SinglePoint Reports First Quarter 2021 Financial Results and Provides Business Update

Rhea-AI Summary

SinglePoint Inc. (OTC: SING) announced its Q1 2021 financial results and corporate updates. Notably, the company completed a 1-for-75 reverse stock split and acquired Box PureAir, enhancing its energy-efficient product offerings. They raised $2 million for marketing initiatives and eliminated $2.4 million in convertible debt, improving their balance sheet. The company aims to expand into a national renewable energy network, citing an expected solar industry growth rate of fourfold by 2030. Total cash increased to $1.69 million, representing a significant rise from the previous year.

Positive

• Successful 1-for-75 reverse stock split enhances share value.
• Acquired Box PureAir and Energy Wyze, diversifying product offerings.
• Raised $2 million for sales and marketing, indicating growth strategy.
• Eliminated $2.4 million in convertible debt, improving financial health.

Negative

• None.

PHOENIX, May 18, 2021 /PRNewswire/ -- SinglePoint Inc. (OTC: SING) ("SinglePoint" or the "Company"), a company focused on providing renewable energy solutions and energy-efficient applications to drive better health and living, today reported financial and operational results for the first quarter ended March 31, 2021 and provided a business update.

Recent Corporate Highlights

• Successfully effected a 1-for-75 reverse stock split and spin off of non-core asset, 1606 Corp.
• Completed acquisition of Box PureAir, LLC to sell AIRBOX, an American-made, high-proficiency energy efficient air purification technology.
• Secured an aggregate of $2,000,000. The proceeds from the financing will be used for sales and marketing initiatives for the Company's recently completed acquisitions, Energy Wyze and Box PureAir.
• Completed acquisition of premier solar lead generation engine, Energy Wyze, LLC.
• Settled the remaining balance of the Convertible Secured Note Agreements with Iliad Trading Company and UAHC Ventures which eliminates all external debt conversions. The elimination of the remaining balance removed future conversions under the Note and removed all derivative (toxic) debt from the Company's Balance Sheet.

"Over the course of 2020 we made significant progress in streamlining our business model and building momentum in the renewable energy space, an industry that is poised to experience exponential growth over the next decade," commented Wil Ralston, President of SinglePoint. "Our team has worked diligently to establish a strong foundation, financially, operationally and commercially and I am pleased with the progress we continue to make. These deliberate steps are critical in propelling SinglePoint to its next phase of growth and well-position the Company to become an industry leader for renewable energy solutions. Moving forward, we believe 2021 will be a further transformational year, especially having begun taking steps towards qualifying for a national exchange, which we believe has the potential to increase the profile of SinglePoint and maximize shareholder value. We will continue to focus on improving the balance sheet and growing our revenues while improving profitability organically and through opportunistic acquisitions. We look forward to an exciting year ahead."

SinglePoint has taken catalytic steps in transforming the traditional solar energy model and is committed to growing its national footprint. With the recently completed acquisitions of Energy Wyze, LLC and Box PureAir, LLC., SinglePoint is driving the vision of creating the first National network of renewable energy services and products that promote a cleaner sustainable lifestyle while minimizing the impact on the environment and expects to generate continued growth.

SinglePoint is leveraging Box PureAir's established multi-state exclusive and international rights to sell AIRBOX, an industrial grade, American made, high-proficiency energy-efficient air purification technology. Box PureAir now has over 200 reps through various partnerships in multiple states including Florida, South Carolina, North Carolina, Oregon, Washington, and Arizona. The company is headquartered in Charleston, South Carolina and recently announced the opening of its office and sales center. Box PureAir is focused on delivering solutions to schools, restaurants, retail-based services and offices across multiple verticals and currently has submitted bids in excess of $50,000,000 to public schools, government agencies to help drive reopening of schools across America. Box PureAir is committed to creating Safe Air Zones by providing facilities with Certified HEPA and Antimicrobial Filtration Systems to displace, reduce and eliminate airborne contaminants from inside air including airborne infectious agents, pollen, dust, mold and other hazardous chemicals.

