Solar Integrated Roofing Corp. (OTC PINK: SIRC) Targets End Of February To Close On Acquisition Of Pacific Lighting Management, Inc., Which Has Several Long Term Government Contracts; First Takeover For SIRC In EV Charging Sta-tion Space

Solar Integrated Roofing Corp. (OTC PINK: SIRC) announces today (Wednesday, February 11, 2021) that it has signed a binding LOI to acquire its first company for its new dedicated EV Charging Station Division, Pacific Lighting Management, Inc. SIRC said it was targeting the end of February for the close of the purchase for the company -- which offers several long term (IDIQ-type government contracts with the General Services Administration (GSA and GSA Fleet). Its customers also include federal, state and local governments, school districts, hospitals and large commercial clients., the Company said.

stockmarketpress.com features specialized coverage of related stocks in the solar, roofing, EV charging stations and battery charging energy industry such as Solar Integrated Roofing Corp. (OTC PINK: SIRC), Sunrun, Inc. (NASDAQ: RUN), Blink Charging Co. (NASDAQ: BLNK), Tesla, Inc. (NASDAQ: TSLA), GM (NYSE: GM), SolarEdge Technologies, Inc. (NASDAQ: SEDG), First Solar, Inc. (NASDAQ: FSLR), SunPower (NASDAQ: SPWR), Gibraltar Industries, Inc. (NASDAQ: ROCK) and Canadian Solar Inc. (NASDAQ: CSIQ).

Solar Integrated Roofing Corp. (OTC PINK: SIRC) Targets End Of February To Close On Acquisition Of Pacific Lighting Management, Inc., Which Has Several Long Term Government Contracts; First Takeover For SIRC In EV Charging Station Space

SIRC Says Acquisition Will Be Cash-Flow Positive

Solar Integrated Roofing Corp. (OTC PINK: SIRC) said the acquisition would be cash-flow positive. The target closing date of the end of February 2021 dovetails with the end of the its fiscal year. Pacific Lighting is also qualified by the U.S. Department of Energy as an ESCo (Energy Services Company). Solar Integrated Roofing Corp. (OTC PINK: SIRC) Targets End Of February To Close On Acquisition Of Pacific Lighting Management, Inc., Which Has Several Long Term Government Contracts; First Takeover For SIRC In EV Charging Station Space.

David Massey, CEO of SIRC, said, "Pacific Lighting is a highly respected brand and will be a transformative partnership for our company, expanding our opportunities in the significant government contract market. Their Energy Services Company ESCo qualification is difficult to obtain and is held by just a few dozen large construction companies and a fraction of small businesses, authorizing them to enter into the often large-scale 'performance contracts' with federal and local governments. Their strong relationships with government agencies, forged over 18 years of business, represent a unique, valuable opportunity for our growing portfolio of operating companies."

Massey added that after the acquisition, SIRC could offer Pacific Lighting's customers a multitude of services: solar, battery backup installation, roofing and related HVAC/electrical contracting work. Solar Integrated Roofing Corp. (OTC PINK: SIRC) Targets End Of February To Close On Acquisition Of Pacific Lighting Management, Inc., Which Has Several Long Term Government Contracts; First Takeover For SIRC In EV Charging Station Space.

Pacific Lighting's Growth Over 18 Years "Has Been Phenomenal," Says Its CEO

Ted Hatamian, CEO of Pacific Lighting, said, "Our growth over the past 18 years has been phenomenal. Between our resources and existing client base, along with Solar Integrated Roofing's resources and solar experience, we feel the combination is going to take both companies to new heights." Pacific Lighting is a GAAP-audited diversified EV charging services provider to large commercial and government customers, he said.

Pacific Lighting Serves Mainly Government And Large Commercial Clients

Founded in 2003, Pacific Lighting serves mainly government and large commercial clients. It is based in Southern California, in Santa Ana. Learn more at http://www.pacltg.com/.

SIRC's CEO and President, David Massey and Brian Milholland, respectively, told Money TV's host Donald Baillargeon that SIRC was seeking a quick start in the EV Charging Station industry by seeking to acquire a ready-operating company with clients and engineering already in place for a fast running start. Massey said he is already interviewing potential acquisition targets in three states: New Jersey, Colorado and Califronia. Tesla (NASDAQ: TSLA) is already in this space and GM (NYSE: GM) has already announced its plans to open 2,7000 EV charging stations within five years. GM has acknowledged that its EV potential customers have expressed concerns about mileage limitations on a single charge and how fast a supplemental electric charge on the road can take. New battery technology and fast-charing stations are designed to address those issues.

