Solar Integrated Roofing Corp. Enters Settlement Agreement to Resolve Previously Filed Claims

HENDERSON, Nev., Oct. 09, 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 entered into a settlement agreement with Jason Newby to resolve the claims filed by Mr. Newby, and the counterclaims filed by the Company.

Under the terms of the settlement agreement, the Company has agreed to (i) issue a $2.1 million convertible promissory note to Mr. Newby to formalize liabilities carried on the Company’s balance sheet since 2021 (including a $2 million related party balance owed to Mr. Newby in connection with the acquisition of Kinetic Investments, Inc. dba Future Home Power (“FHP”) in June 2021), which note is convertible into shares of Company common stock at a conversion price equal to 80% of the closing price of the Company’s common stock on the date of issuance of the note, and (ii) issue Mr. Newby 150,000,000 shares of Company common stock in satisfaction of unpaid sales commissions in excess of $6,000,000, and Mr. Newby has agreed to cancel all of his shares of Class D Preferred Stock of the Company. The Company also agreed to offer certain former sales representatives of FHP convertible promissory notes in satisfaction of claims by the representatives for unpaid sales commissions, each of the parties agreed to release the other from all claims, with the lawsuit between the parties to be dismissed with prejudice.

“We are happy to put this chapter behind us,” stated Brad Rinehart, Chief Executive Officer of the Company. “To his credit, Mr. Newby insisted that his settlement with the Company require the Company to offer convertible notes to the former FHP sales force to attempt to settle their claims for unpaid commissions and over-rides as well, and we intend to offer those notes to the sales force in the near future. By amicably resolving this dispute, we hope that Mr. Newby can put this uncomfortable episode behind him, and we wish him nothing but success in his future endeavors.”

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.