- SinglePoint recorded a 344 percent increase in sales during 2018, largely due to the acquisition of its DIGS and JAG subsidiaries in 2017
- The revenue growth amounted to a nearly 10-fold increase in profits, to $267,799
- SinglePoint’s most recent asset purchase agreement, solar energy industry marketers Direct Solar and its affiliate, AI Live Transfers, is expected to begin generating revenues for the company this month
Diversified technology company SinglePoint Inc. (OTCQB: SING) has filed its first annual statement with the Securities and Exchange Commission as a fully reporting issuer, highlighting the successes of the company’s merger and acquisition strategy during 2018, as well as its outlook for the coming months.
The report shows that sales increased by 344 percent during the year, leading to a total of more than $1.1 million by year’s end (http://ibn.fm/AGCYj) as the company solidified its financial position.
The company became a fully reporting entity in August 2018.
“Beginning in fiscal year 2014, we made a strategic decision to transition from a technology-based solutions provider to an acquisition and funding development partner… with a focus on acquiring companies that will benefit from the injection of growth capital and technology integration,” SinglePoint stated in the 10-K report. “The Company is looking to tap into markets with exponential growth opportunities such as blockchain, cannabis, sports betting and mobile payments… Our gross profit was $267,799, for the year ended December 31, 2018, compared with $27,814, for the year ended December 31, 2017.” The nearly 10-fold increase in profits was attributable to SinglePoint’s acquisitions in 2017, primarily the company’s DIGS and JAG subsidiaries.
SinglePoint recently announced that it is pinning new revenue hopes on an agreement to acquire Direct Solar and AI Live Transfers — two companies utilizing the Lending Tree model to market products and services to solar power consumers by providing technological resources that consumers can use to comparatively shop for the solar providers that are best suited to their needs (http://ibn.fm/xVeK4). SinglePoint expects to begin realizing profits from the Direct Solar acquisition this month.
Direct Solar’s revenues have recorded an exponential gain during the past year, topping $1.5 million, and a company press release about the agreement states that the companies expect revenues to exceed $8.2 million during the coming year, reaching about $14 million during the year after that, with annual profits of more than $2.8 million forecast after two years.
“We have spent a lot of time and effort to put the Company in a position to turn a profit in the very near future. With the anticipated acquisition of Direct Solar and the explosive growth we are seeing that goal could become a reality. We are excited about the future of SinglePoint and are in a stronger position now than we have ever been,” CEO Greg Lambrecht stated in a news release.
For more information, visit the company’s website at www.SinglePoint.com
NOTE TO INVESTORS: The latest news and updates relating to SING are available in the company’s newsroom at http://ibn.fm/SING