SinglePoint Reports 2nd Quarter 2020 Results -- $1.47 Million Compared to $1.1 Million in Six Months Ended June 20,2019
August 18 2020 - 08:40AM
InvestorsHub NewsWire
SinglePoint Reports Second Quarter
2020 Financial Results -- $1.47 Million Compared to $1.1 Million in
Six Months Ended June 20, 2019, Approximately a 34% Improvement
Over the Same Period Prior Year
PHOENIX, AZ -- August 18, 2020 -- InvestorsHub NewsWire --
SinglePoint Inc. ("SinglePoint” or the "Company") (OTC:
SING), a fully reporting company focused on building the
leading National Solar Network by leveraging its current 34 state
footprint with core holdings in Solar Energy Services and
Industrial Hemp based Consumer Products, reported financial results
on August 14, 2020 for the second quarter of 2020 ended June 30,
2020.
Company Highlights
Achieved Approximately 34% Revenue Growth For the
Six Months Ended June 2020 comparative to the Six Months Ended June
2019 Despite the Business Disruptions Caused by the Pandemic
– A majority of the gross revenues year to date
($1.47 Million) have been driven by the Company's majority owned
subsidiary Direct Solar America.
Direct Solar of America has continued to expand its
Sales Platform building a national solar
network - increased its coverage from 3
states in May 2019 to 34 States as of July 2020. The
Company has added 20 additional states since the beginning of the
year and will continue to expand its leading sales footprint into a
national provider of residential and commercial solar services.
1606 Original Hemp continues to gain traction with
consumers, retail and on social
media. 1606 has expanded its penetration
to represent hundreds of retail locations and has added additional
manufacturing capacity to ensure scalability for its consumer
product line. 1606 Original Hemp is steadily becoming
the premier product choice from consumers and has amassed over
30,000 enthusiasts on social media.
Subsequent to the End of the Second Quarter
Unaudited Gross Revenues for Direct Solar of America
in July 2020 were $525,492.63 on an accrual
basis. The accrual based July 2020
Revenues represent an increase over the same monthly period from
the prior year and signify that the solar business is beginning to
return to the expected and anticipated growth rate prior to the
disruption caused by the pandemic. The overall year to date
increase in revenue was impacted by a slowdown in business largely
related to the restrictions and operational turmoil caused by the
global pandemic. The disruptions caused by the pandemic
were contributing factors that limited the revenue growth in the
2nd Quarter with reported revenue of $395,277 for the three
months ended June 2020.
Company unveils Strategy to create the leading National
Solar Network through targeted acquisitions that enhance and deepen
our offerings within our current solar sales
platform. On July 20, 2020 Singlepoint Direct
Solar LLC (referred to as “Direct Solar of America”, a subsidiary
of Singlepoint Inc., the “Company”) entered into a letter of intent
(the “Letter of Intent”) with Standard Eco LLC (“Standard Eco,” a
developer and installer of grid tied solar electric systems) in
Texas, Illinois, and Arizona. Pursuant to the Letter of Intent
Direct Solar of America would acquire Fifty One Percent (51%) of
the interest in Standard Eco for a combination of cash and stock.
Standard Eco achieved unaudited revenues of $12,331,703 in 2018 and
$11,345,061 in 2019 and was operationally profitable in both
years. The closing of the transactions set forth in the
Letter of Intent are contingent on satisfactory completion of due
diligence, and entry into suitable definitive documentation.
Announced up to a $7.2 Million Offering of Common
Stock (S-1 deemed effective on July 29,
2020) – The Company previously
announced a pending financing agreement with GHS Investments in May
2020 via an S-1 offering that went effective on July 29,
2020. The Company intends to use the capital to support
the growth of the core business operations and for general working
capital.
"We continue to position SinglePoint for growth as we navigate
through the uncertain business environment arising from the
pandemic and we are positioned to capitalize and take advantage of
the opportunities in front of us for the benefit of our company and
its stockholders," stated Greg Lambrecht, CEO of
SinglePoint. "Our subsidiary, Direct Solar of America
achieved significant growth in its national solar network and is
poised for a rebound and return to revenue growth in the second
half of 2020 as consumers’ confidence continues to
improve. While we still face challenges related to this
uncertain environment that may intermittently affect our business,
we continue to take appropriate action to improve liquidity and
access to capital as evidenced by the recent effectiveness of our
S-1 with GHS Investments. For the remainder of 2020 we are focused
on growing our revenue streams related to our core businesses and
seeking to opportunistically grow our business through targeted
acquisitions. We are confident that this strategy will
enable us to achieve significant long-term value for our
stockholders.”
About SinglePoint Inc. (OTC:
SING) is a fully reporting company with core holdings in Solar
Energy Services and Industrial Hemp based Consumer
Products. Acquired in May 2019, Direct Solar America, a
majority owned subsidiary, now operates its leading national solar
sales brokerage model in 34 states. In the past year
Direct Solar America has virtualized its sales platform and has
added its corporate offerings. 1606 Original Hemp, has
been designed and created to be the premier category leader in
manufacturing and marketing high quality smokable industrial hemp
consumer products for sale through traditional retail channels and
online. Since its debut in late 2019, 1606 Original Hemp has
been placed into hundreds of retail locations across the country
and has amassed a large social media following that continues to
grow. The Company has a portfolio of non-core focused
businesses that are searching for strategic partnerships or other
alternative solutions. SinglePoint is committed to positioning the
Company to be able to up list to the highest exchange possible
which we feel is a benefit to our stakeholders and
shareholders.
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.
KEYWORDS:
Corporate Communication
SinglePoint Inc.
888-OTC-SING
investors@singlepoint.com
www.singlepoint.com
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