SinglePoint Continues Accelerated Growth in Cannabis Sector with Letter of Intent to Acquire Dr. FeelGood
August 22 2017 - 07:30AM
InvestorsHub NewsWire
Seattle, WA -- August 22, 2017 -- InvestorsHub NewsWire --
SinglePoint, Inc. (OTC:
SING) today announces it has signed a Letter of Intent (LOI) to
acquire Dr. FeelGood, an already profitable Phoenix-based medical
marijuana distribution company with plans to develop a proprietary
delivery and ordering technology. Per the LOI, SinglePoint will
acquire 51% of the company in a combination of cash and stock. The
acquisition will add an additional revenue stream to SinglePoint,
solidifying the companys acquisition-based revenue strategy.
SinglePoint anticipates it will quickly close this acquisition,
demonstrating its ability to grow its portfolio of investments in
established high-growth, high-potential cannabis businesses.
SinglePoint successfully acquired two companies earlier this year,
and expects that the acquisition of Dr. FeelGood will be a highly
successfully addition to its portfolio.
This acquisition is right in our wheel house. I previously took
a distribution company public on the NASDAQ and believe with my
experience in distribution we can grow this company quickly. The
acquisition of Dr. FeelGood will be the third acquisition of the
year. Through the acquisition of DIGS Hydro and Convectium,
SinglePoints revenue has increased 378 percent compared to the
first quarter of 2017. SinglePoint is in a better position than it
has ever been before. We are looking at additional companies and
plan to complete additional acquisitions prior to the end of the
year. We are well capitalized to continue acquisitions and we are
optimistic to complete around three more acquisitions and
significantly increase the companys revenue, says SinglePoint CEO
Greg Lambrecht.
Dr. FeelGood has a wide variety of products that are distributed
to both businesses and consumers. Owners Scott Riley and Jeff
Clevenger have over 30 years of experience in building and scaling
businesses, including running a cannabis distribution business.
Riley and Clevenger will continue to run day-to-day operations of
Dr. FeelGood and assist with plans to expand the business and
license the brand in additional states.
This acquisition will enable Dr. FeelGood to quickly ramp up its
operations. With SinglePoints support and connections into
launching new technology, we are really excited to work together
and bring to life a few amazing projects we have been working on
developing. We are confident in our ability to grow this company
exponentially in the first six months of this acquisition, states
Riley.
SinglePoint and Dr. FeelGood will first focus on the development
of a delivery platform utilizing SinglePoints location-based
delivery application. Additional features, such as a directory and
ordering system to directly compete with Leafly and WeedMaps, will
then be implemented to cement the technologys position in the
market. Dr. FeelGood has existing plans to build the app, and
expects that a collaboration with SinglePoint will help the company
utilize the app sooner-than-expected to meet existing and growing
interest.
SinglePoint continues to establish its portfolio in the cannabis
sector, well-paced with broader industry growth. A report by the
Cannabist (2016) shows that the cannabis industry will report a
steady growth pattern in the coming decade. Based on the research,
by 2025 the cannabis market will be worth over $20 billion, more
than double its current estimate. Based on data from the New
Frontier (2014), the legal cannabis market enjoys a compound annual
growth of 29%.
About the Company
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 (www.SingleSeed.com) the company is providing products
and services to the cannabis industry. For more information, visit
www.SinglePoint.com
Connect on social media at:
https://www.facebook.com/SinglePointMobile
https://twitter.com/_SinglePoint_
https://www.linkedin.com/company-beta/165982/
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.
Contact:
SinglePoint, Inc.
Greg Lambrecht
602.481.1544
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