SinglePoint, Inc. Acquires Stake in Convectium, Deepens Roots in Lucrative Cannabis Industry
SEATTLE, WA / ACCESSWIRE / March 14, 2017 / SinglePoint, Inc. (OTC PINK: SING), a holding company specialized in the acquisition of small to mid-sized companies, announces that it has closed its first round of funding to acquire a portion of Jacksam Corp., dba Convectium, the developer of a unique oil filling system poised to revolutionize the cannabis market. Convectium projects full-year 2017 sales of $3.5 million, a triple-digit increase over the year prior. The acquisition represents the first of many strategic investments SinglePoint intends to make to diversify its revenue streams in the multi-billion dollar cannabis industry.
As previously announced, SinglePoint will invest a stock and cash consideration totaling $800,000 to help fund the growth of Convectium and the marketing of its revolutionary 710Shark and 710Seal system. Developed by Convectium, the system is capable of filling and packaging more than 100 cartridges or disposable vape pens in 30 seconds, making it the fastest and only filling and sealing system of its kind. Convectium also offers a line of B2C products, which SinglePoint will sell online through its SingleSeed.com subsidiary.
Driven by increasing product demand and brand visibility, Convectium projects full-year 2017 revenues of $3.5 million, an increase of 150% compared to revenue of $1.4 million for full-year 2016. The company is on track to achieve this goal, as sales for the first quarter of 2017 have already significantly surpassed first-quarter sales in 2016.
"We are excited to be a part of the SinglePoint team. With their funding we expect to reach and hopefully exceed our projected revenue goals," says Danny Davis, managing partner of Convectium.
The investment provides growth opportunities for both parties, and accelerates SinglePoint's strategy to profitably participate in the lucrative cannabis industry without direct contact with a marijuana plant.
"We have evaluated numerous investment prospects in the cannabis space, and found there is nothing that compares to this opportunity we have with Convectium," states SinglePoint CEO, Greg Lambrecht. "With this transaction, we will acquire a stake in a cannabis business that never touches a marijuana plant. This is the strategy we will use as we move forward to hedge us against changing federal and state laws."
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.
About Jacksam Corp. dba Convectium
Convectium was founded in October of 2013 and based in South Orange County, California. Convectium does not touch plants; its branding, packaging and equipment solutions help grow the companies that do. With the industry's first and only oil filling system, proprietary packaging systems and innovative devices, Convectium represents a commitment to the future of infrastructure in the cannabis industry.
To view the 710Shark at work, visit https://vimeo.com/169612830
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.
SOURCE: SinglePoint, Inc.
Released March 14, 2017