- SinglePoint Inc. announces entrance into financing arrangement to raise up to $7 million
- Funds are earmarked for refinancing the company’s existing liabilities at advantageous terms, funding new growth opportunities
- SING recently announced its subsidiary Direct Solar America is seeing 40 virtual appointments per week, extending nationwide footprint to 30 states
- Company expands its hemp-based product portfolio by launching Klen, an innovative line of hemp seed-infused hand sanitizers
SinglePoint Inc. (OTCQB: SING), a publicly traded company dedicated to acquiring businesses focused on emerging technologies, reported that it had successfully entered into a financing arrangement to raise up to $7 million (http://ibn.fm/S4Z4v), strengthening the company’s balance sheet in order to pursue further growth opportunities. The company, whose activities span a multitude of sectors including residential solar energy technology, hemp-based products and equipment as well as payment processing, has recently enjoyed a spate of success across its various businesses.
“Our recent acquisition, Direct Solar America, and our proprietary consumer product 1606 Hemp are both gaining traction and revenue growth, and access to capital will only enhance the market opportunities for both,” Singlepoint CEO and Chairman Greg Lambrecht stated in a news release (http://ibn.fm/QeXtt).
The capital raise will allow SinglePoint to refinance the company’s gross debt at significantly better terms while simultaneously providing the company with further capital for expansion within its existing businesses. Earlier this year, SinglePoint stated that its solar energy subsidiary Direct Solar America stood to benefit as the residential solar energy market responded to the ongoing global pandemic by pivoting toward servicing its customers through online sales.
In an industry (http://ibn.fm/HVFma) where previously “90 to 95 percent of closed sales had an in-person meeting of some sort,” Direct Solar issued the remarkable announcement that it was seeing as many as 40 customers a week through its online channels. Moreover, the shift to a virtual sales model has allowed the firm to expand its sales presence and national footprint to 30 states (from 13 previously) (http://ibn.fm/qyRqh), setting the company on pace to meet or exceed their total targeted solar bookings for the year.
SinglePoint has been equally adept at expanding its hemp-based product portfolio in response to the health crisis. The company has recently entered into a joint-venture agreement with Box Bioscience to create and market Klen (http://ibn.fm/aRl8N), an innovative new line of hemp seed-infused hand sanitizers, as it seeks to capitalize on the public’s rising awareness of the role hand sanitizers play in personal hygiene. With the global hand sanitizer market set to exceed $3.6 billion by 2026 (http://ibn.fm/sX4O1), Box Bioscience founder Ryan Cowell expounded on the business’ potential.
“We have seen multiple purchase orders and we expect an increase over the coming months as many retailers and businesses change protocols around sanitizing,” Cowell added (http://ibn.fm/V1H9A). “This is a true B2B play with nearly all businesses needing hand sanitizer for customer and employee protection.”
In 2019, SinglePoint reported revenues of $3.34 million and a record gross profit of $990 thousand, with the latter showing a 370% increase relative to the previous fiscal year (http://ibn.fm/g1pb6). Through its various investments and portfolio companies, SinglePoint has transformed itself into a proxy for investors seeking to capitalize on the exponential growth opportunities within payments, hemp manufacturing and renewable energy solutions. With the added infusion of growth capital as a result of its historic capital-raising, the company is well-positioned to benefit from opportunities arising within an increasingly volatile and rapidly evolving global marketplace.
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