SinglePoint
Inc. Announces Acquisition of Premium Solar EPC The Boston Solar
Company, LLC with Projected $25 Million in 2022
Revenue
- Boston Solar provides comprehensive solar
energy services in New England and a Proud Partner of the Boston
Red Sox
- Company generated ~$16m in 2020, ~$17.7m
in 2021 and projected to generate at least $25m in 2022
revenue
- Transaction is first of multiple planned Full
Service Solar EPC Company Acquisitions
PHOENIX, April 26, 2022 -- InvestorsHub NewsWire --
SinglePoint, Inc. (OTCQB:SING) ("SinglePoint'' or "the Company''), a
renewable energy and sustainable solutions provider, is pleased to
announce the closing of The Boston Solar Company, LLC ("Boston
Solar") acquisition. Boston Solar is a leading solar installer
based in Massachusetts, booking $17.7m in revenue for FY2021. It is
estimating revenues of at least $25m in 2022, with more than $16m
already contracted and in the installation pipeline. Boston Solar
is the first of multiple acquisitions the company intends to close
this year. Closing this acquisition starts the timeline for
SinglePoint to start its up-listing application process to achieve
the goal of a NASDAQ listing in 2022.
"Boston Solar has been serving the New England market, primarily
in Massachusetts, since 2011 and we are proud to have been selected
by the Boston Red Sox to install a solar system at the new MGM
Music Hall at Fenway. We pride ourselves on exceptional customer
service and we plan to continue our operations in that manner as we
expand our offerings, with the support of SinglePoint," said Mr.
Mello Guimaraes, CEO of Boston Solar.
This acquisition by SinglePoint strategically aligns with the
growth plan we had in mind for Boston Solar. We spent the last
several months ensuring we had synergy with the overall mission and
vision of SinglePoint. Our shared values and corporate culture will
drive exponential growth and expansion. Through Boston Solar and
our strong foothold in Massachusetts, we have multiple accretive
acquisitions identified that we will be pursuing," concluded Mello
Guimaraes.
SinglePoint plans to continue expanding its operational
footprint as it acquires additional full service solar EPC
(Engineering, Procurement & Construction) companies throughout
the nation. The Company is targeting established solar companies in
specific markets that can complement each other and yield synergies
and economies of scale. The Company's acquisition plan will grow
the revenue and profit base and will position SinglePoint for
significant growth going forward. With recent government funding
initiatives announced and periodic interruptions to the power grid,
homeowners, business owners and small commercial owners are
searching for ways to ensure that they have access to constant and
dependable power.
"The addition of Boston Solar is a milestone for SinglePoint,"
stated Wil Ralston, CEO of SinglePoint. "This acquisition moves us
in the right direction to achieve our goals of building the
nation's leading solar services network. As the electrification of
everything continues and the importance of obtaining consistent and
reliable energy access, we see a long-term future for solar, EV
Charging and Energy Storage. We are excited to welcome Boston Solar
and their entire experienced professional team. With this
acquisition we are addressing the massive residential opportunity
with the leading residential company in the New England area which
shares the common core values of providing best in class customer
service and honest treatment of all customers across the board as
evidenced by their impressive business history in the market and
positive customer reviews."
Solar energy accounted for 46% of all new electricity generated
in 2021 and the market is expected to grow at 10% CAGR over the
next 5 years as per the latest report by
Technavio. Solar and the Renewables market, including
Energy Storage and EV Charging, is a long-term opportunity as the
current addressable market for residential and small commercial
market penetration remains largely underserved with reportedly less
than 4% of the market covered. Over the last decade solar pricing
has drastically decreased, making the transition to solar more
economically attractive to consumers. Lower prices, coupled with
demand for energy independence and resilience, sets the stage for
SinglePoint to establish market leadership within the renewable
energy space.
SinglePoint has established rigorous criteria for future
acquisitions as they expand their reach and increase value for
customers, the business, and their shareholders. Over the next 18
months, the Company plans to add additional high quality regional
installers to build out a nationwide network of service providers.
The Company aims to be the single point of contact to support
homeowners and business owners as they move toward utilizing
renewable energy sources, from solar panels on the roof, to energy
storage, and the EV charger in the garage. SinglePoint and its
subsidiaries will be the premier option with white glove service
and lifelong relationships.
About The Boston Solar Company,
LLC
Boston Solar, a Proud Partner of the Boston Red
Sox, has installed more than 5,000 residential and commercial solar
systems powering thousands of homes and businesses in New England,
predominantly Massachusetts, since its founding in 2011. Boston
Solar is dedicated to providing superior products, exceptional
customer service, and the highest quality workmanship in
residential and commercial installations. The company has been
honored with the 2020 Guildmaster Award from GuildQuality for
demonstrating exceptional customer service within the residential
construction industry. For five consecutive years, the Company has
been recognized as a Top Solar Contractor by Solar Power World
magazine. The company has also made Boston Business Journal's
"Largest Clean Energy Companies in Massachusetts" List. Boston
Solar is a member of Solar Energy Business Association of New
England (SEBANE). The company is headquartered at 55 Sixth Road,
Woburn, MA 01801. Learn More at www.bostonsolar.us
About SinglePoint
Inc
SinglePoint Inc. is a renewable energy and
sustainable lifestyle company focused on providing environmentally
friendly energy efficiencies and healthy living solutions.
SinglePoint is initially focused on building the largest network of
renewable energy solutions and modernizing the traditional solar
and energy storage model. The Company is also actively exploring
future growth opportunities in air purification, electric vehicle
charging, solar as a subscription service, and additional energy
efficiencies and appliances that enhance sustainability and a
healthier life. For more information, visit the Company's website
(www.singlepoint.com) and connect on social media for the latest
updates.
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 plans and objectives of the Company, the use of
proceeds, anticipated growth and future expansion, 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.
Investor Contact:
Tra-Digital IR
Investors@SinglePoint.com
(212) 389 - 9782 ext. 107
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