SinglePoint Launches Cannabis Payment Solution and Provides Shareholder Update
SEATTLE, March 07, 2018 (GLOBE NEWSWIRE) -- via NetworkWire - SinglePoint Inc. (OTCQB:SING) is pleased to announce the soft launch of its SingleSeed payment bitcoin payments solution. Additionally, SinglePoint management provides details and insight to the company’s activity in new ventures and pursuit of acquisitions in two major emerging markets: cannabis and blockchain. This corporate update includes an overview of each previously announced project and potential acquisition, as well as the progress on its 2017 audit and current revenue run rate for 2018.
In 2014 SinglePoint announced its intent to develop a bitcoin-based payments solution. Though management had strong foresight into the potential of bitcoin, at the time there was not enough consumer adoption to make the service viable. Now, however, consumer awareness of bitcoin is unprecedented, and companies have learned how to accept it as a payments medium.
SinglePoint recently launched its beta program, and taking user feedback into consideration, has soft-launched the product. The company will be accepting additional clients to utilize the platform to identify any potential enhancements and prepare for a national roll-out. This project is being led by an in-house engineer with deep knowledge of cryptocurrency and who has worked on projects for companies such as Coinbase.
Management is confident in the applications for the solution, as it stands to address the lack of viable payment options for the cannabis industry. Providing a user-friendly transactional platform will provide cannabis merchants with additional easy-to-track method of accepting non-cash payments, while strengthening SinglePoint’s brand awareness and market position.
SinglePoint recently appointed Kevin Harrington as the company’s spokesman for the upcoming release of the SinglePoint Cryptocurrency Exchange (http://nnw.fm/xMu9V). The company’s commercial to promote the launch of the exchange is in post-production and is nearing its completion. SinglePoint anticipates launching the exchange in upcoming months, at which time airing of the commercial will begin.
Management believes SinglePoint has a unique opportunity to enter the cryptocurrency space with a few key differentiators to current exchanges, and acknowledges recent notable acquisitions in the space, including Circle’s Goldman Sachs-backed $400 million acquisition of U.S. crypto exchange, Poloniex.
With the development of the SingleSeed Payments bitcoin payments platform, SinglePoint management has determined that it would be beneficial to verticalize as much of the process as possible. This decision led to defining the needs for building a crypto wallet that merchants and consumers could use to hold and utilize different currencies. The wallet is near completion and will be pushed to testflight in the next 10-14 days. SinglePoint and AppSwarm (SWRM) have collaborated to quickly develop a secure crypto wallet. In the future, the companies look to add additional currency support and tie the integration into the SinglePoint Cryptocurrency Exchange for easy transfers.
ORHub Blockchain LOI
SinglePoint has selected three industries for which it plans to build blockchain platforms - cannabis, automotive and healthcare. In support of this initiative, the company appointed to its board of directors Venugopal Aravamudan, a highly experienced technology innovation and cloud expert Aravamudan has a 25+ years tenure in the technology sector growing and leading significant businesses at companies such as Microsoft, VMware, Amazon and now F5 networks Inc. (http://nnw.fm/RL5tO).
SinglePoint also secured an LOI with ORHub, Inc. (ORHB) to build-out a private blockchain to increase efficiencies within the operating room (http://nnw.fm/Vxr4s). ORHub provides industry-leading technologies to hospitals across the nation and selected to work with SinglePoint to continue innovation in the space. SinglePoint is currently working on a development spec and is putting together a team of blockchain professionals to start building a proof of concept.
Cannabis Delivery Application OOMY
Oomy (Ohh On My Way) is a cannabis delivery service that enables merchants to notify their customers of the whereabouts of their delivery via a simple dispatch and track system. Through a previously announced joint venture with AppSwarm, which is leading this project’s development, SinglePoint has pushed the application to testflight. Upon completion, merchants will be able to use the service to dispatch and track drivers. This application enables merchants to take orders, create route manifests, verify patient info, confirm payment, delivery and keep records of all deliveries. The goal is to make an easy-to-use platform that any business in need of a delivery software can use.
