Solar Integrated Roofing Corp. Enters Exchange Agreement to Extinguish $14 Million Promissory Note
– Conversion of Note to Equity Reflects Company’s Ongoing Focus on Strengthening the Balance Sheet –
HENDERSON, Nev., April 20, 2023 (GLOBE NEWSWIRE) — Solar Integrated Roofing Corp. (OTC:SIRC) (“SIRC” or the Company”), an integrated, single-source solutions provider of solar power, roofing and EV charging systems, today 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 of SIRC. “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.”
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.
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Investor Relations Contact:
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