SinglePoint to Acquire the ‘Lending Tree’ of Solar, Doubling the Company’s Revenues Instantly
SinglePoint’s NEW GREEN DEAL
PHOENIX, Feb. 26, 2019 (GLOBE NEWSWIRE) -- via NetworkWire -- SinglePoint (OTCQB:SING) a fully reporting technology company, is pleased to announce it has signed an asset purchase agreement to acquire Direct Solar and AI Live Transfers. The two companies are providing what has been described as the Lending Tree Model for solar business. With the proposal of The Green New Deal, solar is at the forefront of every conversation and will continue to be top of mind as the nation grows through an “energy shift” to renewable resources such as solar.
According to Zion Market Research, the global Solar Panel Market accounted for USD $30.8 billion in 2016 and is expected to reach USD $57.3 billion by 2022, growing at a CAGR of 10.9% between 2017 and 2022.
Direct Solar has been on a hockey stick growth pattern. In the past twelve months the company has surpassed $1,500,000* in revenue with approximately 60% gross margins. In February 2019, the company generated approximately $321,230*. Direct Solar and SinglePoint estimate the four quarters following the closing of the acquisition will result in just over $8,230,000 in sales. This is based on numbers that have already been achieved without marketing budget available to the company. The following year, two projections have the company turning a profit of $2,844,288 on revenues of approximately $14,000,000.
Total installed U.S. PV capacity is expected to more than double over the next five years, and by 2023, over 14 GW of PV capacity will be installed annually. This represents a major opportunity for SinglePoint and Direct Solar to exponentially grow and establish a leadership role within the new segment of the burgeoning solar industry.
The asset purchase agreement has been signed, and upon the completion of the audit, the transaction will be completed. SinglePoint plans to start recognition of these revenues around the end of April. “This is a phenomenal opportunity for SinglePoint. This changes the entire financial fundamentals for the company and enables us to continue to push forward with opportunities to continue increasing shareholder value and the overall value of SinglePoint,” said Wil Ralston, President, SinglePoint Inc.
Direct Solar is able to move into every state quickly and efficiently because of the proprietary online education technology the company has developed. SinglePoint plans to utilize this edge to pitch Cannabis businesses on the opportunity to save money and increase margins through lowering the cost of utilities through the use of solar.
*denotes financials are unaudited
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 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 February 26, 2019