190%
Increase in Revenue - SinglePoint (OTCQB: $SING) Announces Preliminary
Unaudited 2019 Annual Results, Residential Solar Business Unit is the Primary
Driver for the Increase in Revenues and Achieves Business Unit Profitability
190% Increase in Revenue,
From $1.1 Million to $3.3 Million, Projecting to Continue Triple Digit Revenue
Growth Primarily Powered by Residential Solar in 2020
Text SinglePoint to 37284 to Receive Corporate Updates*
Text Solar to 37284 to Receive Industry Updates*
- CEO anticipates SING will achieve between $10M-$12M in gross
revenues this year, up from $10 million announced in CEO letter in January
2020
- Company to focus on Direct Solar, 1606 Original Hemp product line
- SinglePoint plans to drive 2020 vision through organic growth in
high-value, high-opportunity markets and synergistic acquisitions
PHOENIX, AZ - February 18, 2020 (Investorideas.com Newswire) SinglePoint Inc. (OTCQB: SING) releases preliminary (unaudited) annual results achieving over $3,300,000 in revenue. SinglePoint continues to show progress and annual revenue traction delivering increased revenue in the triple digits, 190% increase from 2018 to 2019. $2,000,000 in annual revenue was directly derived from Direct Solar of America in approximately six months of operations. Annualizing these results would have delivered over $5,000,000 in 2019 revenue. The 2020's are positioned to be the decade of solar, and with SinglePoint's acquisition of Direct Solar of America and its emerging business units, SinglePoint anticipates significant and sustained growth through the decade.
Read this news
featuring SING in full at https://www.investorideas.com/CO/SING/news/2020/02181Increase-Revenue.asp
SING: SinglePoint Historical Chart
Direct
Solar America, at the time of acquisition by SinglePoint, was almost solely
focused on expanding its national footprint by expanding into additional states
with its unique and scalable residential solar brokerage model. The residential
solar segment delivered nearly all the revenues and ended the year as a
profitable business unit. The residential solar business unit will continue to
expand into new markets, adding incremental revenue, while continuing to
cultivate and close additional revenue opportunities in established markets.
New
market expansion and increased efficiencies should deliver continued revenue
growth and the Direct Solar of America residential business unit is targeting
an annual revenue range of $7-$10M for 2020.
Throughout
the year, Direct Solar America identified additional high-caliber revenue
opportunities in underserved markets within the domestic solar market. The
company created commercial and capital business units committing internal
capital and resources, along with forging relationships with industry and
strategic segment specific business partners to address these opportunities.
Direct Solar America, directly and through its partnerships have engaged and
made proposals to multiple schools and commercial type projects throughout the
United States on the benefits of going solar. Many of these projects are in the
review stage and would result in significant revenue and profitability that is
purely incremental and accretive to the existing projections for the
residential solar division.
According
to SEIA, "The U.S. installed 2.6 gigawatts (GW) of
solar PV capacity in Q3 2019 to reach 71.3 GW of total installed capacity,
enough to power 13.5 million American homes. Residential solar saw its best
quarter in history in Q3, and the utility-scale solar pipeline now stands at a
record 45.5 GW in Q2. Total installed U.S. PV capacity is expected to more than
double over the next five years." The press release goes on to say,
"The increase in residential installations helped the U.S. solar market
grow 45% year-over-year and contributed to 15 states having their best quarter
ever for residential solar."
Solar is
growing in the investing world; many large players are continuing to increase
shareholder value. Invesco Solar ETF (TAN) ran up 51% in just one year,
becoming 2019's best-performing ETF. Many others have jumped in as well such as
Warren Buffett investing in one of the largest solar projects to date and
Goldman Sachs launch a fund with approximately $4,000,000,000 in available
capital. These are just a few selections that showcase the strength of solar
and renewable options in the market.
"I
am confident that our business units will continue to grow which translates to
SinglePoint being in a better position than we have ever been. We believe the
successful operating results in 2019 will continue into 2020 driving our value
past historical values to new heights," states Greg Lambrecht, CEO.
"In my opinion, it's never been a better time to be a shareholder of
SinglePoint; we have growing business units in thriving sectors, we have
recently become a fully reporting public company and are committed to
continuing to enhance shareholder liquidity by uplisting to the appropriate exchange
that allows investors to confidently invest in the company due to its trading
volume."
Our
proprietary brand of smokable hemp, 1606, continues to expand into new accounts
fueled by the increasing consumer demand for additional products that deliver the
benefits of CBD of our proprietary brand of smokable hemp products, 1606.
The
Company's 1606 Original Hemp brand was launched at the MJBIZCON Show in Las
Vegas. Executives and senior management recently attended the TPE "Tobacco
Show" in Las Vegas which verified that retail is looking for a product
that satisfies the growing consumer demand for hemp and CBD based products. The
1606 Original Hemp brand is an exclusive line of products that capitalizes on
the emerging trend in the smokable hemp market and has already been picked up
by distributors and retail outlets, Lambrecht reported. "We are encouraged
by the reception and demand this new product category received at [NACS],"
he said. "Our success at NACS with the smokable hemp product allowed SinglePoint
to secure a distribution agreement to distribute PrimeTime Flavored Cigars with
Japan Tobacco USA, a division of Japan Tobacco International which operates in
over 130 countries."
About
SinglePoint, Inc.
Founded
in 2011 SinglePoint, Inc (SING) invests in and acquires brands and companies
that will benefit from injection of growth capital and the sales and marketing
expertise of SinglePoint. The company portfolio currently includes solar, hemp
and technology applications. SinglePoint is working to grow the company to a
multinational brand.
Connect
on social media at:
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 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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corporate updates relating to SinglePoint and its subsidiaries.
KEYWORDS:
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