Jul 27, 2021 (Stock Market Press via COMTEX) -- In s move designed to reduce dilution, Solar Integrated Roofing Corp. (OTC PINK: SIRC) announced today (July 27, 2021) it has commenced a share buyback program through a series of purchases to retire shares of its common stock. The initiative calls for SIRC to purchase and retire 5,000,000 shares of preferred stock, convertible to 50,000,000 shares of common, from Brian Milholland, who is retiring as president of SIRC but will continue as a consultant to the company. Milholland was named president of SIRC in March 2020 when David Massey, CEO of SIRC, called him a "solar guru." SIRC acquired Milholland Electric in January 2020.
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Solar Integrated Roofing Corp. (OTC PINK: SIRC) Purchasing And Retiring 5,000,000 Shares Of Preferred Stock, Convertible To 50,000,000 Shares Of Common, From Brian Milholland, Retiring From SIRC But Remaining As Consultant
David Massey, CEO of SIRC said, "In an effort to reduce dilution and drive shareholder value, the company will be making a series of share buybacks beginning with today's announced purchase of Brian's preferred shares. It's truly been a privilege to work alongside Brian, as his impact over over the past year has been immeasurable in helping us build towards the company we are today.
"We will certainly miss his full-time support, though we appreciate his agreement to remain with us in a consulting role, where his knowledge and expertise can continue to guide us moving forward. We wish him the very best in retirement." Solar Integrated Roofing Corp. (OTC PINK: SIRC) Purchasing And Retiring 5,000,000 Shares Of Preferred Stock, Convertible To 50,000,000 Shares Of Common, From Brian Milholland, Retiring From SIRC But Remaining As Consultant.
At the time in January 2020 when SIRC acquired Mulholland Electric, it announced it was at a $25 million run rate on revenues . Today, it has said its volume for FY 2022 is tracking to some $150 million as it grows its organic sales.
David Massey, CEO of SIRC, told shareholders recently in his first live Q&A session that the company is now tracking towards a $150 million volume in FY 2022. His vision for later performance is for a company doing $250 million annually with a $25 million gross profit. Solar Integrated Roofing Corp. (OTC PINK: SIRC) Purchasing And Retiring 5,000,000 Shares Of Preferred Stock, Convertible To 50,000,000 Shares Of Common, From Brian Milholland, Retiring From SIRC But Remaining As Consultant.
Learn more about SIRC at https://www.solarintegratedroofing.com/corporate-governance/leadership/ .
Source: Stock Market Press
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