SinglePoint (OTCQB: $SING)
Subsidiary Direct Solar America Signs Commercial Agreement With a Total Project
Value Estimated at $1.75M for Illinois Office Park Complex; @_Singlepoint_
PHOENIX - June 17, 2020 (Investorideas.com
Newswire) SinglePoint, Inc. (OTCQB: SING) announces that its majority owned subsidiary, Direct Solar America has
signed an agreement with LUX Power LLC to co-develop rooftop solar solution for
the AET office complex as well as the on-site covered parking structures. This
project is one of many projects in the company sales pipeline. The project
closely fits the strategic customer acquisition criteria developed by senior
management to focus on small to mid-sized commercial projects that we feel are
currently underserved in the market and represent a high growth potential.
Read this news featuring SING in full at https://www.investorideas.com/CO/SING/news/2020/06171DirectSolarAmerica-CommercialAgreement.asp
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"Over the past nine months we have established
a solid process of identifying commercial projects that meet our criteria and
could benefit from our years of solar expertise. I am pleased we have closed
this deal and looking forward to this being the catalyst that allows us to
close the additional projects in our sales pipeline. Commercial is a much more
involved process as the projects are typically more complex and the project
sizes are dramatically larger than our traditional residential solar rooftop
transactions. Ultimately this provides more revenue to the company per project which
will help the company to continue to grow its top line revenue," states JT
Turner, Direct Solar America's, Commercial Division Sales Manager. "Our
Commercial Solar pipeline consists of small to mid-sized industrial and
commercial projects as evidenced by this office complex project as well as
several schools and other innovative municipal projects that can benefit from
solar power generation."
According to the report, the global solar energy
industry was pegged at $52.5 billion in 2018 and is projected to garner $223.3
billion by 2026, registering a CAGR of 20.5% from 2019 to 2026.
The company has executed the Energy Services
Development Agreement with the Client and the co-development compensation
agreement with Lux Power LLC. The client has agreed to and executed the final
solar power purchase agreement and is awaiting final approval from the
financing source. The project's estimated value is approximately $1.75M
covering the commercial solar system components for the office complex roof and
the existing parking lot structure. This specific commercial project's
estimated value of $1.75M is roughly 50 times greater than the historical
residential rooftop solar installation which can average between $30K to $35K
per installation.
"This is a major milestone for the company.
The senior leadership at Direct Solar America has been working tirelessly for
months building out the commercial side of the business. This closing is a
major step in the right direction. The company has multiple commercial deals
that are progressing through the sales pipeline stages towards final closing.
This Commercial Solar installation in Illinois helps to validate our decision
to move into commercial because the deal size is much larger than typical
residential rooftop solar resulting in greater revenue and increased
profitability for the company. We are focused on establishing a repeatable
process that correctly identifies and targets clients that meet our criteria.
We believe our commercial business unit has the ability to rapidly become the
leading revenue contributor for Direct Solar America. The commercial solar
sales division will continue to grow and expand partnership and co-development
opportunities. When you combine that with our intention to have the leading
national residential rooftop sales network it creates an emerging powerful
platform and asset for SinglePoint and its shareholders," Greg Lambrecht
CEO SinglePoint.
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.
Corporate Communication
SinglePoint Inc.
888-OTC-SING
investors@SinglePoint.com
SinglePoint.com
888-OTC-SING
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