Breaking
#RenewableEnergy #Stock news - Solar Integrated Roofing (OTC: $SIRC) Secures
$10 Million Revolving Credit Facility with Top Four National Bank; @SIRCStock
HENDERSON, NV / February 7, 2023 / Breaking Solar/EV stock news from Investorideas.com - Solar Integrated Roofing Corp. (OTC: SIRC), an integrated, single-source solutions provider of
solar power, roofing and EV charging systems, announced it has secured a new
$10 million revolving credit facility with a top four national bank to finance
the Company’s working capital requirements, subject to customary closing
conditions.
Read this news, featuring SIRC in full at https://www.investorideas.com/news/2023/renewable-energy/02071SIRC-Revolving-Credit-Facility.asp
Per the terms of
the agreement, the $10 million revolving credit facility shall have a 1-year
term and carry interest at the SOFR rate plus 1.50%. The Company may borrow,
prepay and reborrow principal under the Credit Agreement from time to time
during its term. Additional details of the credit facility will be available in
a Form 8-K to be filed upon closing.
David Massey,
Chairman and Chief Executive Officer of Solar Integrated Roofing Corp., said,
“In combination with the impending closing of our recent $25 million term note,
this new credit facility will provide greater financial flexibility to invest
in internal initiatives and support our next phase of growth as we aggressively
focus on improving operating cash flows and profitability in 2023. 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.
“As we grow and
further expand our relationship with this banking partner across all aspects of
the business, in time we hope to grow this credit line towards an internal goal
of $100 million. Upon closing, this credit facility will mark another important
milestone for SIRC as we continue to execute on our strategic long-term growth
objectives and strive to create sustainable, long-term value for our
shareholders,” concluded Massey.
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 website at www.solarintegratedroofing.com or join us on Twitter or LinkedIn.
Forward-Looking
Statements
This press
release contains “forward-looking statements” within the meaning of the safe
harbor provisions of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements can be identified by words such as: “anticipate,”
“intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,”
“strategy,” “future,” “likely,” “may,” “should,” “will” and similar references
to future periods. Examples of forward-looking statements in this press
include, among others, statements about our renegotiated settlement agreement.
Forward-looking statements are neither historical facts nor assurances of
future performance. Instead, they are based only on our current beliefs,
expectations and assumptions regarding the future of our business, future plans
and strategies, projections, anticipated events and trends, the economy and
other future conditions. Because forward-looking statements relate to the
future, they are subject to inherent uncertainties, risks and changes in
circumstances that are difficult to predict and many of which are outside of
our control. Our actual results and financial condition may differ materially
from those indicated in the forward-looking statements. Therefore, you should
not rely on any of these forward-looking statements. Important factors that
could cause our actual results and financial condition to differ materially
from those indicated in the forward-looking statements include, among others,
the following: our limited operating history; our dependence on third parties
for many aspects of our business; general market and economic conditions;
technical factors; the availability of outside capital; our receipt of
revenues; legislative developments; changes in our expenditures and other uses
of cash; our ability to find, recruit and retain personnel in sufficient
numbers to support our growth; our ability to manage growth; and general
market, economic and business conditions. Additional factors that could cause
actual results to differ materially from those anticipated by our
forward-looking statements are under the captions “Risk Factors” and
“Management’s Discussion and Analysis of Financial Condition and Results of
Operations” in our most recent Registration Statement on Form 10 or Quarterly
Report on Form 10-Q filed with the Securities and Exchange Commission. Any
forward-looking statement made by us in this press release is based only on
information currently available to us and speaks only as of the date on which
it is made. We undertake no obligation to publicly update any forward-looking
statement, whether written or oral, that may be made from time to time, whether
as a result of new information, future developments or otherwise.
Investor
Relations Contact:
Lucas A. Zimmerman
Director
MZ North America
Main: 949-259-4987
SIRC@mzgroup.us
www.mzgroup.us
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