SIRC Sets Sights On EV Charging Station Business Industry

Solar Integrated Roofing Corp. (OTC PINK: SIRC) is entering the EV charger installation market focusing on sales, marketing, installation and service of personal EV chargers -- as well as on public EV charging infrastructure for network operators. To grow quickly in this industry, SIRC is seeking the acquisition of EV charger installers nationwide.

SIRC has already demonstrated its ability to acquire adjacent companies as it grows. The most recent was last week's close on its purchase of established solar installer Enerev LLC. Solar Integrated Roofing Corp. (OTC PINK: SIRC) Targets End Of February To Close On Acquisition Of Pacific Lighting Management, Inc., Which Has Several Long Term Government Contracts; First Takeover For SIRC In EV Charging Space.

Clean Energy A Priority For Solar Integrated Roofing Corp. (OTC PINK: SIRC)

SIRC is committed to solar and other clean energy adjacent sectors. In addition to acquiring solar company Enerev LLC, SIRC entered a new alliance with San Diego builders to enter the new home business in that market. It also reached agreement with Solectrac, Inc., an all-electric tractor developer and manufacturer located in Northern California. That company is now 24% owned by Ideanomics (NASDAQ: IDEX). and Solectrac is an applicant for a $500 million USTDA grant. Tesla, Inc. (NASDAQ: TSLA) has elevated Solar Integrated Roofing Corp. (OTC PINK: SIRC) To Certified Installer Status.

Precedence Research Sees The EV Charging Industry Reaching $39 Billion By 2027

As electric vehicles skyrocket in growth, analysts published an industry forecast that EV charging stations will reach $39 billion by 2027, according to Precedence Research. The report finds that the industry will grow fast at a 40.7% CAGR rate from 2020-2027. Tesla (NASDAQ: TSLA) and Solar Integrated Roofing Corp. (OTC PINK: SIRC) are already in the industry.

SIRC Is Growing And Goldman Report Sees A Bright Outlook For Its Stock

Goldman Small Cap Research in a analysis report explained that SIRC's stock still has a lot to gain in valuation metric. "Thus, we believe that these shares (SIRC) could trade north of $1.00 and beyond in 2021, especially as new companies are brought into the SIRC family," it concluded. Goldman Small Cap Research in the January report tripled its price target for Solar Integrated Roofing Corp. (OTC PINK: SIRC) to $0.75 for the next three-six months. But SIRC's stock has already eclipsed that -- trading at yesterday's close at $1.90, after a whirlwind week of volatile stock valuation.

Solar Integrated Roofing Corp. (OTC PINK: SIRC) Says It Will Reach $40 Million In FY 2022

Goldman likes the SIRC M&A strategy, entry into adjacent sectors, past record performance and partnership/agreement with the EV developer of all-electric tractors, which is an applicant for a $500 million USTDA grant. Saying that SIRC is expanding volume both organically and with acquisition growth, it projects SIRC sales at $19.8 million for FY 2021 and $38.5 million In FY 2022.

SIRC itself forecasts a volume of $40 million for FY 2022 -- slightly north of the $38.5 million projected for it that year by the new Goldman report. Massey, CEO of Solar Integrated Roofing Corp. (OTC PINK: SIRC), projects that its fast-track growth will generate revenues of $20 million for the FY ending February 28, 2021, almost precisely the $19.8 million estimated by the initial report.

Learn more about SIRC at https://www.solarintegratedroofing.com/corporate-governance/leadership/.

Source: Stock Market Press

Join Stock Market Press' newsletter for the latest in IPO, market commentary and company profiles.

Stock Market Press is a financial news company that delivers up to date stock news, introduces private and public companies to a wide audience of investors, consumers, journalists and the general public via social media and a rapidly expanding network.

Contact:

Stock Market Press
110 Wall St.
New York, NY 10005 info@stockmarketpress.com https://twitter.com/PressStock

Safe Harbor Statement:

Statements in this news release may be "forward-looking statements." Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions or any other statements relating to our future activities or other future events or conditions. These statements are based on current expectations, estimates and projections about our business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and are likely to, differ materially from what is expressed or forecasted in forward-looking statements due to numerous factors. Any forward-looking statements speak only as of the date of this news release and Stock Market Press undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this news release.

See Stock Market Press disclaimer: http://stockmarketpress.com/disclaimer/ SOURCE: Stock Market Press

comtex tracking