Breaking
#Cleantech #Stock News-SinglePoint (OTCQB: $SING) Updates National Solar Opportunity
to Expand and Deepen Existing Footprint by Targeting Accretive Acquisitions; @_Singlepoint_
Phoenix,
Arizona- July 22, 2020 - (Investorideas.com Newswire) SinglePoint Inc. (OTCQB: SING) a fully reporting
public company with core holdings in solar energy and hemp consumer products
intends to prioritize and reallocate company assets and business strategy
around the emerging and growing market opportunities in residential and solar
energy and specific hemp based consumer products. The company's long term
strategy is to increase shareholder value first by targeting accretive deals
that have the potential to increase profitability, cash flow and to improve the
balance sheet by paying down high interest or unfavorable convertible notes. We
will continue to look to access capital with more favorable terms and
judiciously utilize our stock to facilitate transactions that meet our
acquisition or growth criteria.
Read this news
featuring SING in full at https://www.investorideas.com/CO/SING/news/2020/07221Solar-Opportunity.asp
Company
Positioned to take Advantage of Nearly National Solar Network by Leveraging
Internal Market Insight, Experience and Relationships to Focus on Solar
Acquisitions that will Strengthen our US Solar Footprint:
•
Management
unveils a residential and small commercial solar centric roll up strategy
designed to increase market share, revenues and most importantly build a future
business focused on profitability.
•
Intends
to grow by initially targeting specific installer or developer based solar
related acquisitions identified by its subsidiary, Direct Solar America, to
capitalize on the emerging consolidation trend in the Solar Industry as
evidenced by the recently announced Sun Run and Vivint Solar combination to
compete with Tesla.
•
Solar
Industry is rebounding from manufacturing (panel) tariffs while local and state
mandates and credits and low cost of implementation position historic solar
opportunity in anticipation of increased infrastructure and clean energy
programs featuring solar.
•
Company
focused on the two most promising long term strategic initiatives Hemp and
Solar: other non core businesses to operate autonomously while being positioned
for sale or strategic partnerships.
Residential
installations and Smaller Commercial Projects (<$20M) are rebounding from
the effects COVID-19 had on the market as eco-conscious consumers look to take
advantage of record low financing rates to lessen their impact on the planet
while ensuring the ability to have power in these uncertain times. The company
previously announced its first commercial project which fit the strategic
commercial 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. We are now
utilizing this same criteria and applying it to identify known vendors and
installers in our network to build our targeted acquisition pipeline. Targeting
accretive acquisitions will propel the company to its goal of building a
national solar installation network.
Direct
Solar America ("DSA"), a wholly owned subsidiary (acquired on May 14,
2019) now operates in 34 states which is a leading if not the leading national
solar sales brokerage company. In the past year DSA has added a commercial and
a capital division. DSA has continued to build valuable referral and financing
partnerships that enhance its deal flow and can improve margin and
profitability on residential and commercial solar projects.
National Solar
Network
The
acquisition of Vivint Solar by Sun Run for $1.46B in stock and assumption of
$1.8B in debt signaled to the market that the solar consolidation phase has
begun. The Vivint-SunRun combination is estimated to control approximately 15%
of the current residential solar market. This is a significant deal for solar
and puts smaller providers in a precarious position as the economies of scale
will be very difficult to maintain. SinglePoint believes that this deal
solidifies management's plan to roll up targeted solar installation companies
providing savings and enhancements related to sales acquisition costs and
shared back office services. We intend to build a national solar installation
network targeting acquisitions primarily within our existing solar sales
footprint then expand into high growth potential areas. The Solar Energy
Industries Association (SEIA) report last updated June 11, 2020, the
"supply chain, overhead and margin" are listed as over half of the
average industry costs of $2.83 per installed watt.
In
addition to the economies of scale, the planned vertical integration of our
leading sales network and local installation will provide additional
opportunities to create a network that has a multiplying effect on value
creation and scale throughout the companies as opposed to simply having
singular, siloed or "non-connected" solutions. Direct Solar America's
early stage acquisition criteria is centered on multi-year installers that are
doing between $5M - $15M in annual revenue. The current financial environment
due to COVID-19 has impacted many businesses to the tune of 35% or more.
