SinglePoint Inc. Provides Corporate Update on Boston Solar Commercial Solar Division Accelerating to Near-Term Operational Profitability and Continued Revenue Growth
PHOENIX, March 26, 2024 /PRNewswire/ -- SinglePoint Inc. (CBOE:SING) ("SinglePoint"), an innovative solar energy company, provides shareholders a recap of significant corporate refinements designed to drive operational profitability while maintaining scalability.
Recent Corporate Refinements at Boston Solar
SinglePoint acquired the remaining interests in Boston Solar in Q1 2024, further solidifying its presence in the solar industry and expanding its operational capabilities
Demonstrating fiscal responsibility and strategic financial management, management has identified and implemented strategies to eliminate $3 million in overhead expenses within its solar business units
Recent Announced 'wins' at Boston Solar Commercial Division
In a landmark deal, Boston Solar signed a solar panel installation contract with a global hotel chain to transition their Massachusetts property to solar energy.
A Federal Agency has selected Boston Solar to develop, design and install over 100 homes at a Massachusetts housing location. This project will secure the energy for residents and reduce operational costs for the agency.
Boston Solar recently completed one of the largest commercial solar projects that Boston Solar has installed to date. The global manufacturing business saw the expertise Boston Solar's Commercial Division brought to the project, which is now moving forward to installation.
Boston Solar Commercial Division announced a Solar System Partnership with a local non-profit housing developer to reduce the local community's carbon footprint
Wil Ralston, CEO of SinglePoint, commented, "We have spent the bulk of our time solidifying our operating position, including acquiring the remaining interest in Boston Solar and making it a wholly-owned subsidiary of SinglePoint.
We are committed to achieving operational-level profitability by the end of Q2, driven by operational efficiencies, closing on several commercial solar projects in process, and strategic growth initiatives. The commercial team at Boston Solar has outperformed expectations, building the largest sales contract pipeline in company history. We believe we are poised to develop the largest solar pipeline in our history, a testament to our robust market position and project development strategies. Our product mix has heavily favored commercial solar in 2024, and we foresee commercial contracts being the largest contributor to our future revenue and profit, with the residential side of the business continuing to add to overall topline revenue and cash flow. In the meantime, we continue to believe our continued listing on the Cboe opens new doors for SinglePoint, offering access to opportunities previously beyond reach and enhancing the company's visibility and credibility in the market.
The year 2024 will be a pivotal year for SinglePoint as we focus on expanding our market footprint, innovating our product offerings, and leveraging strategic partnerships. With a clear vision and a solid strategy, we are well-positioned to lead the solar industry into a brighter, more sustainable future," concluded Ralston.
About Boston Solar
Boston Solar is a wholly-owned subsidiary of SinglePoint Inc. (CBOE: SING). Since its founding in 2011, Boston Solar has installed more than 5,000 residential and commercial solar arrays, powering thousands of homes and businesses in New England, primarily in Massachusetts. The mission of Boston Solar is to provide superior clean energy products, exceptional customer service, and the highest-quality artistry in residential and commercial installations.
Boston Solar has accumulated several distinctions of recognition of the company's outstanding triumphs:
Honored with the 2020 Guildmaster Award from GuildQuality, the award acknowledged how Boston Solar demonstrated exceptional customer service within the residential construction industry.
Named a Top Solar Contractor by Solar Power World magazine for five consecutive years.
Applauded by the Boston Business Journal's "Largest Clean Energy Companies in Massachusetts" list.
Designed and installed a commercial solar system at the MGM Music Hall at Fenway
Learn more at: www.bostonsolar.us
About SinglePoint Inc.
SinglePoint Inc. is a renewable energy and sustainable lifestyle company focused on providing environmentally friendly energy efficiencies and healthy living solutions. SinglePoint is initially focused on building the largest network of renewable energy solutions and modernizing the traditional solar and energy storage model. The Company is also actively exploring future growth opportunities in air purification, electric vehicle charging, solar as a subscription service, and additional energy efficiencies and appliances that enhance sustainability and a healthier life. For more information, visit the Company's website (www.singlepoint.com) and connect on LinkedIn and X.
Forward-Looking Statements
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 plans and objectives of the Company, the use of proceeds, anticipated growth and future expansion, 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.
Investor Relations Contact:
SinglePoint Inc
investor@singlepoint.com
888-682-7464
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