SinglePoint Signs LOI to Acquire Ancillary Cannabis Products Provider Phoenician Engineering
SEATTLE, April 18, 2018 (GLOBE NEWSWIRE) -- via OTC PR WIRE--SinglePoint Inc. (OTCQB:SING) announces Letter of Intent to wholly acquire Phoenician Engineering. Headquartered in Phoenix Arizona, Phoenician provides both consumer products as well as commercial grade equipment. Phoenicians’ main products are medical grade grinders for consumers and soon to launch a grinder for commercial use. The company is currently in dispensaries throughout America and ships products internationally.
Phoenician currently has nine issued patents, three trademarks and additional patents pending. This will provide SinglePoint valuable IP to add to its growing asset class. Phoenician has also worked with multiple influencers such as Sublime with Rome and more. Phoenician is one of the most well-known consumers grinders in the market because of its quality and lifetime guarantee. The founders will stay on board through the acquisition and continue to grow the company with SinglePoint. SinglePoint plans to help increase, the already profitable sales, through ecommerce and online advertising.
SinglePoint and Phoenician are currently working through due diligence and the completed transaction is expected to happen soon. “We are ready to close this deal. We have 100% confidence in the founders of the company. They have built a sustainable, scalable business. We believe we can help take it to the next level. They are right in our backyard here in Phoenix so working closely alongside will be easy. With their product and an injection of our funding and ecommerce knowledge I believe we can 5x revenue in the first 18 months,” states Greg Lambrecht CEO. “We are incredibly exited to be working though due diligence with SinglePoint. This is a great opportunity for synergistic and collaborative efforts to come together and add tremendous value,” states Colton Dukat, CEO of Phoenician.
As of April 16th 2018 SinglePoint has concluded its two year audit and plans to file a form-10 to become fully reporting. Management believes this will give the company additional access to more capital on better funding terms. This capital will be used for acquisitions such as Phoenician Engineering and others in order to grow the company revenues and increase shareholder value.
To see Phoenician Engineering Products please see https://phoenicianengineering.com/
About SinglePoint, Inc.
SinglePoint, Inc (SING) is a technology and investment company with a focus on acquiring companies that will benefit from the injection of growth capital and technology integration. The company portfolio includes mobile payments, ancillary cannabis services and blockchain solutions. Through acquisitions into horizontal markets, SinglePoint is building its portfolio by acquiring an interest in undervalued companies, 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.
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Released April 18, 2018