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
Read this news
featuring SING in full at https://www.investorideas.com/CO/SING/news/2020/07291DirectSolarAmerica-StandardEcoSolar.asp
Pablo
Diaz, CEO Direct Solar of America, stated, "We are excited to have entered
into this LOI and to begin the work necessary to complete this important
acquisition. We believe there is a significant opportunity to embark on a roll
up strategy in the solar industry and we see this potential acquisition as an
important first step forward for Direct Solar in achieving the goal of being
the premier national residential and commercial solar provider.
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."
This is
the first acquisition from the recently announced national solar expansion
through targeted business acquisitions for SinglePoint and Direct Solar. This
intended acquisition will broaden the combined service offering expertise and
increase the revenue base in additional to expand gross profits. Standard Eco represents
an ideal acquisition that is well positioned to leverage and complement the
sales and customer acquisition platform built by Direct Solar that has recently
expanded its nearly national footprint to cover 34 states, including Texas,
Illinois, and Arizona where Standard Eco currently operates. Direct Solar
intends to use this potential transaction, when completed, as a catalyst for
its recently announced national solar installation roll up strategy. We will
continue to target accretive companies within the Solar and Renewable Energy
space that can benefit from our national footprint and meet our previously
announced acquisition strategy. Our goal is to become the national leader in
residential and commercial solar solutions and offerings operating in all 50
states.
"Our
intended acquisition of Standard Eco complements our overall strategy of
providing full spectrum, market leading solutions to Direct Solar's solar
customers as we continue our national expansion through a combination of
organic growth and targeted acquisitions that will enhance and deepen our
services within our footprint," said Wil Ralston, President, SinglePoint
Inc. "This acquisition leverages many of Direct Solar's core capabilities
and we look forward to the opportunity to expand and grow the overall revenue
through expanded solar services."
A
consolidation phase in the domestic residential solar market has recently begun
with the combination of Vivint and Sun Run in a merger that was announced on
July 15, 2020 in which Sun Run acquired Vivint for a reported $3.2 billion. One
of the key components of that deal was the value of having a high-quality sales
channel. It is estimated that the Sun Run – Vivint combination will create an
entity that has about 15% of the current residential market share in the US. It
is estimated that Residential Solar in the US has only reached 3% penetration.
In 2019 nearly 40% of all new electricity was added by solar-centric solutions.
The global solar energy market was valued at $52.5 billion in 2018 and is
projected to reach $223.3 billion by 2026, growing at a CAGR of 20.5% from 2019
to 2026.
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.
Direct
Solar's high quality and strategically valuable decentralized virtual sales
platform serves as an expert concierge for prospective homeowners and small
commercial clients guiding them through the contract process and eventually
handing over customers already under contract to installation partners within
our covered sales territories. The recent and continuing expansion of Direct
Solar's sales platform into 34 states and counting, allows the company to reach
more households and raise awareness about the benefits of home solar and
batteries which continue to drive the market for residential and small
commercial customers. The Direct Solar specialized concierge sales approach
provides an immediate cost savings for installers who typically would resort to
hiring expensive door-to-door sales professionals. In a post or continuing
pandemic world, partnering or combining through acquisition with a leading
virtual specialized sales platform like Direct Solar makes a lot of sense for
smaller independent solar contractors and installers like Standard Eco.
About SinglePoint, Inc.
SinglePoint
Inc. (OTCQB: SING) is a fully reporting company with core holdings in Solar
Energy Services and Industrial Hemp based Consumer Products. Acquired in May
2019, Direct Solar of America, a majority owned subsidiary, now operates its
leading national solar sales brokerage model in 34 states. In the past year
Direct Solar of America has virtualized its sales platform and has added and
expanded its corporate offerings to include Direct Solar Capital (Financial)
and Direct Solar Commercial with a focus on financing, designing or developing
small to mid-size commercial opportunities and projects. 1606 Original Hemp,
has been designed and created to be the premier category leader in
manufacturing and marketing high quality smokable industrial hemp consumer
products for sale through traditional retail channels and online. Since its
debut in late 2019, 1606 Original Hemp has been placed into hundreds of retail
locations across the country and has amassed a large social media following
that continues to grow. The Company has a portfolio of non-core focused
business that are searching for strategic partnerships or other alternative
solutions. SinglePoint is committed to positioning the Company to be able to up
list to the highest exchange possible which we feel is a benefit to our
stakeholders and shareholders.
Connect on social media at:
https://www.facebook.com/SinglePointMobile
https://twitter.com/_Singlepoint_
https://www.linkedin.com/company/singlepoint
https://www.youtube.com/user/SinglePointMobile
For more
information visit: www.SinglePoint.com
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 the potential
closing of the transactions contemplated by the LOI with Standard Eco,
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 (that any such closing will occur) and
actual results and future events could differ materially from those anticipated
in such statements.
SinglePoint
888-682-7464
investors@singlepoint.com
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