Shareholder Update Overviewing Key Growth Initiatives: Solar, Hemp, and Merchant Services
PHOENIX, July 29, 2019 (GLOBE NEWSWIRE) -- via OTC PR WIRE – SinglePoint Inc. (OTCQB: SING) provides shareholder update on key company initiatives. SinglePoints most recent acquisition, Direct Solar, has been a major success having the largest weekend in contracts closed to date. Direct Solar is fundamentally changing SinglePoint’s underlying structure and building a solid financial base for the company to continue growth and acquisitions. Direct Solar has exceeded expectations, growing quickly and providing opportunities such as commercial solar applications and renewable energy financing options.
Direct Solar enables residential solar customers to shop their options in order to find the best option for the home. Similar to Rocket Mortgage or Lending Tree, Direct Solar representatives are able to provide homeowners with a variety of financing and service providers. This has made the process of buying solar much easier for homeowners which has led to a quick increase in the company’s overall growth. After only 60 days the company has contracted more than $3,000,000 in residential solar contracts.
“The traction we have experienced so far has been amazing. We are thrilled for the achievements we have accomplished and are looking forward to continually improving. We are now exploring ways to generate additional sales through innovative marketing strategies. I’m confident we will hit $15,000,000 in 2020,” states Pablo Diaz CEO Founder of Direct Solar.
Expanding their reach, Direct Solar has attracted the attention of lenders interested in financing renewable energy applications. Previously there were few options for lending to commercial operations in this space. For a lender to find a project, vet the opportunity, and make a decision to fund or not, is a long and labor-intensive process. Direct Solar provides a unique solution for lenders, building owners, and management. For lenders, Direct Solar is providing vetted projects with vetted services providers. Lenders simply provide Direct Solar their list of requirements in order to fund a project and receive only those fitting within that scope. For commercial customers, Direct Solar provides a one-stop shop in which businesses can apply for and receive financing for their project once approved.
Direct Solar has built processes to scale the company quickly, vet new opportunities and move on those that make sense without sacrificing the company’s core offering. With dozens of reps covering eight states, Direct Solar is quickly becoming a leader in the space. The solar brokerage model has quickly proven itself to be a major need in the market.
Always innovating, SinglePoint and Direct Solar are exploring ways to streamline the purchase even further. The companies are currently working on an application that would enable customers to shop their solar online and get a quote. From there the customer could schedule a site visit to finalize the purchase. Through education, technology and customer service, Direct Solar looks to lead the next wave of renewable energy solutions.
Since 2014 SinglePoint has been providing ancillary solutions and investing or acquiring companies that provide solutions to Hemp and Cannabis businesses. From payment processing to white label manufacturing, SinglePoint has provided a service throughout the whole supply chain. Most recently the company has focused in on its hemp-derived CBD offerings. SingleSeed, the company’s consumer facing CBD brand has been steadily increasing sales through its ecommerce site SingleSeed.com. Over the past six months, VP of Sales Don Smith, has increased the reach of SingleSeed, distributing the products sold on the site. Currently the company is working on distribution agreements to bring hemp derived CBD products to retail shelves. Management sees this as the catalyst that will drive additional online sales, as well as serve to increase orders for wholesale.
“The size of the industry is astounding; we have been presented with more opportunities to vet and qualify than we could potentially explore. For this reason, we have focused on sales and distribution of hemp-derived products. We will continue to find niche products to distribute into the market, building value for our clients and profit for the company,” states Don Smith VP of Sales with SinglePoint.
As SingleSeed's reach has grown, the company has opened opportunities to manufacture products for consumers. Approximately 30 days ago the company, through subsidiary DIGS, leased an additional property in Carlsbad, California to manufacture and distribute products. They are creating products ranging from hemp topicals to tinctures and capsules for clients, delivering a finished, shelf-ready product. From raw materials to finished product, SingleSeed can provide customers with a vast array of products and services.
“Developing and manufacturing finished goods for clients of all sizes has been our key to success. With low minimum quantity orders, we are able to work with small clients and scale with them as they grow. Offering hemp topicals, lotions and vape pods and much more we are able to fulfill a vast array of services for clients. In just the last 60 days, we have moved into a larger facility, taken over $50,000 in orders, and acquired clients looking to increase production and reorder additional products,” states CEO of DIGS, Carey Haas.
Returning to their roots, SinglePoint has once again begun to focus on payments and merchant services. The company is looking at onboarding businesses of all types, including high risk ventures such as cannabis and hemp, auto mechanic shops, and restaurants. Leveraging highly talented experts in the industry, SinglePoint has been able to acquire dozens of new merchants in the last 45 days. The company is now building strategy around bringing in additional contractors in order to scale the merchant services team quickly.
“Last month our team onboarded more new accounts than any other independent agent in the nation. It is exciting to be back in the payments industry with a strong set of professionals to support and develop the growth. Payment processing provides great monthly cash residual as well as increased book value in the event SinglePoint opts to sell. We look forward to scaling this division and generating net profit for SinglePoint,” states President of SinglePoint, Wil Ralston.
From ecommerce payments to countertop payment terminals, SinglePoint provides merchants with an integrated streamlined solution to accepting payments. In some cases, SinglePoint is able to provide merchants with an option that completely eliminates transaction fees.
“I want to thank all of our shareholders for being part of SinglePoint as we continue to grow. It is important to us to keep every shareholder informed and updated. This is a pivotal year for SinglePoint to take the next step. With all the success we’ve had, management has decided to streamline efforts for generating revenue. We have decided to close JAG, as it did not show the same promise and scalability that the above three business have. By narrowing our focus, I believe we can make tremendous strides over the next 9-12 months. Again, thank you for being a part of SinglePoint,” states Greg Lambrecht CEO SinglePoint.
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 July 29, 2019