SinglePoint (OTCQB: $SING) Subsidiary Direct Solar of America Enters into Letter of Intent (LOI) to Acquire Standard Eco Solar with Unaudited Annual Revenue of $11,345,061 (2019) @_Singlepoint_
Initiates National Roll Up Strategy with Intended Acquisition of a Majority Interest in Standard Eco, a solar Developer and Installer
Arizona - July 29, 2020 (Investorideas.com Newswire) SinglePoint, Inc. (OTCQB: SING) ("SinglePoint"), today
announced that its majority owned subsidiary, Direct Solar of America, LLC
("Direct Solar"), has entered into a Letter of Intent
("LOI") to acquire Standard Eco Solar ("Standard Eco"), a
developer and installer of grid-tied solar electric systems in Texas, Illinois,
and Arizona for a combination of cash and stock. Direct Solar and SinglePoint
are currently conducting due diligence and SinglePoint will issue common stock
once the definitive agreement and audit are completed, facilitating this
investment through Direct Solar of America. The transaction is expected to
close no later than December 2020. Standard Eco achieved unaudited revenues of
$12,331,703 in 2018 and $11,345,061 in 2019 and was operationally profitable in
Read this news featuring SING in full at https://www.investorideas.com/CO/SING/news/2020/07291DirectSolarAmerica-StandardEcoSolar.asp
We look forward to reaching a definitive agreement and to add the experienced management and financial strength that comes with this acquisition, as we work to build significant long-term value within our business and for the SinglePoint shareholders."
After a strong 2019 Q4 and a record Q1 of this year, residential solar installations were hampered in Q2 by work stoppages, delays and temporary muted consumer demand caused by the complications of the current pandemic and corresponding economic shut downs which is accounting for the industry forecast of a 25% year-over-year drop in residential solar installations. Residential Installation has since begun to see a rebound in consumer demand and is set to resume growth in 2021.
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