Innovate Today for a
Greener Tomorrow - SinglePoint (OTCQB: $SING) Harnessing the Power of #Solar
Building the Comprehensive National Solar Network Focused on Growing
Residential and Commercial Opportunities; @_Singlepoint_
Read this news
featuring SING in full at https://www.investorideas.com/CO/SING/news/2020/08111Solar-Building-Residential-Commercial.asp
The
company has been actively targeting acquisitions that complement and provide
accretive revenue to its existing solar footprint. It recently announced its
subsidiary, Direct Solar America has signed a letter of intent to acquire
Standard Eco who reported unaudited revenues greater than $10M the past two
years and was operationally profitable. The acquisition is intended to be
financed with a combination of cash (Direct Solar America) and stock
(SinglePoint). The consideration for the stock will be a secured note between
SinglePoint and Direct Solar America.
"This
is the first of a number of acquisitions we have planned as we build this
national solar network," states Wil Ralston, President SinglePoint.
"We will leverage the current Direct Solar sales network that is operating
in 34 states to add best in class installers focused on creating a deep and
powerful national offering to serve customers in every state and to most
importantly take advantage of operational cost savings while benefiting from
being one of, if not the only company that will be able to serve every zip code
in the United States."
"Once
installers reach a certain size, averaging between 60-100 installations per
month it becomes increasingly difficult to scale beyond that," according
to Pablo Diaz, CEO Direct Solar of America. "I witnessed and lived this
scalability phenomenon first hand as an active solar installer in the Southwest
region of the US. One of the immediate problems is the investment in customer
acquisition which we have addressed at Direct Solar America eliminating the
need for local and regional installers that we acquire to have to make this
investment."
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
second inhibitor is systems that can handle operational scale," Pablo Diaz
states. "As a former solar installer owner, I clearly see the benefits of
creating the national solar network to leverage scalability and purchasing
power through shared service resources provided by Direct Solar America and our
partners to our targeted acquisitions."
The
world is currently experiencing the largest global pandemic in history and it's
being felt by hundreds of millions. As homes have become offices, schools,
summer camps, and more, Solar is in high demand. Solar is security, Solar+
battery is the comfort knowing you will have power in the event of an outage.
According
to EIA, of all renewable energy generation, solar PV is expected to grow the
fastest from
now to 2050. The future of solar energy is bright and employs hundreds of
thousands and drives 10s of billions in economic value. Both presidential
candidates have plans to drive further growth in the sector, meanwhile, Solar
PV capacity is expected to double over the next five years. As solar grows the
industry is continuing to drive innovation. With additional solar capacity, the
need for battery backup has become a driving force. SinglePoint and its
acquired companies will be providing solutions across the board for homeowners,
commercial buildings, and industrial use complexes to offset the energy needs,
provide redundancy in the event of emergency or outages and help reduce costs
of energy consumption.
National Solar Network
consolidation has begun and the opportunity exists for a network of high
quality independent contractors
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. This deal puts smaller providers in a precarious position as the
economies of scale will be very difficult to achieve. SinglePoint believes that
this deal solidifies management's plan to roll up targeted solar+ companies
providing the infrastructure to compete at the highest level. 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.
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 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 positioned
to be a national solar provider capitalizing on the Solar+ Battery Storage
market opportunity
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. 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 with revenue growth in addition to utilizing future
profits to pay down unfavorable term debt, improving cash flow, and the balance
sheet.
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.
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 America, a majority owned subsidiary, now operates its
leading national solar sales brokerage model in 34 states. In the past year,
Direct Solar America has virtualized its sales platform and has added its
corporate offerings. 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 businesses 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 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.
SinglePoint
888-682-7464
investors@singlepoint.com
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