Company continues to expand market share in California solar market; Expects sales of more than $ 40 million in fiscal 2022
El Cajon, Calif .– (Newsfile Corp. – Nov 12, 2020) – Solar Integrated Roofing Corp. (OTC PINK: SIRC), a one-stop, integrated solar and rooftop installation company, announced today that it has signed a 30-day joint venture agreement with Enerev, LLC (“Enerev Solar”), a provider of solar energy solutions for residential and commercial real estate in California.
Enerev has established itself as a highly regarded provider of solar energy solutions in the California market, installing over 9,000 solar systems in residential and commercial properties in recent years. Enerev has a robust customer base across California and is exploring new opportunities in the Phoenix metropolitan area.
In September 2020, Solar Integrated Roofing signed a Letter of Intent (LOI) to acquire Enerev. In anticipation of the acquisition, the two companies initiated the one-month joint venture partnership in order to strategically coordinate marketing, sales and operation of the companies and ensure a correct fit and successful combination.
“Enerev is a leader in world-class business development and solar installers, with over 30 years of combined solar industry experience and a broad consumer base for residential and business customers,” said David Massey, chief executive officer of Solar Integrated Roofing Corporation. “The company is expected to have sales in excess of $ 2 million per month for the next 12 months. This first joint venture is an excellent opportunity for both teams to work together in pursuing the proposed acquisition.
“We believe the acquisition of Enerev will greatly expand our customer base and improve work efficiency across the company. With offices in Chula Vista, a short drive to the greater San Diego area and a growing presence in the Phoenix, Arizona market, Enerev will to do this.” open up exciting new growth opportunities for our team. With our comprehensive range of products and services, we can offer Enerev customers options for solar, battery backup installations, roofs and related work in the HVAC / electrical sector.
The story goes on
“We are excited to execute our robust acquisition strategy. We forecast revenue of $ 20 million for fiscal year 2021 ending February 20, 2021 and revenue of at least $ 40 million for fiscal year 2021 ending February 28, 2022 Fiscal year 2022. I look forward to more. We are expanding our growth initiatives by adding Enerev’s customers and highly skilled team to our fast growing company after successfully completing this first joint venture, “concluded Massey.
Completion of a potential acquisition is subject to final due diligence, negotiation and execution of a final purchase agreement and all necessary approvals.
About Enerev Solar
Enerev makes solar easy. With over 30 years of combined experience and over 9,000 solar systems, the company provides solar energy solutions for residential and commercial real estate, including bespoke planning, financing support, approval and installation. Enerev offers its customers first-class service, the highest material quality and an unmatched experience. More information is available at www.enerevsolar.com.
About Solar Integrated Roofing Corp .:
Solar Integrated Roofing Corporation (OTC PINK: SIRC) is a one-stop, integrated solar and roof installation company specializing in commercial and residential real estate in the Southern California market. For more information, please visit the company’s website at www.solarintegratedroofingcorp.com.
All statements made in this press release that are not historical facts contain certain forward-looking statements. As such a term is defined in the Private Security Litigation Reform Act of 1995, which addresses potential developments that have an impact on the business, prospects, financial condition and other aspects of the company to which this news release relates. Actual results on the specific items described in this press release, and the company’s business in general, could differ materially from those projected in such forward-looking statements. While such statements are based on the best estimates of the company’s management as of the date of this publication, material differences in size, timing and other factors could result from business risks and uncertainties, including, without limitation, the company’s reliance on third parties. General market and economic conditions, technical factors, availability of debt capital, receipt of income, and other factors, many of which are beyond the control of the company. The company disclaims any obligation to update the information contained in forward-looking statements. This press release is not intended as a general solicitation.
Investor Relations Contact:
Lucas A. Zimmerman
Senior Vice President
MZ North America
The source version of this press release can be found at https://www.newsfilecorp.com/release/68056