Oct 26, 2021 (Stock Market Press via COMTEX) -- Solar Integrated Roofing Corp.'s (OTC PINK: SIRC) subsidiary, 'USA Solar Networks,' announces today (October 26, 2021) it has entered a joint venture with RxSeed Coin -- a cryptocurrency coin asset listed on the Stellar Exchange -- to develop a cryptocurrency funding solution for humanitarian commercial solar projects. Pablo Diaz, CEO of USA Solar Networks, said RXSeed would offer SIRC solar projects "at no acquisition cost" and, in turn, SIRC's participation in the project would demonstrate its commitment to performing solar projects for underserved communities. It would also receive long-term revenues from the project plus all federal tax credits, additional tax benefits and any state or utility subsidies.
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Solar Integrated Roofing Corp.'s (OTC PINK: SIRC) Subsidiary 'USA Solar Networks' Partners With RxSeed Coin Using Capital Raised To Help Provide A Cryptocurrency Funding Solution For Humanitarian-Based Solar Projects
The terms of the new partnership call for SIRC to receive long term revenues from the host of the commercial entity paying for the power generated by the system and income from the profit of the development and construction of the solar project.
The partnership has a targeted gross margin of 15% or $150,000 per $1.0 million of the commercial project. In addition, USA Solar Networks would keep all federal tax credits earned, any state or utility subsidies, and additional tax benefits. These may include bonus depreciation of the system. Solar Integrated Roofing Corp.'s (OTC PINK: SIRC) Subsidiary 'USA Solar Networks' Partners With RxSeed Coin Using Capital Raised To Help Provide A Cryptocurrency Funding Solution For Humanitarian-Based Solar Projects.
"Diaz of USA Solar Networks, said, "This partnership represents a unique opportunity to develop a cryptocurrency funding solution for humanitarian projects that may otherwise have been impossible. RxSeed will offer us solar projects at no acquisition cost and the project will demonstrate our commitment to delivering solar solutions to underserved communities."
RxSeed Coin is dedicated to raising money through crowdfunding solutions for humanitarian efforts. They focus on projects to create emergency housing for disaster relief and unexpected homelessness. The projects include schools, churches and disenfranchised communities. The company is also highly involved in efforts to eradicate food insecurity in the U.S.
The agreement calls for the host of the commercial entity to sign a 20-25 year power purchase agreement that will pay to the holders of the RxSeed Coin a consistent revenue stream for the power that is generated by the solar system installed by USA Solar Networks. Solar Integrated Roofing Corp.'s (OTC PINK: SIRC) Subsidiary 'USA Solar Networks' Partners With RxSeed Coin Using Capital Raised To Help Provide A Cryptocurrency Funding Solution For Humanitarian-Based Solar Projects.
The goal is additionally to offer energy solutions to cryptocurrency miners to reduce electricity costs through solar installations. This would leverage relationships of the RxSeed Coin founders, the company said.
SIRC in mid-year acquired USA Solar Networks, along with its CEO Pablo Diaz. That subsidiary is active closing joint venture partnerships to educate contractors and dealers about the profitability of solar installations and attracting more contractor executives to its network, which now operates in some 40 states, Diaz said.
Solar Integrated Roofing Corp.'s (OTC PINK: SIRC) Subsidiary 'USA Solar Networks' Partners With RxSeed Coin Using Capital Raised To Help Provide A Cryptocurrency Funding Solution For Humanitarian-Based Solar Projects.
Learn more about SIRC at https://www.solarintegratedroofing.com/corporate-governance/leadership/ .
Source: Stock Market Press
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