SinglePoint Expands Roster of Strategic Agreements and Joint Ventures, Covers Upcoming Key Initiatives in Recap of a Successful 2017
SEATTLE, Dec. 12, 2017 (GLOBE NEWSWIRE) -- SinglePoint, Inc. (OTC:SING) today announces key advances in its corporate mission with the launch of additional joint ventures and the closing of new deals within existing agreements. SinglePoint has achieved considerable growth in 2017, and management today also provides a recap of achievements over the last year, as well as details key initiatives for 2018.
Strategic Agreements and Joint Venturesz
Strategic acquisitions and partnerships play an integral role in SinglePoint’s expansion strategies. The Company is pleased to report that it has formalized its previously announced joint-venture agreement and made the first payment to AppSwarm (OTC:SWRM) to start development on a proprietary delivery application that will enable licensed delivery services and licensed dispensaries to safely make in home deliveries. This agreement specifically strengthens SinglePoint’s position in the cannabis and cryptocurrency markets.
SinglePoint has also signed an agreement with Global Payout (OTC:GOHE), a leading provider of comprehensive and customized financial technology solutions for domestic and international organizations, to advance and streamline the process involving the delivery of payment applications. Global Payout’s majority owned subsidiary MoneyTrac Technology, Inc. (“MTRAC”) is at the forefront of developing a variety of payment solutions within the multibillion dollar cannabis industry and has executed a number of partnerships in recent months that has significantly expanded their network within one of the fastest growing industries. It is SinglePoint’s intent to leverage its expertise in mobile payments and other mobile offerings to further optimize MTRAC’s technology platform and bring additional value to their services.
“Through strategic joint ventures and inside development of applications we are pushing hard on providing a compliant solution to the cannabis industry. Our team and others have worked well in collaboration, and believe we are not far away from an official launch of this solution in the first quarter of 2018. This will be a major step for SinglePoint and our partners,” states SinglePoint President Wil Ralston.
SinglePoint also recently entered in a multi-phase joint venture with Smart Cannabis Corp. (OTC:SCNA). The Company has identified this joint venture as another opportunity to make a big move into the State of California before it fully legalizes marijuana in January 2018. This move is projected to boost California’s contribution to the U.S. marijuana industry (expected to reach $50 billion annually by 2026) by $7 billion. Smart Cannabis, whose products are automated greenhouse systems, and a unique SMARTAPP software automation and monitoring system, is one of the few profitable companies in the cannabis market sector. Smart Cannabis Vice President Don Smith said, "Our joint venture with SinglePoint provides both companies a unique opportunity to capture a large marketshare of the explosive commercial cultivation market in California." SinglePoint has already acquired one company in California and has invested in another.
End of Year Recap, Forecast for Remainder of 2017
SinglePoint entered into a rapid pace of growth at the beginning of 2017, and this month achieved a corporate milestone of notching a $100 million-dollar market cap. Additionally, SinglePoint has brought in just over $1 million in funding with access to an additional $3 million. Solidifying the financials SinglePoint has increased revenue and assets throughout 2017 and anticipates significant increases throughout 2018.
SinglePoint’s management team is highly optimistic that the Company will continue to see significant revenue growth through the end of the fourth quarter, as it currently has many opportunities in the pipeline. This momentum is due to increased deal flow as the Company has grown throughout the cannabis and cryptocurrency verticals.
Most recently SinglePoint entered into negotiations with a transactional bitcoin platform expected to add considerable value to the Company and its payments offerings. This week, management will head to Los Angeles to kick off its bitcoin payments platform and take advantage of networking opportunities for possible partnerships and acquisitions.
Recognizing the value of multimedia to brand awareness, SinglePoint is filming a commercial to showcase the bitcoin solution. Once production is complete, the Company plans to launch a national ad campaign to increase awareness for consumers and drive new customers to utilize the platform.
SinglePoint has also sponsored an event in which dispensary and cultivators are the main attendees. To sign new accounts, SinglePoint will run demos of its bitcoin payments solution and aforementioned SMART APP recently licensed from Smart Cannabis Corp.
Pivoting from its many successes in 2017 and its improved corporate and financial position, SinglePoint forecasts a significant increase in revenues at the end of the fourth quarter.
Outlook for 2018
As noted above, SinglePoint manages an aggressive expansion strategy, and has signed multiple joint ventures and agreements that management believes will provide fruitful results. Acquisitions have been a powerful catalyst of corporate growth for SinglePoint, and management is gearing up to make additional acquisitions and plans to invest a significant amount of equity and cash into additional companies in 2018.
As the Company pursues continued growth through acquisitions and internal developments, management remains bullish on bitcoin and blockchain technologies that solve key issues in the cannabis markets. Capturing its share of opportunity in these markets, SinglePoint will look for companies to acquire and partner with to bring solutions to this major market.
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.
Released December 12, 2017