SingleSeed is a B2B (business-to-business) provider of cannabis-based technology services, including payments, marketing, web development and more. Due to increasing demand for B2C (business-to-consumer) products in the vape and cannabidiol (“CBD”) markets, SinglePoint management has transitioned SingleSeed to an ecommerce platform intended to launch in coming weeks. Through the number of site visitors and online metric tracking, SinglePoint realizes that there is considerable opportunity to provide this platform to drive revenue through the sale of products that will be distributed by its DIGS Hydro subsidiary. The ecommerce site will focus on CBD and vape products. This project is being led by Open Oceans, a team of digital marketing experts out of San Francisco that has worked on major accounts within Google’s Search Engine Marketing department. Open Oceans’ expertise has been a driving force behind SinglePoint’s efforts to increase online visibility for its subsidiaries and products. Both companies believe there is a major opportunity to be a leader in the online sale of CBD products.
After attending numerous cannabis industry events, SinglePoint recognized a gap in the CBD market, an impulse purchase item that can sit at the point of sale. SinglePoint CEO Greg Lambrecht has an extensive history of placing products at the point of sale, and is using this expertise to lead SinglePoint’s development and distribution of SingleSeed Natural CBD capsules.
With this project currently underway, SinglePoint plans to penetrate cannabis dispensaries nationwide. Since these products are legal in and shippable to all 50 U.S. states, the company has an opportunity to distribute in independent convenience stores, of which there are more than 300,000 nationwide. The company plans to sell the product on the SingleSeed.com ecommerce site, and is working through the process of setting up to sell on Amazon. This project is being led by DIGS Hydro, which has already achieved favorable results just weeks after selling the product. Product updates will be available soon on the SingleSeed.com website.
Amid its numerous technology developments, SinglePoint continues to make major progress in acquiring cannabis-focused business. The company is currently negotiating separate LOIs with Bitcoin Beyond and MTH Development Group.
Bitcoin Beyond is a platform that would provide a “final mile” solution for merchants looking to easily convert bitcoin to USD. SinglePoint is midway through due diligence and is negotiating the proper valuation to ensure a smooth transition to integrate the solution into the company’s current offering. Updates on this LOI will be provided soon.
MTH Development Group owns 4.7 acres of licensed cannabis cultivation land in Adelanto, California. Currently, the company leases this land to cultivation and extraction companies. MTH and SinglePoint are negotiating the definitive agreement.
SinglePoint has two additional targets that in combination would be the largest in SinglePoint history. Collectively, the targets have approximately $15 million in revenue and EBITDA of about $4 million. SinglePoint has provided an LOI for one target, while the other is in negotiation.
Audits and Fully Reporting
SinglePoint is working to increase investor confidence, transparency, and ultimately open the doors for institutional and investment banking firms to work with the company.
The company has completed an audit from inception to 2016, which allowed SinglePoint to move to the OTCQB Venture Markets. Now, the company is in the midst of its 2017 audit expected to be done in approximately 30 days, upon which the company will file a Form-10 and become fully reporting. To date the company has provided all the needed information and is awaiting the confirmation requests from auditing firm Turner, Stone and Company.
“Successfully completing 2017 is a major step toward hyper growth for SinglePoint. We expect this achievement to result in major market exposure and the opportunity for larger acquisitions and significant revenue growth. Based on our current position, we are projecting about $1.25 million in revenue for 2018. However, we have set a goal of $10 million for the year through internal sales and acquisitions,” states Lambrecht.
Having raised $1.2 million recent with the option of an additional $3 million, SinglePoint management is confident the company has the ability to continue its aggressive growth pattern. Over the past year SinglePoint has increased liquidity and price per share working on the ultimate goal of increasing value for its shareholders. Revenue has significantly increased, and the company has defined major strategies to continue this increase in 2018. Among these strategies is the completion of its 2017 audits to become fully reporting, which will increase company exposure to many new parties interested in the company.
“We are firing on all cylinders and pushing the boundaries to make SinglePoint a highly successfully, scalable company. I hope this breakdown of projects has provided the insight and confidence to our shareholders that we are heading in the right direction. We are happy to be in the position we are in, and will continue to take advantage of the opportunities that present themselves,” states SinglePoint President Wil Ralston.
Watch SinglePoint’s latest video update here: https://youtu.be/ObT0qrJ5WeQ
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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.
Corporate Communications Contact:
New York, New York
Released March 7, 2018