到了針對戴夫·梅西的訴訟。你爲什麼決定提起訴訟?
我不想花太多時間沉迷於過去,也無法在很大程度上評論正在進行的訴訟。我對過去的做法和決策了解得越多,我就越覺得有必要盡我們所能保護和收回股東資產。作爲公司的員工,我受託盡我所能代表股東保護和使用這些資源。戴夫·梅西也擔任過同樣的職務,我認爲他並不總是將資源用於公司和股東的利益。當該信託遭到違反時,追回資產的一種途徑是訴訟。
SIRC如何營銷和保護屋頂和太陽能系統?SoCal市場既擁擠又蕭條,我認爲代表SIRC的營銷工作幾乎爲零。幫助我們了解SIRC如何進入住宅屋面和太陽能市場。
我們的屋面品牌McKay和Montross在南加州市場建立了長期的合作關係。這些關係爲商業和住宅屋面工程提供了持續的推薦。屋面行業的銷售代表也在市場上站穩了腳跟,他們在確保有機和推薦工作方面做得非常出色。這有助於我們的團隊提高效率和成本競爭力,屋面市場的需求繼續超過供應。
住宅太陽能已被重定向到兩個主要領域。第一,組合工作(屋頂更換和太陽能安裝),根據一份合同和一項融資安排,我們可以同時做這兩項工作。第二,米爾霍蘭的SunPower是一個強大的住宅太陽能品牌,我們可以以合理的利潤提供一流的太陽能產品。我們看到,太陽能和電池存儲組合項目越來越受到重視,這爲SIRC提供了額外的收入,也爲房主提供了更多的能源獨立性。在這兩項舉措下,公平而有利可圖的住宅銷售將繼續增長。有史以來第一次制定了營銷預算和宣傳計劃,並將從第一季度中期/末開始,這也將有助於推動這些渠道的發展。
在SIRC真正轉危爲安的時刻,我們的首席執行官有什麼理由不考慮將自己的現金投資於該業務以爲自己帶來可觀的回報嗎?對我來說,這是我考慮購買更多股票的決定性時刻。
內部人士在買入和賣出公司股票時有規定。我的薪酬主要以股份爲基礎,因此我將累積股份作爲薪酬的一部分。我的基本薪酬是前任首席執行官自己支付的薪酬的60%。在我擔任SIRC首席執行官期間,我無意出售任何股票,而且我也不打算在可預見的將來去任何地方。我計劃解決這個問題,讓公司扭轉局面,發展壯大,讓它在場外交易上全面報告,並最終在另一家交易所上市。那時,我可能會買入或賣出一些股票,但可能不會。
2024 年是什麼讓你興奮的?
PlemCo最近以90萬美元的價格獲得了洛杉磯縣新的商用太陽能和電動汽車SE項目。這是包括商用太陽能和電動汽車在內的衆多組合項目之一,PlemCo具有獨特的執行資格。PlemCo目前正在審查和競標許多規模和範圍與各種政府實體相似的項目。
加利福尼亞的商業太陽能項目大幅增加,SIRC正在積極競標20多個場地。其中許多項目要麼包括EVSE,要麼至少包括不久的將來EVSE的存根工作。我們還看到競標的EVSE項目大幅增加。我們專注於商用屋面和住宅屋面/太陽能工作,對我們來說也是一個非常強勁的增長市場。
在聯邦政府部門,增加專職人員已被證明是正確的舉動。我們預計電動汽車充電設備的銷售量將大幅增長,因爲我們的供應商合作伙伴之一在第一季度似乎已超過FedRAMP,這爲BPA的銷售掃清了道路。在積極降低成本的同時增加正確的收入來源,使我們走上了令人興奮的未來道路。
哪個會先發生?芝加哥熊隊在一個賽季中贏了10場比賽還是SIRC創造了1億美元的盈利收入?
哇。如果SIRC在即將到來的NFL選秀中獲得了第一和第9的選秀權。兩者在2024年都是可能的,在2025年是完全可以實現的。
關於Solar Integrated Roofing公司
Solar Integrated Roofing Corp.(場外交易代碼:SIRC)是一家太陽能、屋面和電動汽車充電系統的綜合單一來源解決方案提供商,專門生產北美各地的商業和住宅物業。公司通過持續的創新和以遺產爲中心的領導力提供最佳體驗,從而爲社區提供服務。欲了解更多信息,請訪問公司的投資者關係網站,網址爲公司網站,或通過推特、領英或臉書加入我們。
新聞稿聯繫人:
朱莉·佈雷姆
jbrehm@sircfamily.com