PHOENIX, AZ--(Marketwired - May 7, 2014) - SinglePoint, Inc. (OTC: SING), a state-of-the-art mobile technology and full-service mobile marketing company, is pleased to announce that it has signed a Letter of Intent ('LOI') to purchase Drive Media Network, LLC's existing digital signage network. SinglePoint also anticipates having Drive Media's management team join the SinglePoint team and bring its more than 30 years collective experience designing, building, operating and programming digital signage networks nationwide.
The acquisition, which will consist of cash and stock, advances SinglePoint's strategy to offer a comprehensive package of marketing, CRM, payments and other relevant solutions to its clientele including those clients in the medical marijuana industry. Initially, SinglePoint plans to install Drive Media screens in medical and recreational cannabis dispensaries nationwide in order to educate customers and reduce excessive wait times of up to 45 minutes. SinglePoint anticipates this initiative will generate revenue through screen placements and advertising sales.
The acquisition will create immediate additional revenues to SinglePoint from existing Drive Media contracts, and significantly increase the company's bottom line and overall shareholder value. Projections by Drive Media show over $1 million in net income in five years with the expansion of the new SinglePoint Network. Included in these projections are current, active contracts including Sonora Quest Laboratories (through 2017) and existing advertisers in the medical services area including Barnet Dulaney Perkins Eye Center, a statewide eye care network.
"The acquisition of Drive Media will greatly expand our service offerings to our existing client base and help us gain a foothold into the medical marijuana industry," said Greg Lambrecht, CEO of SinglePoint. "By offering cannabis dispensaries a full suite of marketing, advertising, payments and other services, SinglePoint can help improve dispensaries' business operations, build stronger customer relationships as well as increase sales and revenue. It's important to note that dispensaries are a primary objective; however we intend to market screens and advertising opportunities in various industries."
"We're really excited by SinglePoint's vision to leverage our digital display expertise for the as-yet-untapped medical marijuana industry, which could potentially put our screens in thousands of legal dispensaries nationwide," said Ronald Gross, CEO for Drive Media Networks. "There are also some great synergies between our displays and SinglePoint's mobile marketing and payments offerings, including providing viewers with an immediate response and payment mechanism for the ads they view."
About SinglePoint, Inc.
Headquartered in Phoenix, AZ, SinglePoint, Inc. is a state-of-the-art mobile technology company and full-service mobile marketing agency. Its best-in-class mobile commerce and communication platform was specifically designed to serve the needs of both the non-profit and commercial sectors, making any campaign instantly interactive via the mobile phone. SinglePoint's platform enables its clients to conduct business transactions, accept donations and engage in targeted communication campaigns with their customers/donors through any mobile device. For more information, please visit www.singlepoint.com, "Like" SinglePoint on Facebook and follow us on Twitter.
About Drive Media Networks
Drive Media Networks is a company whose management team has over 30 years of experience collectively in designing, building, operating and programming digital signage networks nationwide. The Company's major areas of focus are: 1) building networks monetized by advertising and sponsorship revenue, and 2) building networks providing pure business content or infotainment supported by businesses that want a presence within these private or corporate networks.
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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