190% Increase in Revenue --
SinglePoint Announces Preliminary Unaudited 2019 Annual Results,
Residential Solar Business Unit is the Primary Driver for the
Increase in Revenues and Achieves Business Unit Profitability
190% Increase in Revenue, From $1.1 Million to $3.3 Million,
Projecting to Continue Triple Digit Revenue Growth Primarily
Powered by Residential Solar in 2020
Text SinglePoint to 37284 to Receive Corporate Updates*
Text Solar to 37284 to Receive Industry Updates*
- CEO anticipates SING will achieve between $10M-$12M in gross
revenues this year, up from $10 million announced in CEO letter in
January 2020
- Company to focus on Direct Solar, 1606 Original Hemp product
line
- SinglePoint plans to drive 2020 vision through organic growth
in high-value, high-opportunity markets and synergistic
acquisitions
Phoenix, AZ -- February 18, 2020 -- InvestorsHub NewsWire --
SinglePoint Inc. (OTCQB:
SING) releases preliminary (unaudited) annual results achieving
over $3,300,000 in revenue. SinglePoint continues to show progress
and annual revenue traction delivering increased revenue in the
triple digits, 190% increase from 2018 to 2019. $2,000,000 in
annual revenue was directly derived from Direct Solar of America in
approximately six months of operations. Annualizing these
results would have delivered over $5,000,000 in 2019 revenue. The
2020’s are positioned to be the decade of solar, and with
SinglePoint’s acquisition of Direct Solar of America and its
emerging business units, SinglePoint anticipates significant and
sustained growth through the decade.
Direct Solar America, at the time of acquisition by SinglePoint,
was almost solely focused on expanding its national footprint by
expanding into additional states with its unique and scalable
residential solar brokerage model. The residential solar segment
delivered nearly all the revenues and ended the year as a
profitable business unit. The residential solar business unit
will continue to expand into new markets, adding incremental
revenue, while continuing to cultivate and close additional revenue
opportunities in established markets. New market expansion and
increased efficiencies should deliver continued revenue growth and
the Direct Solar of America residential business unit is targeting
an annual revenue range of $7-$10M for 2020.
Throughout the year, Direct Solar America identified additional
high-caliber revenue opportunities in underserved markets within
the domestic solar market. The company created commercial and
capital business units committing internal capital and resources,
along with forging relationships with industry and strategic
segment specific business partners to address these
opportunities. Direct Solar America, directly and through its
partnerships have engaged and made proposals to multiple schools
and commercial type projects throughout the United States on the
benefits of going solar. Many of these projects are in the review
stage and would result in significant revenue and profitability
that is purely incremental and accretive to the existing
projections for the residential solar division.
According to SEIA, “The
U.S. installed 2.6 gigawatts (GW) of solar PV capacity in Q3 2019
to reach 71.3 GW of total installed capacity, enough to power 13.5
million American homes. Residential solar saw its best quarter in
history in Q3, and the utility-scale solar pipeline now stands at a
record 45.5 GW in Q2. Total installed U.S. PV capacity is expected
to more than double over the next five years.” The press release
goes on to say, “The increase in residential installations helped
the U.S. solar market grow 45% year-over-year and contributed to 15
states having their best quarter ever for residential solar.”
Solar is growing in the investing world; many large players are
continuing to increase shareholder value. Invesco Solar ETF (TAN)
ran up 51% in just one year, becoming 2019’s best-performing ETF.
Many others have jumped in as well such as Warren Buffett investing
in one of the largest solar projects to date and Goldman Sachs
launch a fund with approximately $4,000,000,000 in available
capital. These are just a few selections that showcase the strength
of solar and renewable options in the market.
“I am confident that our business units will continue to grow
which translates to SinglePoint being in a better position than we
have ever been. We believe the successful operating results in 2019
will continue into 2020 driving our value past historical values to
new heights,” states Greg Lambrecht, CEO. “In my opinion,
it’s never been a better time to be a shareholder of SinglePoint;
we have growing business units in thriving sectors, we have
recently become a fully reporting public company and are committed
to continuing to enhance shareholder liquidity by uplisting to the
appropriate exchange that allows investors to confidently invest in
the company due to its trading volume.”
Our proprietary brand of smokable hemp, 1606, continues to
expand into new accounts fueled by the increasing consumer demand
for additional products that deliver the benefits of CBD of our
proprietary brand of smokable hemp products, 1606.
The Company’s 1606 Original Hemp brand was launched at the
MJBIZCON Show in Las Vegas. Executives and senior management
recently attended the TPE “Tobacco Show” in Las Vegas which
verified that retail is looking for a product that satisfies the
growing consumer demand for hemp and CBD based products. The 1606
Original Hemp brand is an exclusive line of products that
capitalizes on the emerging trend in the smokable hemp market and
has already been picked up by distributors and retail outlets,
Lambrecht reported. “We are encouraged by the reception and demand
this new product category received at [NACS],” he said. “Our
success at NACS with the smokable hemp product allowed SinglePoint
to secure a distribution agreement to distribute PrimeTime Flavored
Cigars with Japan Tobacco USA, a division of Japan Tobacco
International which operates in over 130 countries.”
About SinglePoint, Inc.
Founded in 2011 SinglePoint, Inc (SING)
invests in and acquires brands and companies that will benefit from
injection of growth capital and the sales and marketing expertise
of SinglePoint. The company portfolio currently includes solar,
hemp and technology applications. SinglePoint is working to grow
the company to a multinational brand.
Connect on social media at:
https://www.facebook.com/SinglePointMobile
https://twitter.com/_SinglePoint
https://www.linkedin.com/company/singlepoint
https://www.youtube.com/user/SinglePointMobile
For more information visit: www.SinglePoint.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 plans and 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.
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KEYWORDS: SOLAR, SOLAR STOCK, SOLAR PANELS, RENEWABLE ENERGY,
SOLAR PUBLIC COMPANY
Corporate Communication
SinglePoint Inc.
888-OTC-SING
investors@singlepoint.com
www.singlepoint.com
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