HENDERSON, Nev., June 13, 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, provided a corporate update relating to its recently announced execution of a binding Letter of Commitment (“LOC”) with Tribeca Energy, a to be formed holding company represented by Global Fund LLC & Neo Energy storage Ltd.
As previously disclosed by the Company, 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 the LOC. Following the execution of the definitive agreements, Tribeca Energy expects to execute a two-phase operational strategy focused on creating a vertically integrated energy company.
“For the initial phase of Tribeca Energy, we envision building a core portfolio consisting of approximately six companies,” said Joe HQ Luong, Partner at Tribeca Energy and NEO Energy Storage Ltd. “In addition to Solar Integrated Roofing Corp., we are targeting various companies across the alternative energy supply chain including the mining, manufacturing of key component parts for batteries, energy storage technology including Vanadium Redox Flow Battery, wind and solar companies, and companies in the distributed energy sector, to construct our primary portfolio. We anticipate these transactions will include share exchanges that are structured similar to our agreement with SIRC, as well as several cash-only acquisitions. We are looking to raise approximately $100m via a PIPE Pre-IPO. Accredited investors who are interested in participating in this PIPE investment should contact the team at MZ North America. Post IPO, each of the portfolio companies will submit their additional capital raising requirements for Tribeca Energy to do a Rights Issue.
“Additionally, Pre-IPO, our focus will be on the integration of all operating companies into one working platform. This process will include the assembly of an executive management team with C-suite experience at NYSE/Nasdaq-listed companies to oversee the broader platform. In this phase, we will also begin integrating an additional subset of companies that are currently targeted to be combined with Tribeca Energy.
“In phase two, we will seek to bolster the platform with approximately six additional companies from various regions, broadening Tribeca Energy’s global presence.
“Ultimately, our vision for Tribeca Energy is to achieve the decarbonizing of the energy grid by focusing on renewable energy, long-duration energy storage (LDES) solutions, and distributed energy supplies to transform the world economy by building a sustainable future through energy security. The U.S. Department of Energy classifies LDES at 10 hours of duration or more. The technology and batteries that Tribeca Energy will bring to market will be rated at 40 hours or more, creating a benchmark for energy storage. We are highly confident in our ability to realize this vision with our agreement with SIRC creating a solid base for Tribeca Energy. We are working diligently to execute our multi-pronged approach alongside Brad Rinehart, Troy Clymer, and the rest of the SIRC team to build a new vertically integrated energy company,” concluded Luong.
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 Investor Relations website at www.solarintegratedroofing.com, Corporate website at https://www.sirc.com/ or join us on Twitter, LinkedIn or Facebook.
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:
Michael Kim/Brooks Hamilton
MZ North America
+1 (949) 546-6326
SIRC@mzgroup.us
www.mzgroup.us
