Breaking #Solar #Stock News: SinglePoint (OTCQB: $SING) Reports Second Quarter 2020 Financial Results - $1.47 Million Compared to $1.1 Million in Six Months Ended June 20, 2019, Approximately a 34% Improvement Over the Same Period Prior Year @_Singlepoint_
Read this news featuring Singlepoint in full at https://www.investorideas.com/CO/SING/news/2020/08181Q2.asp
Company Highlights
Achieved Approximately 34% Revenue Growth For the Six Months Ended June 2020 comparative to the Six Months Ended June 2019 Despite the Business Disruptions Caused by the Pandemic - A majority of the gross revenues year to date ($1.47 Million) have been driven by the Company's majority owned subsidiary Direct Solar America.
Direct Solar of America has continued to expand its Sales Platform building a national solar network - increased its coverage from 3 states in May 2019 to 34 States as of July 2020. The Company has added 20 additional states since the beginning of the year and will continue to expand its leading sales footprint into a national provider of residential and commercial solar services.
1606 Original Hemp continues to gain traction with consumers, retail and on social media. 1606 has expanded its penetration to represent hundreds of retail locations and has added additional manufacturing capacity to ensure scalability for its consumer product line. 1606 Original Hemp is steadily becoming the premier product choice from consumers and has amassed over 30,000 enthusiasts on social media.
Subsequent to the End of the Second Quarter
Unaudited Gross Revenues for Direct Solar of America in July 2020 were $525,492.63 on an accrual basis. The accrual based July 2020 Revenues represent an increase over the same monthly period from the prior year and signify that the solar business is beginning to return to the expected and anticipated growth rate prior to the disruption caused by the pandemic. The overall year to date increase in revenue was impacted by a slowdown in business largely related to the restrictions and operational turmoil caused by the global pandemic. The disruptions caused by the pandemic were contributing factors that limited the revenue growth in the 2nd Quarter with reported revenue of $395,277 for the three months ended June 2020.
Company unveils Strategy to create the leading National Solar Network through targeted acquisitions that enhance and deepen our offerings within our current solar sales platform. On July 20, 2020 Singlepoint Direct Solar LLC (referred to as "Direct Solar of America", a subsidiary of Singlepoint Inc., the "Company") entered into a letter of intent (the "Letter of Intent") with Standard Eco LLC ("Standard Eco," a developer and installer of grid tied solar electric systems) in Texas, Illinois, and Arizona. Pursuant to the Letter of Intent Direct Solar of America would acquire Fifty One Percent (51%) of the interest in Standard Eco for a combination of cash and stock. Standard Eco achieved unaudited revenues of $12,331,703 in 2018 and $11,345,061 in 2019 and was operationally profitable in both years. The closing of the transactions set forth in the Letter of Intent are contingent on satisfactory completion of due diligence, and entry into suitable definitive documentation.
Announced up to a $7.2 Million Offering of Common Stock (S-1 deemed effective on July 29, 2020) - The Company previously announced a pending financing agreement with GHS Investments in May 2020 via an S-1 offering that went effective on July 29, 2020. The Company intends to use the capital to support the growth of the core business operations and for general working capital.
"We continue to position SinglePoint for growth as we navigate through the uncertain business environment arising from the pandemic and we are positioned to capitalize and take advantage of the opportunities in front of us for the benefit of our company and its stockholders," stated Greg Lambrecht, CEO of SinglePoint. "Our subsidiary, Direct Solar of America achieved significant growth in its national solar network and is poised for a rebound and return to revenue growth in the second half of 2020 as consumers’ confidence continues to improve. While we still face challenges related to this uncertain environment that may intermittently affect our business, we continue to take appropriate action to improve liquidity and access to capital as evidenced by the recent effectiveness of our S-1 with GHS Investments. For the remainder of 2020 we are focused on growing our revenue streams related to our core businesses and seeking to opportunistically grow our business through targeted acquisitions. We are confident that this strategy will enable us to achieve significant long-term value for our stockholders."
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.
Corporate Communication
SinglePoint
888-OTC-SING
investors@singlepoint.com
www.singlepoint.com
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