HENDERSON, Nev., Feb. 15, 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 signed a binding Letter of Intent (LOI) to acquire AVCO Roofing (“AVCO”), a provider of roofing and solar solutions to residential and commercial properties.

Founded in 2007, AVCO specializes in roof and solar repair and replacement services for residential and commercial buildings in North and East Texas, Oklahoma, and Louisiana. The Company expects the acquisition to be immediately accretive.

AVCO Roofing generated approximately $21 million in revenue in fiscal year 2022 and approximately $140 million in revenue since owner Heath Hicks purchased the company in 2016. AVCO currently has three locations with a team of more than 150 team members. AVCO is the recipient of numerous service awards and is listed on Inc.’s Top 100 Fastest Growing Companies in Texas & Top 1,000 Fastest Growing Companies in the USA.

"With over 10,000 projects completed over the last decade, AVCO is among the leading companies in the roofing industry and a highly regarded name in its region,” said David Massey, Chief Executive Officer of Solar Integrated Roofing Corp. “Under the leadership of Heath Hicks, AVCO has developed a reputation as a highly regarded contractor that forges deep relationships with its customers and communities. We look forward to working with Heath and his team to generate continued growth under SIRC’s roofing division while unlocking additional revenue through cross-selling opportunities. The AVCO LOI represents the first in the list of strategically important LOIs that SIRC has announced following our recent funding which will enable our next phase of growth.”

Heath Hicks, Chief Executive Officer, and Owner of AVCO, added: “The scale of the opportunity presented by AVCO joining the ever-growing Solar Integrated Roofing Corp. SIRC platform is very exciting. AVCO brings immediate accretive value to SIRC and has been working closely with SIRC subsidiaries and divisions for years. The quality of our team at AVCO combined with the strong relationships and alignment already in place with the SIRC team allows for strategic national growth and tremendous long-term value creation for all involved, most importantly the SIRC shareholders.”

Closing of any potential acquisition is subject to final due diligence, negotiation and execution of a definitive purchase agreement and all necessary approvals.

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.

Forward-Looking Statements

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Investor Relations Contact:
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