SinglePoint Finalizes Letter of Intent to Acquire 51% of Denver-Based Company approaching $1 Million in Annual Revenue
SEATTLE, WA -- (Marketwired) -- 09/26/17 -- SinglePoint, Inc. (OTC: SING), a holding company specialized in the acquisition of small to mid-sized companies with an emphasis on new technologies, today announces that it has signed a Letter of Intent ("LOI") to acquire a Denver, Colorado-based company that is approaching $1 million in annual revenue. According to the LOI, SinglePoint will acquire 51 percent of the acquisition target in a stock and cash transaction expected to increase shareholder and company value, and deliver to SinglePoint immediate revenues with a healthy margin.
Year-to-date SinglePoint has acquired or invested in three companies resulting in revenue growth and solidifying the Company's revenue-by-acquisition model. This agreement is yet another demonstration of SinglePoint's ability to strategically grow its portfolio of investments in established, high-potential companies.
SinglePoint CEO Greg Lambrecht states, "We are committed to identifying and making investments in companies that strengthen SinglePoint's value. Our goal is to find and acquire companies we believe will add instant value as well as the opportunity for major growth."
SinglePoint plans to close this opportunity within the coming weeks. The company has additional acquisition targets that are in negotiation and will continue to pursue revenue-generating companies that are in alignment with SinglePoint's goals.
In addition to this LOI, SinglePoint is nearing its completion of 2016 audited financials. Upon completion SinglePoint will apply to up-list to the OTCQB. Management expects to have this audit completed in 2018.
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 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.
New York, New York
Source: SinglePoint, Inc.
Released September 26, 2017