Industry forecasts show that in 2020 the residential and non-residential
markets will see 25% and 38% decreases in year-over-year installation volumes,
respectively, as the segments face challenges posed by work stoppages, and
permitting delays. We don't believe this to be a long term impact to solar as
many leading industry outlets project a quick recovery and to resume projected
growth in 2021. In fact, prior to the COVID-19 temporary slowdown, Solar has
been growing quickly as overall prices have become affordable and competitive.
Overall 2019 was a banner year for solar with nearly 40% of all new electricity
was added by solar centric solutions.
The Solar+ Battery
Storage opportunity
2021
and beyond represents a massive opportunity for solar as both parties have
introduced or supported legislation earmarking billions of dollars towards
infrastructure spending is a critical and essential tool to drive economic
growth. Continued ESG focused investing alongside potential infrastructure and
clean energy policies, including solar focused stimulus and incentives have the
potential to provide sustainable tailwinds in the near future.
Excerpts
from a recently published report (Morningstar Analyst Sees Potential for US
Energy Independence with 100% Renewable Sources) by Travis Miller states that
the country as a whole has a chance to make energy independence based on
renewable sources: "Solar alone will never supply 100%. But when you
combine solar with wind, with batteries and with some other non carbon or
renewable energy sources, then I do think you can get to 100%. Solar already is
at the top of the investment list for nearly all investors, from utilities to
corporates, who want to expand their renewable energy profiles. Most of the
market agrees that solar is the accepted choice for incremental renewable
energy. It will only grow over the next decade as utilities and energy companies
try to meet the demands from policymakers and corporates."
Direct Solar
America - Residential Brokerage expands Nationally and adds Commercial and
Capital Divisions and is now positioned to be a national solar provider
capitalizing on the Solar+ Battery Storage market opportunity
In
May 2019 SinglePoint completed the acquisition of Direct Solar of America, a
solar energy brokerage business that helps its clients find and install the
best available solar energy system for any building residential or commercial.
From acquisition to year end 2019 the company surpassed $2,000,000 in revenue
primarily in the Residential division, helping SinglePoint achieve its largest
revenue year in the company history. Currently, Direct Solar America
residential unit currently operates in 35 states being led by Texas, Illinois,
Florida and North Carolina with plans to continue expansion. The 2020s has been
labeled as the Solar+ decade as residential consumers and business owners
continue to implement Solar+ Battery Storage solutions.
A Streamlined Focus
on our most promising Core Business Assets
The
past few years at SinglePoint have been focused on preparing the public company
to become fully reporting and seeking out investments and capital partners to
support the growth or acquisition of companies we felt had a high growth
opportunity creating a diversified business platform with high risk and high
reward possibilities. Moving forward we will concentrate a majority of our
efforts to look for acquisitions or to make improvements in our go forward core
business segments in the solar and hemp categories. Senior management is
committed to continuing to look for accretive acquisitions, supported by
favorable capital that will ultimately build profitable business units that
with revenue growth in addition to utilizing future profits to pay down
unfavorable term debt, improving cash flow, and the balance sheet. The Company
filed a prospectus in June 2020 allowing for the resale of up to 320,000,000
shares of our common stock with a maximum value of $7,000,000 USD. The shares
of common stock will be issued pursuant to the equity financing agreement with
GHS Investments LLC. dated April 21, 2020. The equity financing agreement
provides SinglePoint access to lower cost financing which will ultimately
lessen dilution.
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 and as a potential component utilized for
acquisitions which will result in further dilution to the existing shareholders.
Our
ultimate goal for our stakeholders and shareholders is to uplist to a higher
exchange, we are positioning the Company for that eventuality but it will take
improvements in revenue and profits, shareholder equity, price per share to get
to a higher listed exchange. It is our belief that eventually uplisting on a
higher exchange provides additional liquidity for our current shareholders and
investment groups. We are committed to taking the appropriate actions at the
appropriate times to continue to drive the company towards achieving its goals.
"Our
unveiling of Direct Solar of America/SinglePoint acquisition strategy comes at
a unique time following the combination of Vivint and Sun Run signaling a
potential consolidation phase in the Solar Industry. We are focused on building
a national installation network that leverages our recent expansion of our
virtual sales network currently covering 34 states," states Wil Ralston,
President SinglePoint. "We intend to take advantage of the slight downturn
in the market caused by the Covid19 pandemic to bolster and build our market
share through targeted acquisitions. We believe that we have a compelling
opportunity to build a truly national solar network and the time is now for us
as a Company as consumer demand for cleaner energy will continue and be
enhanced by the historical proposed infrastructure spending that is on the
horizon."
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
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