As SinglePoint implemented its strategic growth and diversification plan, the Company executed its first spin off, 1606 Corp. which has become its own entity. Greg Lambrecht will become CEO of 1606 Corp. Mr. Lambrecht is currently the CEO of SinglePoint. It is planned that Wil Ralston (President) will move to CEO of SinglePoint and the current CFO, Corey Lambrecht, will move to President and the Company will bring in a new CFO or senior accounting staff.

"Senior management of 1606 Corp. is currently in place and they have been actively working on adding resources to enable them to effectively communicate to all the former and current SinglePoint shareholders that received ownership in 1606 Corp. through the spin out.  We believe that there is significant value within 1606 Corp. and that it is now well-positioned as its own entity to access the business opportunities it has available," stated Wil Ralston, President of SinglePoint. 

The Company plans to strategically spin off additional assets, such as Shield Saver – a unique Automotive and Data (Blockchain) opportunity originally acquired in 2018, following the same procedural processes. Future intended spin offs will provide shareholders additional value while enabling the companies to continue to grow independently while SinglePoint continues to grow its renewable energy footprint.

SinglePoint's management will continue to concentrate its efforts on analyzing, improving and expanding its existing solar businesses while exploring additional accretive acquisitions or partnerships in healthy living and renewable energy applications. The Company will continue to look for accretive acquisitions in an effort to create the first truly national network in the sector. The solar industry is estimated to quadruple by 2030 according to the U.S. Solar Market Insight 2020 Year-in-Review report, released on March 16, 2021 by the Solar Energy Industries Association (SEIA) and Wood Mackenzie. Currently only 4% of the addressable residential homes in the US domestic market have solar with a similar number for small commercial opportunities.

Q1 2021 Financial Highlights:

• For the quarter ended March 31, 2021, the Company had total cash of $1,691,868 compared to $198,473 reported for the quarter ended March 31, 2020.
• Reported a total of $2,275,950 in total current assets for the year ended March 31, 2021, an increase of 742% from the quarter ended March 31, 2020.
• Additionally, the Company removed over $2,400,000 of convertible debt from the Company's balance sheet.

About SinglePoint Inc.

SinglePoint Inc. is a renewable energy and sustainable lifestyle company focused on providing environmentally friendly energy efficiencies and healthy living solutions. SinglePoint is initially focused on building the largest network of renewable energy solutions and modernizing the traditional solar and energy storage model. The Company is also actively exploring future growth opportunities in air purification, electric vehicle charging, solar as a subscription service, and additional energy efficiencies and appliances that enhance sustainability and a healthier life. For more information, visit the Company's website (www.singlepoint.com) and connect on LinkedIn and Twitter.

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 plans and objectives of the Company, the use of proceed, anticipated growth and future expansion, 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.

Investor Contact:

JTC Team, LLC
Jenene Thomas
833-475-8247
SING@jtcir.com 

 

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SOURCE SinglePoint Inc.

FAQ

What financial results did SinglePoint (SING) report for Q1 2021?

SinglePoint reported total cash of $1.69 million, a 742% increase in total current assets to $2.28 million, and eliminated $2.4 million in convertible debt.

What acquisitions did SinglePoint (SING) complete in 2021?

SinglePoint completed the acquisition of Box PureAir and Energy Wyze, expanding its focus in renewable energy solutions.

How did the reverse stock split affect SinglePoint's (SING) share value?

The 1-for-75 reverse stock split is aimed at increasing the share value and improving the company's market perception.

What are SinglePoint's (SING) future growth plans?

SinglePoint intends to expand its renewable energy services and products, aiming to establish a national network in the sector.

How much funding did SinglePoint (SING) secure for its initiatives?

The company secured $2 million in funding to be utilized for marketing initiatives related to its recent acquisitions.