SinglePoint Completes $1 Million Funding to Continue its BitCoin Cannabis Payment Solutions Development
SEATTLE, WA -- (Marketwired) -- 06/20/17 -- SinglePoint Inc. (OTC: SING) today announces that it has successfully closed a $1 million company friendly Convertible Promissory Note with an institutional investor. Proceeds from the investment will be used to execute on the company's previously announced BitCoin Payments solution, as part of its partnership with First BitCoin Capital (OTC: BITCF). With the new round of funding, SinglePoint management believes the company will be able to move very quickly to develop a crypto currency solution and continue acquisitions in cannabis space.
"This is great timing for SinglePoint. We have many acquisitions deals in the pipeline, and access to this capital will exponentially increase the chances of getting these done. In addition, we have many technical developments that are ready launch. We will be able to develop our solutions and really start driving sales," states Greg Lambrecht CEO of SinglePoint.
SinglePoint currently offers many integrated business solutions. The addition of BitCoin Payments to its portfolio will help solve the banking issue in the cannabis industry and other high-risk markets. Furthermore, SinglePoint has developed and is releasing a full-scale web development and online marketing solution for dispensaries. The company will use some of this funding to launch its own online marketing system to drive more customers to SingleSeed.com. In the acquisition space, SinglePoint has already acquired several companies in the cannabis vertical, and is currently in discussions with other targets for a potential roll-up.
For many years, SinglePoint has worked on finding solutions for the cannabis industry. With this new partnership and development, SinglePoint no longer needs to wait on federal banking guidelines to advance its plans to specifically address the payments challenges in the cannabis industry and other high-risk markets. The company also notes the value of bitcoin, which has increased 236% in the past year, according to CoinBase. This increase, along with Japan recognizing bitcoin as a legal currency, has led to wide spread adoption of the technology. As quoted in Bloomberg, "It's not foreign to [consumers] now, like some sort of weird scam that they [consumers] don't know about," he (Greg Lambrecht) said. "More and more establishments are accepting it, but it's kind of like the wild, wild west."
SinglePoint and First BitCoin Capital have planned four developments based on bitcoin, ethereum and the technology of block chain. SinglePoint recently acquired the rights and domain name of www.SingleCoin.com in a planned potential Initial Coin Offering (ICO) that would support transactions on the block chain specifically for cannabis and other high risk industries.
- BitCoin Currency Solution for Cannabis Banking Problems
- Highly Innovative Block Chain Supply Chain Management Solution
- Initial Coin Offerings (ICO) through First BitCoin Capital's Recent Launch
- SingleSeed.com to Launch Full Scale Web Design and Online Marketing Services for Dispensaries
- Revenue Growth through Additional Acquisitions
- Extensive Network of Financial Partners and Technology Partners to Quickly Execute the Deliverables
About SinglePoint, Inc.
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 the company is providing products and services to the cannabis industry.
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.
Source: SinglePoint, Inc.
Released June 20, 2017