RB Residential explores sustainable roofing with Sky Quarry

ROUND ROCK, Texas - RB Residential, Inc., a leader in roofing repair and restoration services, has announced its intention to collaborate with Sky Quarry, Inc. (NASDAQ: SKYQ) through a Letter of Intent (LOI). Sky Quarry, currently valued at $21.4 million in market capitalization, has seen its stock surge nearly 12% in the past week. The partnership is aimed at integrating sustainable practices in the roofing industry, leveraging Sky Quarry’s innovative recycling technology for waste asphalt shingles.

The LOI indicates the beginning of a partnership that seeks to enhance the environmental stewardship of RB Residential by incorporating Sky Quarry’s eco-friendly solutions into its roofing services. According to InvestingPro analysis, Sky Quarry currently maintains a weak financial health score of 1.22, with revenue of $30.8 million in the last twelve months. This strategic alliance reflects both companies’ commitment to community support and service quality improvement through sustainable innovation.

RB Residential is known for its comprehensive roofing services, which include inspections, repairs, replacements, and storm damage restoration. By teaming up with Sky Quarry, RB Residential plans to utilize sustainable materials in their projects, reducing waste and promoting environmentally friendly products.

Sky Quarry Inc. specializes in repurposing waste asphalt shingles into commercial products that are both valuable and eco-friendly. The collaboration with RB Residential is expected to further Sky Quarry’s mission of transforming the roofing industry with its waste-to-energy solutions.

Mike Jaap, CEO of RB Residential, expressed enthusiasm for the potential partnership and merger with Sky Quarry, highlighting the mutual benefits for their businesses, customers, and the environment. David Sealock, CEO of Sky Quarry, echoed this sentiment, emphasizing the alignment of both companies’ values in quality and sustainability.

The non-binding LOI outlines the initial framework for Sky Quarry’s potential acquisition of RB Residential, subject to further negotiations, due diligence, and stockholder approval. Investors should note that Sky Quarry operates with significant debt and a concerning current ratio of 0.31, according to InvestingPro, which offers 11 additional key insights about the company’s financial position. This preliminary agreement sets the stage for integrating sustainable practices into RB Residential’s operations, marking a significant step towards a sustainable future in roofing solutions.

The information is based on a press release statement from Restoration Builders.

In other recent news, Sky Quarry Inc. has unveiled plans for a national rollout of modular Asphalt Shingle Recycling (ASR) units. These units, which are designed to process waste asphalt shingles, are expected to be fully operational within the year. The company anticipates that the initial capital costs of these facilities will be recovered within 24 to 36 months through tipping fees and material sales.

In other developments, Sky Quarry has appointed Leo Womack, a seasoned finance leader, to its Board of Directors. Womack’s extensive experience includes serving as president and director of Gulf Equities Realty Advisors, Inc. and CEO of Ramsey Financial Group. He is expected to contribute his expertise in corporate financial strategy and capital markets to the company’s governance.

These developments come as Sky Quarry focuses on growth and the deployment of its first modular ASR facility. The company’s initiative is a response to stricter landfill disposal mandates and state requirements for construction and demolition waste diversion. Sky Quarry is also offering exclusive modular partnership opportunities to qualified candidates.

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