Rhode Island Chronicle

Merger Commitment Signed with Tribeca Energy Including Plans of NYSE/NASDAQ Up-Listing for Solar Tech, Roofing and EV Charging System Provider: Solar Integrated Roofing Corp. (Stock Symbol: SIRC)

 Breaking News
  • No posts were found

Merger Commitment Signed with Tribeca Energy Including Plans of NYSE/NASDAQ Up-Listing for Solar Tech, Roofing and EV Charging System Provider: Solar Integrated Roofing Corp. (Stock Symbol: SIRC)

May 25
17:39 2023
  • Commercial & Residential Supplier of Solar Power, Roofing, and Electric Vehicle Charging Systems. 
  • Expanding Finance Division to Serve Alternative Energy Contractors.  
  • Expectation for Finance Division to Generate Millions in Profits.  
  • Exclusive Interview with CEO Released with Discussions of Strong Commercial Growth for and Potential Up-Listing to NYSE/NASDAQ. 
  • Engaged ShareIntel for Shareholder Service Agreement, Targeting Illegal Short Selling to Protect Shareholder Interests. 

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. SIRC serves communities by delivering the best experience through constant innovation & legacy-focused leadership.

  • SIRC Executes Binding Letter of Commitment with Tribeca Energy

On May 25th SIRC announced that it has executed a binding Letter of Commitment (“LOC”) with Tribeca Energy, a holding company represented by Global Fund LLC & Neo Energy Storage Ltd.  The LOC sets out irrevocable terms and conditions under which SIRC commits to the sale of certain shares in return for investment by Tribeca Energy. The share exchange agreement will give Tribeca Energy 100% ownership of the SIRC shares as well as a majority of its board seats.

  • Letter of Commitment Terms

Tribeca Energy shall consummate a merger agreement to list on the NYSE/Nasdaq by October 30, 2023, pending completion of all relevant/necessary documents, and no later than 12 months from the time of this LOC.

SIRC shall not engage with any third party in a way that may result in the change in the capital structure of the Company until October 30, 2023, without the prior written consent of Tribeca Energy. 

Following the execution of the definitive agreements, the majority of the board of SIRC shall be comprised of new members appointed by Tribeca Energy; Each new director is to resign should the contemplated merger not be consummated in 12 months with an option to extend for another 6 months. 

“Our objective is to be the premier all-inclusive alternative energy solution in the market and this definitive agreement is another step in that direction,” said Brad Rinehart, Chief Executive Officer of SIRC. 

Joe HQ Luong, Partner at Tribeca Energy and NEO Energy Storage Ltd, added: “Neo Energy Storage Ltd and Global Fund LLC have joined forces to form Tribeca Energy. Tribeca Energy is a vertically integrated holding company that is merging a group of outstanding companies in the renewable and long-duration energy storage sector to go public in Q4 2023.  We are thrilled to work with the team at Solar Integrated Roofing Corp to consolidate their already extensive solar proposition outreach and combine it with long-duration energy storage to achieve our vision to decarbonize the world’s electricity grid systems by 2050 and transform the economy by building a sustainable future through energy security.”

Stephen Drew, Partner at Tribeca Energy and Global Fund LLC, added: “Global Fund is a 23-year-old private equity firm focused on investing in high-growth companies across various industries and geographies, pre-IPO. The firm specializes in acquiring small to medium-sized companies that can add value to our well-defined strategies. We are excited to work with their incredible and dedicated team at Solar Integrated Roofing Corp and merge them with our group of solar and long-duration energy storage companies.”

  • Potential Up-Listing and 2023 Commercial Pipeline Discussed by CEO David Massey with The Stock Day Podcast

On May 11th The Stock Day Podcast welcomed SIRC CEO, David Massey for an exclusive interview which included the following comments from Mr. Massey:  

“We had tremendous growth last year and this year we have an incredible commercial pipeline that we are working on. We are getting ready to begin a $330 million project in New Mexico that we are funding and moving to our pipeline next week. We are working with Global Fund out of New York. We are looking to team up with a battery company so that we can have our own storage and be more of a technology play.” 

“Last year we did quite a bit on the residential side. This year we are shifting more towards the commercial solar side. We are one of the contractors for the $5 billion EV charging bill that was passed recently by Congress.”

The conversation then turned to SIRC intentions of listing on the NASDAQ in the future. “We believe if we up-list to the NASDAQ, we can unlock the true value of the company,” said Massey. “Many cleantech companies on the Nasdaq trade anywhere from 5x to 10x revenues; we are trading at 15% of our revenues on the OTC Market,” he explained.

