SIRC - Solar Integrated Roofing Corp. Eliminates Over $1.5 Million of Debt | Benzinga
HENDERSON, Nev., Aug. 30, 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 it has completed a 3a10 transaction with Continuation Capital with final numbers as follows:
- Total debt retired: $1,063,778
- Total shares initially reserved for transaction: 239,239,890
- Total shares issued for transaction: 144,302,020
The Company also settled an outstanding secured debt with an existing creditor, a factor for $469,000 of its receivables. The company also settled a note with an individual lender retiring $150,000 in debt.
"These transactions have allowed us to retire a significant amount of outstanding liabilities, including the entirety of debt balances with five different creditors," said Brad Rinehart, Chief Executive Officer of SIRC. "Having greater financial flexibility will allow us to reinvest in the business and improve cash flow generation as we near cash flow positivity. We remain focused on strengthening our balance sheet as we prepare for our next stage of company growth."
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, ...