SinglePoint Inc.
Strengthens Balance Sheet with Elimination of
Convertible Secured Note Agreement
- Company significantly
improves balance
sheet with elimination of all external debt
and all future external convertible debt
- Well-positioned for
future expansion
opportunities as it continues to build the most
comprehensive national solar network
PHOENIX, AZ -- January
29, 2021 -- InvestorsHub NewsWire -- SinglePoint Inc. (OTC:
SING) ("SinglePoint" or the "Company"), a company focused on
providing renewable energy solutions, announced today that the
Company has
settled
the remaining
balance of the Convertible Secured Note
Agreements with Iliad Trading Company and
UAHC Ventures which eliminates all external
debt conversions. The elimination
of the remaining
balance removes future conversions under the Note and removes all derivative
(toxic)
debt
from
the
Company's Balance Sheet.
"We are committed to increasing
shareholder value and actively implementing and executing on the
right steps we believe will drive value. Paying off the entirety of
our external debt significantly improves our balance sheet and
positions the Company to more quickly
meet the
requirements for uplisting to a national
exchange.
With
the elimination of all external debt, we are
poised
to
access future
expansion opportunities and drive
additional growth in alternative
energy and solar centric solutions in 2021 and
beyond,"
commented
Wil Ralston
President.
"We would
like to thank Iliad and UAHC
for
their strategic
support of SinglePoint over the years."
As
the company continues to improve its balance sheet, management
believes it will open up the Company to accretive growth capital
that will enable SinglePoint to facilitate additional
acquisitions in the solar and renewable energy sector that
meet our
intended criteria
of
having
a
historical revenue base,
operational
profitability that will
continue to expand our
national solar
footprint in
residential solar and small commercial. We are committed to
building the leading national solar network.
The solar energy
market is experiencing exponential growing demand and is expected
to reach $223
billion by 2026. It is estimated that
less than 4% of the residential solar addressable market in the
domestic U.S. market currently has a solar system installed. In the
past few years, the cost of residential rooftop solar has
dramatically decreased giving homeowners who wish to be sustainable
and to decrease their reliance on the existing domestic energy
infrastructure an economic benefit that makes sense.
With its initial
focus in solar energy, the Company is building a foundation for
future expansion opportunities including energy storage, charge
points for electric vehicles and solar as a
subscription.
About SinglePoint Inc.
SinglePoint
Inc. is a company focused on providing renewable energy solutions
to consumers and small commercial businesses. SinglePoint is
committed to building the largest network of renewable energy
solutions and modernizing the traditional model. For more
information, visit the Company's website (www.singlepoint.com) and connect
on LinkedIn and Twitter.
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, the spin
off of nonenergy
related assets, qualification for a national exchange, 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:
JTC Team,
LLC
Jenene
Thomas
833-475-8247
SING@jtcir.com