SinglePoint (OTCQB: $SING)
Enters into S-1 Registration Agreement to Raise up to $7,000,000, Fueling
Corporate Growth and increasing Financial Flexibility and Liquidity
Phoenix,
Arizona - April 23, 2020 (Investorideas.com Newswire) SinglePoint, Inc. (OTCQB: SING) announces the
completion of an S-1 registration agreement to raise up to $7,000,000 with
certain limitations on the amount of each sale, once the registration has been
deemed effective. The Equity Agreement is on a look-back basis and there are no
make-up provisions, a true non-toxic equity investment.
Read this news
featuring SING in full at https://www.investorideas.com/CO/SING/news/2020/04231S1-RegistrationAgreement.asp
"This
has been a long time in the making and filing an S-1 with a leading financial
firm represents achieving another significant milestone for SinglePoint.
Filling the Form-10, becoming a fully reporting issuer, and uplisting to the
OTCQB were all integral and essential steps that enabled us to access capital
with a partner like GHS Investments at an attractive rate through this S-1 registration
and equity agreement. This is a major step for SinglePoint and our shareholders
as we now have access to lower cost financing which ultimately lessens dilution
to the market. We see this financing as a potential catalyst for SinglePoint to
bolster and accelerate expansion into new markets. Our recent acquisition,
Direct Solar America, and our proprietary consumer product 1606 Hemp are both
gaining traction and revenue growth and access to capital will only enhance the
market opportunities for both", states Greg Lambrecht CEO and Chairman,
SinglePoint Inc.
The
Company intends to use the net proceeds for product development, repayment of
debt, including less favorable convertible notes, sales and marketing, working
capital, capital expenditures and other general corporate purposes. The Company
is committed to having the ability to access capital in order to maintain and
grow its existing core business units. As well as position itself to take
advantage of incremental and accretive opportunities to increase revenue,
footprint and market share while improving the balance sheet.
SinglePoint
became fully reporting in 2018 and most recently filed an annual report for the
year ending in December 31, 2019 recording $3,343,833 representing a record in
revenue and record gross profit of $990,777, the next strategic initiative was
to select a financing partner that would enable the company to efficiently
access capital markets. This capital will provide SinglePoint the ability to
act opportunistically and support growth objectives. After considering various
financial partners that met certain criteria, the Company selected GHS
Investments, a leading private investment and management group providing
financial solutions for high potential small cap enterprises. GHS has multiple
successful portfolio companies and we look forward to SinglePoint being a part
of that successful track record.
"We
are committed to taking decisive actions that improve the position of the
Company for our employees, customers and shareholders. This is a proactive and
strategic step to strengthen our financial flexibility," said Greg
Lambrecht, CEO, SinglePoint Inc. "These measures will provide SinglePoint
with additional liquidity and flexibility near term and long term as we emerge
from this unprecedented time."
About SinglePoint, Inc.
Founded
in 2011 SinglePoint, Inc (OTCQB: 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.
Corporate Communication
SinglePoint
Inc.
888-OTC-SING
investors@SinglePoint.com
SinglePoint.com
888-OTC-SING
investors@SinglePoint.com
SinglePoint.com
More info on SING at Investorideas.com Visit: https://www.investorideas.com/CO/SING/
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