SinglePoint Shares Solar Insights as the Industry Improves Through Efficiencies Driven by the 2020 Pandemic

Rhea-AI Summary

SinglePoint Inc. (OTC: SING) reported a significant increase in gross profit, exceeding 60% in August, attributed to operational efficiencies arising from the pandemic. The company transitioned its Direct Solar America division to a virtual sales model, significantly reducing costs. Operating in 34 states, Direct Solar is targeting a 12-month revenue run rate of $10 million. SinglePoint is also pursuing acquisitions to enhance shareholder value amid a consolidating solar industry.

Positive

• Gross profit increased to over 60% in August.
• Transition to a virtual sales model reduced costs significantly.
• Direct Solar operates in 34 states, indicating strong market reach.
• 12-month estimated revenue run rate targeting $10 million.
• Pursuing acquisitions to enhance shareholder value.

Negative

• None.

PHOENIX, Sept. 22, 2020 /PRNewswire/ -- SinglePoint Inc. (OTC: SING) is excited to provide investors with a company update; Gross profit increased to over 60% in August as result of efficiencies driven by the pandemic. In 2019, SinglePoint acquired Direct Solar America. At the time the majority of sales were door to door. As a result of the pandemic, Direct Solar modified its business model to a virtual model thus reducing the high cost of door to door sales. As a company, being able to virtually meet with potential clients has resulted in significant cost reductions and increased profitability. Direct Solar America now operates in 34 states and continues to grow at a rapid pace. The company's 12 month estimated Revenue Run rate is targeting $10,000,000.

2020 has been labeled the Solar+ decade, already the industry has seen many Mergers and Acquisitions led by the consolidation of SunRun and Vivant. As the industry continues operational improvements SinglePoint is working to achieve the same results through acquisition. SinglePoint is currently in discussions with companies to acquire, partner and ultimately work together for mutual benefit. Management believes these types of transactions will uplift shareholder value.

Most recently the company shared its strategic vision in this video: https://youtu.be/vG50txdI0wQ

About SinglePoint Inc.

SinglePoint Inc. (OTC: SING) is a fully reporting company with core holdings in Solar Energy Services and Industrial Hemp based Consumer Products. Learn more at www.singlepoint.com

Connect with us:

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 Inc.
888-OTC-SING
investors@singlepoint.com
www.singlepoint.com

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SOURCE SinglePoint Inc.

FAQ

What is the reason for SinglePoint's gross profit increase in August 2020?

SinglePoint's gross profit increased to over 60% in August 2020 due to operational efficiencies achieved by transitioning to a virtual sales model during the pandemic.

How many states does Direct Solar America operate in?

Direct Solar America currently operates in 34 states.

What is SinglePoint's 12-month estimated revenue run rate?

SinglePoint's 12-month estimated revenue run rate is targeting $10 million.

How is SinglePoint planning to enhance shareholder value?

SinglePoint is planning to enhance shareholder value through acquisitions and partnerships in the solar industry.

What is the stock symbol for SinglePoint?

The stock symbol for SinglePoint is SING.