SinglePoint Receives $1.2 Million in Funding With Option
to Raise a Total of $4 Million
Seattle, WA -- October 11, 2017 -- InvestorsHub NewsWire --
SinglePoint, Inc. (OTC:
SING) announces the completion of a $4 Million round of
funding, $1.2 Million of which has already been collected including
$600,000 of which came from United American HealthCare Corp
(OTC:UAHC). With this new round of funding, SinglePoint is
positioned to aggressively develop and complete its Bitcoin
Payments solution and acquire additional companies in the cannabis
space.
SinglePoint's Bitcoin Payments solution directly addresses the
challenges of the "unbanked" cannabis industry, which is hampered
by federal regulations that have significantly cramped banking
options.
The capital also enables SinglePoint to accelerate its
revenue-by-acquisition strategy, which in the last nine months
alone has resulted in the investment or acquisition of three
cannabis companies. SinglePoint now has the resources needed to
pursue larger acquisition targets to capture its share of the legal
cannabis industry, which is on track to exceed $20 billion by 2025
with a compound annual growth rate of 29%.
"After months of negotiation, we are beyond excited to close
this deal and go after some larger deals that we have in our
pipeline. Having this capital, along with access to additional
capital if needed, puts us in a strong negotiating position.
Acquiring other businesses for cash and stock is working well for
us, and enables us to infuse some cash to jumpstart the growth of
our acquired companies and give the businesses tremendous upside on
the stock side, as they successfully execute their business plan,"
states SinglePoint CEO Greg Lambrecht.
SinglePoint is close to finalizing the previously announced LOI
(http://nnw.fm/gIi1C), which will strengthen the
Company's financials and set SinglePoint on a $1 million revenue
run-rate over the course of the next year. In addition to this
potential acquisition, SinglePoint is in negotiations with other
companies operating in the cannabis tech market, as well as
e-commerce sites in the industry.
About SinglePoint, Inc.
SinglePoint, Inc. (SING) has grown from a full-service mobile
technology provider to a publicly traded holding company. Through
diversification into horizontal markets, SinglePoint is building
its portfolio by acquiring an interest in undervalued subsidiaries,
thereby providing a rich, diversified holding base. Through its
subsidiary company SingleSeed the company is providing
products and services to the cannabis industry.
Connect on social media at: www.facebook.com/SinglePointMobile, http://www.twitter.com/_SinglePoint_, www.linkedin.com/company/SinglePoint and
www.youtube.com/user/SinglePointMobile
For more information visit www.SinglePoint.com or www.SingleSeed.com
Forward-Looking Statements
Certain statements in this news release may contain forward-looking
information within the meaning of Rule 175 under the Securities Act
of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934,
and are subject to the safe harbor created by those rules. All
statements, other than statements of fact, included in this
release, including, without limitation, statements regarding
potential future objectives of the Company, are forward-looking
statements that involve risks and uncertainties. There can be no
assurance that such statements will prove to be accurate and actual
results and future events could differ materially from those
anticipated in such statements.
Technical complications, which may arise, could prevent the
prompt implementation of any strategically significant plan(s)
outlined above. The Company undertakes no duty to revise or update
any forward-looking statements to reflect events or circumstances
after the date of this release.
Contact:
SinglePoint, Inc.
Greg Lambrecht
602.481.1544
Communications Contact:
NetworkNewsWire (NNW)
New York, New York
www.NetworkNewsWire.com
212.418.1217 Office