SinglePoint Inc, (Stock Ticker SING) recaps major Developments such as a Toxic Debt Restructure and two solar partnerships
October 23 2020 - 8:00AM
InvestorsHub NewsWire
SinglePoint Inc, (Stock Ticker SING) recaps major
Developments such as a Toxic Debt Restructure and revenue
generating partnerships with both Stellar Solar Inc & Standard
Eco LLC.
Phoenix,
AZ -- October 23, 2020 -- InvestorsHub NewsWire -- SinglePoint
Inc. (OTC:SING)
recaps and highlights recent corporate developments. SinglePoint
management has made a conscious and deliberate effort to position
the Company to capitalize on the emerging growth opportunities in
the U.S. solar industry, primarily in residential rooftops and
small commercial installation opportunities. SinglePoint believes
that a focused solar-centric strategy will deliver measurable and
quantifiable results. The Company is focused on capturing market
share through the buildout of our national solar network as well as
growing the annual revenues and profitability within the business
segments that should increase shareholder
value.
SinglePoint Restructures Toxic Debt with Existing
Secured Convertible Promissory Notes, Eliminating Additional
Conversions Under the Note, Positioning the Company for Long Term
Growth Opportunity in Solar Industry building a National Solar
Network
As a result of the of
the Amendment to the Notes dated October 12,
2020:
- The
Company reclassified approximately $2,000,000 of principal due
under the Notes from current liabilities to long-term
liabilities.
- The
conversion feature on the combined principal and interest
(approximately $3,0000,000) was restricted, eliminating the
derivative liability associated with this debt and significantly
reducing the Company’s total derivative liability (the Company’s
total derivative liability was $3,895,484 as of June 30,
2020).
Full Release Here
SinglePoints majority owned subsidiary, Direct
Solar of America, has continued to take advantage of its expanding,
nearly national footprint announcing key strategic agreements with
Stellar Energy GP and Standard Eco.
- SinglePoint Subsidiary Signs Stellar
Energy GP, Inc. a Leading Energy Storage Systems and Solar Company
with More Than 15 Years of Experience.
The
agreement with Stellar Energy GP enhances growth opportunities
within the 38 states currently covered by Direct Solar of America
but most importantly it provides additional access and immediate
and accretive growth opportunities within California, the nation’s
leading solar market.
“We truly see
Direct Solar of America as a leading originator in the industry
with a model that has the potential to change how business is done
within the solar industry. We are excited to see where the
opportunity grows and being able to provide Direct Solar of America
the assistance needed to be successful at the largest
scale." Mike
Abadi, General
Manager of Stellar Energy GP Inc.
Full Release Here
Direct
Solar of America Finalizes Agreement with Principals of Standard
Eco Creating Framework for a Multi-State Solar Installation Network
Beginning Execution of Previously Announced National Solar Network
Strategy
Full Release Here
The
agreement with the principals of Standard Eco has the opportunity
to increase the gross revenues and profitability. As the market
continues to normalize, we believe that this transaction has ability to continue to deliver
revenue and profitability results in 2021, 2022, and 2023
comparable with the previously reported unaudited revenues of
Standard Eco of $12,331,703 in 2018 and $11,345,061 in
2019. We will continue to pursue similar agreements
with other multi-state licensed installers that bolster our service
offerings and add additional depth as we leverage and grow our
existing solar footprint. Eventually providing services and
solutions for the residential and commercial market in all 50
states.
We are
committed to building the Leading National Solar Network (currently
operating in 38 states) focused on Residential & Small
Commercial Projects and executing on strategic installer
consolidation opportunity. We believe that the market opportunity
in what is being described as the Solar+ Decade is massive as only
3-4% of the 84 million addressable residential rooftops in the U.S.
currently have installed solar systems. The market in smaller
commercial (schools, office buildings) is equally as massive with
only 3.5% of the addressable commercial locations in the U.S.
having existing solar systems.
About SinglePoint
Inc.
SinglePoint Inc. (OTC:SING) is a fully reporting
company with core holdings in Solar Energy Services and is well
positioned to create the leading and most comprehensive solar
network servicing residential rooftops and small commercial
locations. Learn More at
www.singlepoint.com
Connect on social media
at:
https://www.facebook.com/SinglePointInc
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: Solar, Solar Panels,
Residential Solar, Commercial Solar, Solar Funding, Renewable
Energy
Corporate
Communication
SinglePoint
Inc.
888-OTC-SING
investors@singlepoint.com
www.singlepoint.com
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