PHOENIX, May 14, 2019 (GLOBE NEWSWIRE) -- via NetworkWire – SinglePoint, Inc. (SING) announces the successful completion of the Asset Purchase Agreement with Direct Solar and AI Live Transfers dated Feb. 22, 2019. Direct Solar is the largest acquisition to date for SinglePoint and instantly puts the company squarely into the renewable energy markets. According to Hexa Research, the solar market is expected to reach $20.09 billion USD by 2025. Direct Solar provides a LendingTree/Rocket Mortgage way for customers to assess and purchase solar. This model allows for the company to scale quickly and efficiently throughout the United States and globally.
“This acquisition will securely place SinglePoint on a new path towards growth, revenue and overall profitability. We believe Direct Solar has the people and ability to scale beyond initial projections and truly make an impact on SinglePoint’s goal of getting a NASDAQ or NYSE listing. We believe in the following 12 months from the date of the acquisition, revenues will be in the multiple millions along with profitability. This acquisition is a new opportunity and puts SinglePoint on a whole new trajectory path,” states Greg Lambrecht, CEO of SinglePoint.
Video Introducing Direct Solar - https://www.youtube.com/watch?v=jl0u8eZpUrI&t=1s
“We are excited to officially be a part of SinglePoint. The access to growth capital will allow us to scale quickly and turn the processes we have built into revenue generating opportunities. We signed over $570,000 of contracts in April with very little marketing per sales budget. With the backing and support of SinglePoint, we believe we can exponentially increase our sales pipeline,” states Pablo Diaz, founder/CEO of Direct Solar.
Recently, in an article posted by CleanTechnica, Abigail Ross-Hopper, president and CEO of the Solar Energy Industries Association (SEIA), commented, “The rapid growth in the solar industry has completely reshaped the energy conversation in this country. This $17 billion industry is on track to double again in five years, and we believe that the 2020s will be the decade that solar becomes the dominant new form of energy generation.”
Direct Solar has seen tremendous growth over the past year, which aligns well with the industry overall. In Q4 2018, the U.S. solar market installed 4.2 GWdc of solar PV, a 139% increase from Q3 2018 and a 4% increase from Q4 2017. This is attributed to environmental awareness and the overall cost of solar becoming affordable for customers.
Solar is a massive opportunity both locally and globally. Locally, the concept of community solar panel systems is gaining popularity in the U.S., and globally, the market is expected to reach 100 gigawatts.
Above and beyond residential solar, SinglePoint has been in discussions and contact with companies that are interested in utilizing solar to increase power efficiencies for their cannabis cultivation. SinglePoint believes there is a major opportunity to marry cannabis and solar to help decrease costs and decrease the overall energy-intensiveness of indoor cannabis cultivation.
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.