HENDERSON, NV / ACCESSWIRE / June 14, 2022 / Solar Integrated Roofing Corp. (OTC PINK:SIRC), an integrated, single-source solar power, roofing systems installation and EV charging company, today announced the amicable settlement of the pending legal action against K. Hunter Ballew, Upward Holdings Group, LLC and RoofCon, LLC as well as the associated cross-claims by Mr. Ballew against the company.
“We are pleased that both parties were able to look beyond the claims and allegations in this case to reach an amicable resolution,” said David Massey, Chairman and CEO of Solar Integrated Roofing Corp. “As discussions with Mr. Ballew developed, both parties came to the conclusion that working together to achieve an equitable resolution for all involved, including SIRC shareholders, was far preferable to continued litigation in the court system.”
The terms of the settlement include, among other things, a general release of all past and future claims between the parties, SIRC transferring ownership of Cornerstone Construction Team, LLC back to Mr. Ballew in exchange for the return of 45 million common shares to SIRC, and a waiver of the “Make Whole” provision of the original Stock Purchase Agreement. In addition, Mr. Ballew will repay SIRC the sum of $1,000,000.00 cash, secured by a promissory note and a confession of judgment by Mr. Ballew, but Mr. Ballew will retain the cash portion of the Stock Purchase Agreement of $3,000,000.00.
The company does not anticipate that the transfer of Cornerstone Construction Team, LLC back to Mr. Ballew will have any significant negative affect on sales or revenue, nor is there any change to previous revenue guidance as a result of this transaction. Additionally, upon receipt of the 45 million common shares, the company intends to cancel them, resulting in an 8.6% net reduction of outstanding shares.
“I am pleased that Mr. Massey and SIRC were able to see the benefit of an early settlement, bringing this matter to a quick and mutually beneficial conclusion. I bear the company no ill will, and anticipate an ongoing successful relationship,” stated K. Hunter Ballew.
“As we pivot SIRC’s business model away from standard roofing and construction and wholly toward solar installation and EV charging, the closing of this unfortunate chapter in the company’s history and subsequent repair of our business relationship with Mr. Ballew provide us a path to continued cooperation with Cornerstone Construction Team and RoofCon in the years to come. We look forward to our continued work with Mr. Ballew and consider our renewed relationship a valued asset to SIRC,” concluded Massey.
About Solar Integrated Roofing Corp.
Solar Integrated Roofing Corp. (OTC PINK:SIRC), is an integrated, single-source solar power, roofing systems installation and EV charging company specializing in commercial and residential properties throughout the United States. The Company serves communities by delivering the best experience through constant innovation & legacy-focused leadership. The Company’s broad …….