SIRC has sold off the remaining assets involved in the residential solar and residential roofing market in
All of the employees at Milholland and McKay were offered employment during the transition. The purchase price was a combination of cash and retired debt due to the previous owner of
“This gives us the opportunity to focus all of our attention and resources on our growing commercial and government contracts division (PLEMCo) supporting commercial solar, microgrids, EV Charging Infrastructure, and LED Lighting conversions. We will also continue to do commercial roofing under the
PLEMCo is in full swing with three larger commercial projects including the installation of 34 EV Charging stations at Olive View, the
SIRC continues to focus on growing profitable sales with our remaining businesses of PLEMCo and Montross Companies. Now that the residential business units are gone, this frees up even more resources to expand and increase our commercial project bandwidth. This also allows us to hire the right people in our commercial and government channels including a new Project Manager who started this week, an additional Project Manager, an Electrical Engineer, and expanding our hourly electrical technician pool.
Investor Questions
1) Is there an Arbiter Update? The process of recovering our investment continues.
2) What is the status of the
3) Any updates on the Calaway project? The project is still awaiting a deal to gain access to the property, which is up to the customer. We have completed all work required for the energy plan for the property.
4) Anything to report on the Dave Massey lawsuit? No updates are available at this time.
5) Is the daily stock selling/dilution that keeps the share price near all-time lows coming to an end? I don’t have visibility to who is selling shares. We are still in the process of working through the 3A10 to pay off old debt through the sale of shares, which is handled by a third party.
6) How is the business in terms of new sales and revenue? We are in a pretty good position with our commercial/government business. We have
7) Are you still expecting us to be cash flow positive sometime this year? We are cash flow positive now that we have divested the residential solar and roofing divisions.
8) Is the company still viable for the long term? Now that we have streamlined our business units and sold off the residential and claims divisions, we can focus our efforts on the commercial and government business. We are positioned to continue to secure contracts in EVSE, Commercial Solar, LED Lighting conversions, and Commercial Roofing repair and replacements.
About
Press Release Contact:
jbrehm@sircfamily.com
Source:
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