Solar Integrated Roofing Corporation (OTC:SIRCD) Stock On Watchlist After Corporate Update

In light of the announcement made by the company yesterday, it could be a good time for investors to take a look into Solar Integrated Roofing Corporation (OTC:SIRCD). The single-source and integrated solutions provider is involved in roofing, solar power, and electric vehicle charging systems. The company provided updates with regards to the diversification of sales strategies and its MCA loans.

The company noted that the legacy MCA loans had been the reason why its operation cash flow had been burdened ever since the executive leadership had been changed in June last year. The company noted that it had been able to retire the two remaining legacy MCA loans over the past week. The Chief Executive Officer of the company, Brad Rinehart, announced on Thursday that the retirement of the legacy loans was a source of significant relief for everyone at the company. He noted that it was a positive since a major challenge was behind the company.

The CEO went on to add that the company was intent on focusing on cutting down on operational costs and diversifying its offerings. The strategy had started to show its benefits as well. In the news release, Solar Integrated Roofing Corporation also noted that in the past it had been solely focused on the residential solar space, a hugely competitive and limited niche.

However, the company changed its strategy and decided to become more selective in the residential solar projects that it got involved in. Such a strategy is expected to help the company have a much more diversified solar strategy and solve many of the issues it has experienced in the past. It was also revealed that the company had hired the services of a new electric vehicle sales manager in San Diego, who could bring in even more opportunities.