“We just kicked off our finance division, which will allow us to offer our own financing for our projects. Dealer fees are significant in the solar industry, but our dealer fees are lower than many of those out there. We anticipate that this division will add a tremendous amount of revenues to the top line.”

To hear David Massey’s entire SIRC interview, follow the link to the podcast here: https://audioboom.com/posts/8299103-solar-integrated-roofing-corp-discusses-potential-nasdaq-uplist-and-2023-commercial-pipeline-wit.

  • SIRC and ShareIntel Enter Shareholder Service Agreement, Targeting Illegal Short Selling — Measures to Protect Shareholder Interests 

On May 2nd SIRC announced the Company has retained Shareholder Intelligence Services, LLC  for a 12-month, full-service agreement to review the trading patterns of SIRC common stock; monitor, identify, and reconcile discrepancies; and target illegal short-selling activities. 

ShareIntel gathers and analyzes shareholder trading data through its DRIL-Down™ process, a technology platform that examines equity flows and reveals suspicious, aberrant, and/or unusual trading activity. The tool aims to help management to identify, interpret and communicate shareholder and broker-dealer movement to the market.

“We are taking action to ensure that SIRC is not the target of unlawful trading activities,” said David Massey, Chief Executive Officer of SIRC. “ShareIntel’s proprietary analytics will identify reporting anomalies among market makers, banks, broker-dealers, and clearing firms as it tracks share ownership and identifies suspicious trading activity. We believe this engagement is a prudent step to protecting our shareholders’ investments and addressing any suspected violations.”

ShareIntel is an application service provider retained by public companies to obtain, aggregate, track, and analyze shareholder trading information. This process is managed through a proprietary patent-pending web-based application known as the “Data Repository Information Link” system DRIL-Down™.

  • SIRC Enters Exchange Agreement to Extinguish $14 Million Promissory Note

On April 20th SIRC announced that it has entered into an exchange agreement with existing noteholder Granite Global Value Investments LTD (“Granite”) to extinguish a $14 million promissory note. Pursuant to the exchange agreement, Granite agreed to cancel the $14 million note issued by the company in June 2022 in exchange for 4,000,000 shares of common stock.

“Securing this exchange agreement is a key milestone in our ongoing de-leveraging initiatives, as we remain focused on SIRC’s next stage of growth,” said David Massey, Chief Executive Officer. “We now have significantly more flexibility to pursue potential strategic transactions or up-list to a senior stock exchange. We remain focused on operational execution across our businesses, with the goal of unlocking and maximizing value for our shareholders.”

For more information on SIRC visit: www.sirc.com

DISCLAIMER:

CAP/FrontPageStocks/CorporateAds.com (CA) is a third-party publisher and news dissemination service provider. CAP/FPS/CA is NOT affiliated in any manner with any company mentioned herein. CAP/FPS/CA is a news dissemination solutions provider and is NOT a registered broker/dealer/analyst/adviser, holds no investment licenses, and may NOT sell, offer to sell or offer to buy any security. CAP/FPS/CA’s market updates, news alerts, and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities. The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material. All readers are strongly urged to perform research and due diligence on their own and consult a licensed financial professional before considering any level of investing in stocks. All material included herein is republished content and details which were previously disseminated by the companies mentioned in this release or the opinion of the writer. CAP/FPS/ CA is not liable for any investment decisions by its readers or subscribers. Investors are cautioned that they may lose all or a portion of their investment when investing in stocks. CAP/FPS/CA has been compensated $500 by a third party for the dissemination of this article.

Disclaimer/Safe Harbor:

These news releases and postings may contain forward-looking statements within the meaning of the Securities Litigation Reform Act. The statements reflect the Company’s current views with respect to future events that involve risks and uncertainties. Among others, these risks include the expectation that any of the companies mentioned herein will achieve significant sales, the failure to meet schedule or performance requirements of the companies’ contracts, the companies’ liquidity position, the companies’ ability to obtain new contracts, the emergence of competitors with greater financial resources and the impact of competitive pricing. In light of these uncertainties, the forward-looking events referred to in this release might not occur.

Media Contact
Company Name: SOLAR INTEGRATED ROOFING CORPORATION
Contact Person: Dave Massey, CEO
Email: Send Email
Phone: (702) 589-4651
Address:2831 St. Rose Pkwy Suite 200
City: Henderson
State: Nevada 89052
Country: United States
Website: https://www.sirc.com/